Terra-based Projects Begin Exodus to Polygon Following Terra Collapse

10 July 2022, 15:00 GMT+0000
Updated by Geraint Price
10 July 2022, 15:00 GMT+0000
In Brief
  • Around 48 projects built on Terra have migrated to Polygon.
  • Polygon’s CEO says he expects more project to migrate soon.
  • Several Terra-based projects have been searching for a new home after the collapse.
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Around 50 different crypto projects built on the collapsed Terra Network have migrated to Ethereum Layer 2 protocol, Polygon.

Some migrated projects, like non-fungible token (NFT) marketplace OnePlanet and metaverse game Derby Stars, represent another chance at survival after Terra failed.

According to Polygon’s Chief Executive Officer, Ryan Wyatt, the network is accepting these new projects with open arms. 

Polygon anticipates more projects soon

Wyatt added that aside from the 48 pilot projects migrating to Polygon presently, the network expects other projects to follow suit soon.

Wyatt said:

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We’re opening our arms to all who want to come over. A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don’t have to rebuild, so I just hope that wherever developers go, they go with EVM in mind for longevity. 

The latest development is a confirmation of an earlier tweet from Wyatt where he said that the network will try to make the migrations seamless by providing the capital and resources for these projects to thrive.

Meanwhile, one of the migrating projects, OnePlanet has expressed gratitude to Polygon for accepting their migration.

In a medium post, the OnePlanet team wrote:

Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem.

It continued that the sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage. 

In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.

Terra’s collapse led to the loss of crypto assets worth tens of billions of dollars, leaving many crypto projects, including those now migrating to Polygon, homeless.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.