Terra Projects Start Moving To Polygon After UST Debacle: Report

Terra projects starts moving to Polygon after the UST debacle and more than $20 million were earmarked already to help these projects so let’s read more today in our altcoin news.

More than 48 Terra projects started migrating to Polygon two months after the Terra ecosystem crashed with the implosion of the UST stablecoin. The Polygon Studios CEO Ryan Wyatt said:

“Terra projects have begun migration. Over 48 projects and counting… including OnePlanet_NFT, an exclusive 0xPolygon marketplace, and DerbyStars_HQ.”

UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!

It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!

Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ

— Ryan Wyatt (@Fwiz) July 8, 2022

Polygon Studios announced a multimillion-dollar fund to help the Terra projects looking to switch and it was ready to pay $20 million to help Terra teams move to the blockchain and continue building products. A spokesperson for the Polygon ecosystem said:

“For any project which wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance. We’ll provide them developers and everything.”

The developers behind other blockchain networks courted Terra projects among them Kadena, Avalanche, and Cosmos. The Terra ecosystem algorithmic stablecoin UST was designed to maintain the value by minting or bring $1 worth of LUNA for 1 UST which dropped to under 10 cents after losing the peg after investor outflows. Excessive minting of LUNA to try and bring UST back to the peg caused the prices of the governance token to drop by 99.7% while Terra-based DeFi apps which saw over $28 billion in outflows.

As recently reported, Polygon Studios CEO is trying to help terra projects after the collapse wiped out billions of dollars in value and left projects homeless. About 50 projects built on Terra like the NFT marketplace OpenPlanet and Derby Stars started migrating to Polygon and more are joining soon. The Polygon Studios CEO Ryan Wyatt noted:

“We will be putting capital and resources against these migrations to welcome the developers and their respective communities.”

In addition to the 48 projects that already moved to Polygon, more will be continuing to come over as Wyatt explained. He said:

 “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.”