Projects that used to run on Terra’s now-defunct blockchain have joined forces to help each other switch to the Polygon layer-2 network.
After moving from Terra’s dead ecosystem, more than 48 crypto projects that had been dormant found new life on Polygon.
In a tweet on Saturday, Polygon Studios CEO Ryan Wyatt was happy that the network could take on a lot of projects. The Polygon Terra Developer Fund, which has raised millions of dollars, seems to have been successful in luring back the top talent that was lost when Terra went bankrupt in May.
Using Polygon, Ethereum’s network may be scaled up to the next level.
OnePlanet’s marketplace for non-fungible tokens (NFTs) and Derby Stars’ play-to-earn (P2E) game are two well-known businesses that are moving to Polygon.
Polygon migration has been aided by OnePlanet, which has helped other NFT initiatives. Since then, it has become a resource for NFT projects under the Ark*One effort of Terra.
“A total of 48 NFT projects, including 90 NFT collections” have been ported to Polygon thanks to Ark*One, as described in a OnePlant blog post published on Saturday.
“This represents a large proportion of Terra projects, including some that did not launch on One Planet before the cataclysmic de-peg event.”
ArkOne says that it would “still give technical help” to projects that want to move off of Terra and let them use its launchpad to get to Polygon. ArkOne has cut the amount of help it gives to ambitious projects since June 15.
Polygon seems to have done a better job of drawing Terra projects than the VeChain ecosystem. In spite of VeChain’s open invitation to Terra developers to apply for a grant, it seems that few Terra applications have completed the transition to layer-1.
Luna Classic (LUNC), the original token of the Terra ecosystem, lost almost all of its value in May when the TerraUSD Classic (USTC) stablecoin lost its peg. This caused the value of Luna Classic to drop from $60 to a few cents. The network is now called Terra Classic, and its native coin is called LUNC. A new version of the network is called Terra, and its native currency is called LUNA.
As long as crypto bear markets keep going on, there doesn’t seem to be much interest or faith in the product.
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