Over 48 different cryptocurrency projects, formerly based on the failed Terra ecosystem, have discovered a recovery by migrating to Polygon.
Polygon Studios CEO Ryan White expressed his delight at his network’s ability to include so many projects in the ecosystem in a tweet Saturday. He hinted that Polygon’s multimillion-dollar Terra Developer Fund was instrumental in attracting talent that unexpectedly slipped into oblivion when Terra collapsed in May.
Polygon is a network that serves as a layer 2 scaling solution for the Ethereum network.
Notable projects for the transition to Polygon include the Lunaverse (LUV) metaverse platform, the OnePlanet nonfungible token (NFT) marketplace, and the Derby Stars (P2E) game.
OnePlanet has been instrumental in helping other NFT projects transition to Polygon. It has become a platform dedicated to helping Terra’s NFT projects with the Ark * One initiative.
Saturday’s blog post from OnePlant explains how Ark*One has helped “a total of 48 NFT projects, including 90 NFT clusters” via the Polygon outlet:
“This represents a significant proportion of Terra’s projects, including some that had not been launched on One Planet prior to the catastrophic disengagement event.”
Since June 15, Ark*One has reduced support for ambitious projects, but the team says it will “continue to provide technical support to projects that wish to migrate from Terra” and allow projects to start on Polygon using its launch platform.
It appears that Polygon has been more successful in attracting Terra projects from the VeChain ecosystem. So far, not many Terra projects seem to have migrated to the Tier 1 ecosystem even though VeChain publicly welcomes Terra developers to apply for a grant.
Related: Korea, US agree to share investigation data on Tera
The Terra ecosystem suffered a massive meltdown in May when the TerraUSD Classic (USTC) stablecoin lost its peg, forcing its native token, Luna Classic (LUNC) to collapse almost 100% from over $60 to a fraction of a cent. The network has been renamed Terra Classic, and its original icon now contains the LUNC bar, while the new iteration has adopted the Terra name and the LUNA bar.
It has yet to gain much traction or confidence as the bear market of cryptocurrencies deepens.