Some crypto projects built on the defunct Terra network have begun to migrate to Ethereum Layer 2 protocol, Polygon to rebuild from the disastrous occurrence.
Since the fall of Terra (LUNA), many developers have been left in a limbo. These Terra-based projects, which are currently under a lot of stress, could be able to preserve their communities and undertakings by relocating to other Polygons and other networks.
Some migrated projects offer a second chance at existence after Terra failed, such as the non-fungible token (NFT) marketplace OnePlanet and the metaverse game Derby Stars. Ryan Wyatt, chief executive officer of Polygon, asserts that the network is welcoming of these new ventures.
Polygon launched a “relatively uncapped multimillion dollar fund” in May so Terra-built projects can move to its blockchain according to Ryan Wyatt.
“I don’t want to put a finite cap on [the fund], because the goal is to make sure we have capital set aside to help all developers who want to come over to Polygon do so,” Wyatt said. “It’s really important we have it, because all of their circumstances are uniquely different from each other.”
The fund will be financed by the $450 million Polygon previously raised, its treasury, and a $100 million ecosystem fund according to Wyatt. The company will also make additional capital investments as necessary.
Following the tragic events in May, which saw the over $80 billion go to almost nil, these efforts will undoubtedly assist in helping numerous Terra projects get back on their feet. Terra implemented a hard fork in the Terra blockchain as part of its recovery strategy. However, the strategy hasn’t been able to revive the ecosystem and community.