Cryptocurrency News

48 Former Terra Projects Find New Home on the Polygon Blockchain

By July 11, 2022 No Comments
Polygon (MATIC) ijmage cover

Key takeaways:

  • According to Polygon CEO Ryan Wyatt, 48 projects that were previously deployed on Terra Classic have begun migrating to Polygon
  • The news follows a commitment made in mid-May when the CEO said they will be putting “capital and resources” to support migrating projects
  • Polygon’s native token MATIC is showing the largest price increase out of any top 20 cryptocurrency in the past seven days

The Polygon team is helping former Terra projects migrate to their network

According to Polygon’s lead executive Ryan Wyatt, 48 projects that were formerly deployed on the Terra Classic blockchain have begun their migration to the Polygon chain. Wyatt shared the news on Twitter, alongside a short video showcasing the list of migrated projects.

Recall that in May, the Terra Classic (LUNC) token lost nearly all of its value after the platform’s largest stablecoin – TerraClassicUSD (USDTC) – lost its $1 peg. In total, investors lost more than $60 billion in one of the largest and swiftest market collapses in crypto history. 

In addition to investors, dozens of teams developing on the Terra Classic blockchain found themselves in a hard spot. With user numbers plummeting and the value of the network’s native tokens plunging by more than 99.99%, developers of blockchain protocols and decentralized applications (dApps) on Terra Classic were forced to find a new home.

Polygon CEO promised “capital and resources” to developers in the wake of Terra’s collapse

On May 15, less than a week after the sudden market collapse of Terra Classic, Polygon’s CEO assured “Terra projects” that the company will help interested parties in their transition to Polygon. “We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform,” stated Wyat on Twitter at the time.

Now, less than two months later, a significant number of dApps have begun moving to Polygon. The list includes popular projects such as non-fungible token (NFT) marketplace OnePlanet and Play-to-Earn (P2E) blockchain-powered game Derby Stars.

Polygon is the leading Layer-2 scaling solution for Ethereum. Thanks to its high efficiency and low-cost transaction, Polygon has become one of the most used blockchains in the industry. In addition, as a part of the Green Manifesto, the Polygon team has committed to pursuing carbon neutrality in a big way – it plans to become carbon negative in 2022 and climate positive beyond that.

Despite the broader cryptocurrency downturn, Polygon’s native digital asset MATIC saw quite a substantial uptick in its value in the past week. At press time, MATIC is showing a 7-day price change of 22.4%, the most out of all top 20 cryptocurrencies by market capitalization. For context, the second-largest mover in the same time frame – Avalanche (AVAX) – is up just 6.1% in the past seven days.