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#DeFi News – The latest breaking news and project developments related to Decentralized Finance (DeFi) in the world of Crypto
Summary:
Terra projects that were left in limbo after the collapse of LUNA and UST, and the subsequent launch of a new Terra chain, have started to migrate en masse to the Polygon Network (MATIC).
According to Polygon Studios CEO Ryan Wyatt, over 48 crypto and NFT projects have begun the migration process from Terra to MATIC. Projects moving to Polygon include the NFT marketplace known as OnePlanet and the metaverse game Derby Stars. Mr. Wyatt shared his insights on the migration of projects from Terra to Polygon through the following tweet.
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
In a medium blog post announcing the migration, the team at OnePlanet explained that ‘the sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage.’
As a result, OnePlanet was leading and building ‘its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.’
News of almost 50 crypto and NFT projects migrating from Terra to Polygon comes less than two months after Polygon Studios CEO, Ryan Watts, had announced the launch of an uncapped fund to assist affected projects move to the MATIC ecosystem.
The fund’s financing would be from the $450 million previously raised by Polygon, its treasury, and a $100 million ecosystem fund. Mr. Wyatt had also stated that Polygon Studios was willing to deploy more capital for the migration process if necessary.
To note is that Polygon has recently experienced a lot of development activity, with Reddit selecting the layer two Ethereum project as the home to its digital collectibles marketplace. The behemoth beverage company Coca-Cola also picked Polygon as the preferred network for its Pride Series NFT collection.
