The historic collapse of the Terra (LUNA) project has been the subject of much commentary in recent months. And some were counting on taking advantage of it, like the scalability solution Polygon (MATIC). Its CEO recently announced that several dozen projects have joined its fold.
Terra projects migrating to Polygon
As a reminder, Polygon had begun to make eyes at Terra’s projects at the end of May. Ryan Wyatt, the CEO of Polygon Studios, announced at the time that he was releasing a multi-million dollar fund to support the developers and help them migrate:
We have put together a multi-million dollar fund to provide relief to Terra developers to help them stay on their feet and migrate.
Today, it starts with us announcing our partnership with @OnePlanet_NFT, a premier marketplace on Terra coming to @0xPolygon exclusively. $MATIC pic.twitter.com/9MFF4xXoju
– Ryan Wyatt (@Fwiz) May 25, 2022
A not entirely philanthropic initiative, of course, as Polygon could benefit from the influx of large-scale projects that suddenly found themselves in the lurch. And it worked: Ryan Wyatt confirmed over the weekend that 48 projects from Terra have migrated to Polygon. Among them are some well-known projects, such as One Planet or Derby Stars. There is also the metaverse platform Lunaverse (LUV).
As a reminder, Polygon is a scalability solution based on the Ethereum blockchain (ETH). Its token, MATIC, is in the top 20 most capitalised cryptocurrencies, with a current market cap of $4.3 billion.
