Polygon Studios CEO welcomes Terra Projects with ‘open arms’

As the time of one of the most devastating incidents of 2022, LUNA/UST tragedy passes, projects built on Terra are now shifting to Polygon.

https://twitter.com/Fwiz/status/1545555539299487745

As per recent reports, around 50 projects on Terra blockchain, including the metaverse game Derbey Stars and NFT marketplace OnePlanet, have started migrating to the Polygon network and more are on the way to do so. In a tweet this Friday, Polygon Studios CEO Ryan Wyatt stated:

“We will be putting capital and resources against these migrations to welcome the developers and their respective communities.”

Wyatt told Decrypt on Saturday that in addition to the first 48 projects, “more will be continuing to come over.” He continued by saying that anyone who wants to come across is welcome at the company. He added:

“A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don’t have to rebuild.”

Moreover, on the same day, OnePlanet wrote in a separate tweet:

“Thanks to all the ArkOne partner projects and [Polygon Studios], we are all moving together to rebuild and grow the NFT ecosystem.”

Polygon rescues homeless projects

According to OnePlanet’s Medium post, a large number of creative NFT projects and their communities were left trapped in the wreckage after the Terra ecosystem abruptly collapsed. It added that it has “taken the lead and built its own version of Noah’s Ark to rescue Terra’s NFT biodiversity and take it to a new home.”

Terra’s UST and LUNA entered a death spiral, wiping off tens of billions of dollars in value. Several projects were left homeless at the time. As TheCoinRise reported recently, Uprise lost almost 99% of its assets while shorting LUNA. The incident led to several lawsuits and called for greater regulations.