The collapse of algorithmic Terra USD has created many setbacks and distortion in the broader crypto space. The outcome could only be better imagined for most projects running on the platform.
Lots of the projects got a direct impact from the stablecoin failure. Some firms like Celsius Network, which offered an 18% interest rate annually on the stablecoin, are battling insolvency.
The crypto space has experienced what some analysts call the most significant wealth destruction recorded in history through a single project.
It witnessed the monumental collapse of the Terra ecosystem through the de-pegging of its stablecoin, USTC. Subsequently, Luna Classic (LUNC), the native token, plummeted from $60 to less than a cent, showing an almost 100% loss in value.
Suggested Reading | Three Arrows Capital Founders Nowhere To Be Found, Liquidators Say
In a recent report, most of Terra’s projects are making moves of migration to the Polygon ecosystem. According to the report, over 48 crypto projects formerly operated in the failed Terra Network are taking a revival step.
Ryan Wyatt, the CEO of Polygon Studios, has shown his excitement in having the projects join his network. Through his Saturday tweet, the CEO commended the ability of the Polygon ecosystem to take on the new additions.
He pointed out that the Terra Developer Fund comprising millions of dollars from Polygon is a plus for his network. According to him, the fund is an attractive edge for the onboarding projects from the collapsed Terra.
Terra Projects Moving To Polygon
Some notable projects transferring to the Polygon Network include the OnePlanet NFT marketplace and the Derby Stars P2E game. In addition, the Lunaverse (LUV) metaverse platform is also on the onboarding list.
The role of OnePlanet in ushering other NFT projects through the Polygon migration is quite prominent. The platform has been using its initiative of Ark*One to facilitate a seamless engagement for other NFT projects from Terra.
Suggested Reading | Three Arrows Capital Founders Nowhere To Be Found, Liquidators Say
In its official blog post on Saturday, OnePlanet elaborated on the application of its Ark*One initiative. It stated that it has assisted up to 48 NFT projects with about 90 NFT collections to migrate to Polygon.
The NFT firm mentioned the assisted number constitutes a more significant fraction of Terra projects. Also, it noted that some of those projects were not originally launched on One Planet before the collapse of Terra.
There seems to be a decline in support of Ark*One to other projects from June 15. However, its team has stated its continuous support to the remaining projects that desire to migrate to Polygon. In addition, it would still assist with its launchpad for the migration process.
Terra Network recently changed to Terra Classic with its native token as LUNC ticker. However, with the prevailing crypto bearish trend, the new token has not received much attention.
With the multiple moves to its network, it seems that Polygon is taking an upper over VeChain in trapping Terra projects. However, the latter has a few projects on its L-1 ecosystem.
Featured image from Binance, chart from TradingView.com
