According to Polygon Studios CEO Ryan Wyatt, nearly 50 projects running on Terra, including the OnePlanet non-fungible token (NFT) marketplace and Derby Stars play-to-earn game, have begun to migrate to Polygon. Polygon will expand its funds and resources to welcome developers and their communities.
The collapse of LUNA-UST in May 2022 not only wiped out tens of billions of dollars in value, but also caused many projects to unexpectedly flung into limbo. The NFT OnePlanet platform, in a comment on this disaster, stated the sudden crash of the Terra ecosystem has made it difficult for a lot of NFT projects and their communities.
“In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home.”
In addition to the first 48 projects, there will be more projects moved to Polygon in the future. Polygon always opens its arms to all who want to come over. “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, so I just hope that wherever developers go, they go with EVM in mind for longevity”, CEO Ryan Wyatt said.
What Polygon does is focus on supporting developers. Polygon Studios’ aim is to help talented developers find a new home. Polygon seems to have worked well in attracting talents that were negatively impacted by Terra’s collapse. Moreover, it is quite understandable that many projects chose Polygon as an “exit door” because Polygon is one of the rare platforms that can maintain and expand its business amid the current bear market. Despite a series of leading crypto firms cut off staff, Polygon did not join this list. The platform even deployed Avail Solution to support sidechain building and partnered with phone manufacturer Nothing to integrate Web3 technology.
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