Polygon announced assistance to Terra-based projects to change the blockchain

What’s new? Polygon Studios CEO Ryan Wyatt reported on Twitter that his team is working closely with developers of projects on the Terra blockchain to help them migrate to the new ecosystem. Meanwhile, some projects on the affected network have already shut down their protocols, these include Kujira, Stader Labs, LunaBulls, LunarFlip, and Hero NFT.

We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon.We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.We will be sharing more soon.— Ryan Wyatt (@Fwiz) May 15, 2022

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

What other blockchains will help developers? Polygon has also been joined by the Juno Network (JUNO), a smart contract network. The protocol’s representatives have offered to allocate 1 million JUNO tokens ($8,3 million, according to Binance) to developers of projects on Terra to migrate to their platform.

The Juno Network noted that several projects are already interested in the transition. Both blockchains use a similar technical architecture, as they use the Cosmos SDK code. Blockchains such as Fantom, Stargaze, and Injective have also announced grants for developers on Terra.

What happened before? Ethereum co-founder Vitalik Buterin and Binance chief Changpeng Zhao urged Terra to focus on compensating small retail investors. Buterin suggested using the US Federal Deposit Insurance Corporation (FDIC) approach of paying out up to $250 000 per person.

Following the collapse of the TerraUSD (UST) stablecoin and its backing LUNA token, Terra co-founder Do Kwon proposed to conduct a hard fork of the network. According to his plans, the new chain would not be linked to UST and the old one would continue to exist under the name Terra Classic (LUNC). Tokens from the new chain would be airdropped to LUNC and UST holders, as well as the project’s essential developers. A vote on this issue would be held on May 18.