Terra projects started to migrate to Polygon

What’s new? Around 50 projects originally created on the Terra blockchain have started migrating to the Polygon network. These include the Lunaverse metaverse, the OnePlanet NFT marketplace, and the Derby Stars P2E game. Polygon Studios CEO Ryan Wyatt reported this on Twitter. Following Terra’s collapse in May, he noted that the company would provide development teams with the capital and resources to transition to Polygon.

UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem! Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ— Ryan Wyatt (@Fwiz) July 8, 2022

What is known about the transition? To migrate, NFT projects have come together under the Ark*One initiative proposed by the OnePlanet team, which involves financial and technical support. A community of projects called the NFT Alliance on Polygon (N.A.P) has also been created, which aims to develop the blockchain. It includes Crypto Unicorns and Derby Stars games, among others, as well as Polygon DAO, a decentralized autonomous organization. The OnePlanet team noted that it expects to add value to the non-fungible token sector by helping the best projects originally built on Terra.

The Polygon team was not the only one to offer project developers on Terra to migrate apps to their platform. Representatives of the Fantom, Stargaze, and Injective blockchains, as well as the Juno Network (JUNO), a smart contract network, were speaking about making grants for the migration.

What is known about Polygon? It is a network of secure Layer 2 solutions and sidechains for scaling Ethereum and running decentralized applications (dApps), access to Web 3.0, DeFi, and NFTs. Polygon was running more than 19 000 dApps in May 2022. The network has the native token MATIC, as of 11 July, 07:50 UTC, it is trading at $0,544, down by 5,9%per day, according to Binance.

Reddit previously in collaboration with Polygon launched an NFT marketplace where users of the website can construct and buy tokens to use as avatars, including on third-party platforms. No crypto wallet is needed to buy NFTs: a credit or debit card is enough, and tokens can be stored on Reddit’s own wallet.