More than 48 distinct crypto projects that were previously centered on the bankrupt Terra environment have found new life by switching to Polygon.
Polygon (MATIC) is a network that acts as the Ethereum network’s layer two scaling solutions.
In a tweet, Polygon Studios CEO Ryan Wyatt highlighted his excitement at his network’s ability to integrate numerous projects into the ecosystem. In addition, he implied that Polygon’s multimillion-dollar Terra Developer Fund had been successful in luring talent that had been suddenly thrown into limbo when Terra failed in May 2022.
“We are working directly with a number of Terra projects to assist them in making the transition to @0xPolygon as quickly as possible.” We will invest funds and resources in these migrations in order to welcome developers and their unique communities to our platform, and we will provide more information shortly,” adds Ryan Wyatt, CEO of Polygon Studios.
Sandeep Nailwal, the co-founder of Polygon, contributed his two cents by outlining the best possibilities for Terra projects. He proposed that Polygon’s proof-of-stake (PoS) chain be used by community initiatives that need a shared chain. Nailwal said that zk-Rollups would be accessible on the PoS network in the near future.
Sandeep Nailwal chimed in, detailing what options could be best for Terra projects. He said that Terra community initiatives that need a shared chain might choose the Polygon PoS chain. Polygon Proof-of-Stake will shortly introduce ZK Rollups.
The Lunaverse (LUV) Metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn game are among the most high-profile enterprises to transition to Polygon.
Following last week’s events, these measures are guaranteed to assist numerous Terra projects in getting back on their feet. Do Kwon, Terra’s inventor eventually stood out and proposed a solution. One of the proposals being discussed is the implementation of a hard fork in the Terra network since there is now a surplus of LUNA on the market.
Author: Ritik Joshi
Ritik Joshi is an innovative writer who is always chasing knowledge and trying to get a grasp of a little bit of everything. He keeps up with the latest trends of the emerging technologies and writes an insightful account about them. You may find him listening to music or around an espresso machine while he’s not writing.