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Terra Projects collaborates to establish On Polygon Layer 2



Terra Projects collaborates to establish On Polygon Layer 2

The collapse of the Terra USD algorithm has created many setbacks and distortions in the broader crypto space. The result could only be imagined better for most projects running on the platform.

Many projects had a direct impact on the failure of the stablecoin. Some companies like Celsius Network, which offered an interest rate of 18% per annum on the stablecoin, are struggling with insolvency.

The crypto space has seen what some analysts are calling the largest wealth destruction in recorded history through a single project.

It witnessed the monumental collapse of the Terra ecosystem through the decoupling of its stablecoin, USTC. Subsequently, Luna Classic (LUC), the native token, fell from $60 to less than a cent, posting a nearly 100% loss in value.

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In a recent report, most Terra projects are migrating to the Polygon ecosystem. According to the report, more than 48 crypto projects previously operating on the failed Red Terra are passing a relaunch milestone.

Ryan Wyatt, the CEO of Polygon Studios, was excited to see projects join his network. In his tweet on Saturday, the CEO praised the ability of the Polygon ecosystem to support new additions.

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He noted that the Terra Developer Fund, made up of millions of dollars from Polygon, is an asset to his network. According to him, the fund is an attractive benefit for Collapsed Terra’s integration projects.

Terra projects moving to polygon

Some notable projects transferred to the Polygon network include the OnePlanet NFT Marketplace and the Derby Stars P2E game. Additionally, the Lunaverse (LUV) metaverse platform is also on the integration list.

OnePlanet’s role in introducing other NFT projects through the Polygon migration is quite significant. The platform has used its Ark*One initiative to facilitate seamless participation in other Terra NFT projects.

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In its official blog on Saturday, OnePlanet explained the implementation of its Ark*One initiative. He said that he helped as many as 48 NFT projects with around 90 NFT collections migrate to Polygon.

The firm NFT mentioned that the number assisted constitutes a larger fraction of Terra’s projects. Additionally, he noted that some of these projects were not originally started on One Planet before the collapse of Terra.

There appears to be a drop in Ark*One support for other projects as of June 15. However, his team has stated its continued support for the remaining projects that want to migrate to Polygon. Also, he always helped with his launch pad for the migration process.

Terra Network recently switched to Terra Classic with its native token as a LUNC ticker. However, with the current crypto bearish trend, the new token has not received much attention.

With their network moving several times, it seems that Polygon is taking over VeChain to catch Terra projects. However, the latter has some projects in its L-1 ecosystem.

Binance Featured Image, Chart from TradingView.com

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