Polygon and others extend helping hand to Terra blockchain projects

Published at: May 16, 2022

Numerous developers have been left in uncertainty in the aftermath of the Terra (LUNA) collapse. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.

In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios' CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to assist them migrating to the Polygon Network. The Polygon community, according to Wyatt, "is ready to welcome the developers and communities of these Terra projects." He also stated that Polygon would provide the capital and resources needed to assist them in their migration.

Polygon founder Sandeep Nailwal added his two cents by detailing the options most suitable for Terra projects. He suggested that Polygon's proof-of-stake (PoS) chain may be utilized by community projects needing a common chain. Nailwal noted that zk-Rollups will be available on the PoS network soon. 

Layer-1 blockchain project Fantom (FTM) also extended its support to the Terra community by stating that Fantom is prepared to assist any project or developer who desires to move away from Terra blockchain. The team at Fantom also detailed a grant program to help with integration, marketing and connections.

Any Terra Luna projects out there looking for a new chain, please PM us.Fantom’s uptime is 100%, fast, low-cost, and reliable, with a great community.Can assist with a grant program, integration, marketing, and connections.#terra #Terra_Luna #Luna

— Fantom Foundation (@FantomFDN) May 15, 2022

The VeChain team has offered developers in the Terra blockchain up to $30,000 in assistance to migrate. Denko Mancheski, the CEO at Reef, announced that Terra projects seeking "a new home" may access $200,000 in funding, ready to be deployed for tech onboarding and community support.

Call to action for Terra projects looking for a new home. $200,000 funding ready to be deployed to assist with tech onboarding and community support. Reef is an EVM centric NPoS blockchain providing affordable, highly scalable environment with deterministic finality #Terra_Luna

— Denko Mancheski (@denkomancheski) May 16, 2022

These efforts are sure to help get many Terra projects back on their feet following last week's events. Do Kwon, the creator of Terra, finally spoke up and offered a recovery plan. The possibility of implementing a hard fork in the Terra blockchain is one of the ideas being considered. However, because there is an overabundance of LUNA in the market right now, Binance CEO Changpeng Zhao stated that this approach will not work.

Related: 80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?

Despite his reservations, CZ agreed to offer assistance to the Terra community. He stated that:

“Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.”

Ethereum co-founder Vitalik Buterin has also offered his opinion on the issue. Buterin thinks that any repayment plan for Terra should give special consideration to small investors.

Tags
Blockchain
Defi
Community
Polygon
Developers
Terra
Fantom
Related Posts
Inside the blockchain developers’ mind: Building truly free-to-use DApps
Cointelegraph is following the development of an entirely new blockchain from inception to mainnet and beyond through its series, Inside the Blockchain Developer’s Mind, written by Andrew Levine of Koinos Group. In my previous article, I explained from first principles what was needed to build a truly free-to-use social decentralized application (DApp) and how Koinos is that solution. In that article, I explained that to deliver a truly free-to-use DApp, it must be possible for someone other than the end-user to provide the network resources (“mana” in the case of Koinos) required to run a given smart contract. Blockchain mana …
Technology / April 10, 2022
Rival blockchain projects angling for talent from Terra developers
The collapse of the Terra ecosystem, which included most of its apps and protocols, has created a diaspora of developers from which opportunistic blockchain companies are hoping to snap up talent. Polygon, one of the largest blockchains by total value locked (TVL), is actively seeking out Terra developers to add valuable expertise and support to their efforts. Polygon launched a “relatively uncapped multimillion-dollar fund” designed to entice Terra developers to migrate over to the Ethereum sidechain scaling solution, according to Polygon Studios CEO Ryan Wyatt speaking to TechCrunch at the weekend. Wyatt added that he wanted the fund to be …
Blockchain / May 31, 2022
Terra projects band together in migration to Polygon ecosystem
More than 48 different crypto projects formerly based on the failed Terra ecosystem have found a resurgence by migrating over to Polygon. Polygon Studios CEO Ryan Wyatt expressed delight at his network’s ability to onboard many projects to the ecosystem in a Saturday tweet. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting the talent that was unexpectedly flung into limbo when Terra collapsed in May. 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 …
Adoption / July 11, 2022
Number of devs increased during crypto winter: Electric Capital report
The notion that bear markets are good for builders appears to be true with the total number of monthly active Web3 developers increasing 5.4% to more than 23,300 over the last 12 months despite a near 70% drop in crypto prices. According to a Jan. 16 report from Electric Capital, “full-time” developers — categorized as those who contribute to 76% of Github commits — also increased 15.2% to over 7000, while “one-time” builders fell 6.2% to over 3,500 during the same time period between December 2021 and December 2022 Despite the crypto market capitalization beginning its long plunge from from …
Adoption / Jan. 18, 2023
The state of Solana: will the layer-1 protocol rise again in 2023?
About two months after the FTX collapse, the Solana network is stronger than ever, according to Austin Federa, the head of strategy and communications at the Solana Foundation. Federa defines the recent SOL token price crash as a short-term market reaction to the perceived connection between Solana and the defunct crypto exchange FTX. While FTX founder Sam Bankman-Fried was invested in many Solana-based projects, Federa pointed out he didn't have any influence on the network’s operations and fundamentals. “The external perception was that there was a very close relationship between the Solana network and FTX, which wasn't the case," Federa …
Blockchain / Jan. 27, 2023