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The Terra (LUNA) crash was one of the decisive moments for the whole crypto space where the stability of stablecoins and the whole crypto market were questioned. In just one week, the crash washed-out $40 billion of investor’s money.
However, very soon after the Terra crackdown, Polygon found an opportunity and approached Terra for help.
Polygon CEO, Ryan Watt asserted that they are working with many Terra projects to support Terra in a successful migration to Polygon. Ryan also said that Polygon will pledge capital and resources against these migrations to get developers and their respective communities to Polygon.
🛳 48 Projects are landing on @0xPolygon with OnePlanet🪐
— OnePlanet ˡᵃⁿᵈⁱⁿᵍ ᵒⁿ ᴾᵒˡʸᵍᵒⁿ (@OnePlanet_NFT) July 8, 2022
Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem #onPolygon
Read the full recap on Ark*One: https://t.co/lxTh6WVRJB pic.twitter.com/hnDtzmSA9S
Now, after two months the Polygon team has successfully achieved the migration of Terra. On July 9, Ryan Watt shared the news via Twitter saying Terra projects have started their migration process. He expressed his happiness to help and welcome Terra developers.
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
— Ryan Wyatt (@Fwiz) July 8, 2022
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
$20 Million Fund Raised For Terra Team Migration
This indicated that Polygon’s multi-million-dollar fund towards Terra developers was successful in fascinating the right skill. The Polygon was ready to fund nearly $20 million to help Terra teams migrate. As per the reports, over 48 projects have started their migration into the polygon network.
Polygon is the Ethereum network’s Layer-2 scalability solution and it is one of the preferred platforms for decentralized finance (Defi) projects due to its low gas costs and fast transaction processing.
Some of the high-profile Terra projects that have migrated to the Polygon platform include Lunaverse (LUV) Metaverse platform, play-to-earn (P2E) game Debry stars, and OnePlanet NFT marketplace.