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'Opening Our Arms': Polygon CEO Ryan Wyatt on Rescuing Terra Projects


decrypt.co 09 July 2022 21:37, UTC
Reading time: ~3 m

Almost 50 Terra projects, including the NFT marketplace OnePlanet and metaverse game Derby Stars, have begun migrating to Polygon—and more are on the way.

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

"We will be putting capital and resources against these migrations to welcome the developers and their respective communities," CEO Ryan Wyatt tweeted on Friday.

In a separate tweet, also on Friday, OnePlanet wrote: "Thanks to all the Ark*One partner projects and @polygonstudioes, we are all moving together to rebuild and grow the NFT ecosystem."

(Ark*One refers to the migration.)

🛳 48 Projects are landing on @0xPolygon with OnePlanet🪐

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

— OnePlanet ˡᵃⁿᵈⁱⁿᵍ ᵒⁿ ᴾᵒˡʸᵍᵒⁿ (@OnePlanet_NFT) July 8, 2022

Terra's UST and LUNA fell into a death spiral a few months ago, destroying tens of billions of dollars in value. It also left many projects homeless.

"The sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage," OnePlanet posted to Medium. "In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home."

In addition to the first 48 projects "more will be continuing to come over," Wyatt told Decrypt via email on Saturday, adding: "We're opening our arms to all who want to come over. A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don't have to rebuild, so I just hope that wherever developers go, they go with EVM in mind for longevity."

Do Kwon and Terraform Labs Slapped With Class-Action Suit

Terra's downfall has led to lawsuits and calls for more regulations and even a LUNA reboot. It was important for Wyatt that devs didn't get lost in the shuffle.

"Supporting developers is at the heart of what we do," Wyatt said. "This fund was simply put together to help talented developers find a new home. We're here to lift them up and support them should they need us, and it was really just letting them know they aren't alone during the Terra collapse where no one was there to help them."

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