blockworks.co
Terra-based NFT marketplace OnePlanet has abandoned ship, jumping aboard a Polygon life raft following the collapse of Do Kwon’s blockchain in May.
At its height, the marketplace recorded 30,000 monthly active users and witnessed around $450,000 in daily trading volume, according to a statement on Tuesday.
OpenPlanet has been eyeing a migration for months, ever since Terra collapsed in May which sapped hundreds of millions of dollars from the ecosystem as investors took their money and ran.
A hyperinflationary death spiral, triggered by a sharp decline in Terra’s algorithmic stablecoin, as well as its native token LUNA, began to take hold by May 8.
“It would be a lie if I say I wasn’t heartbroken, but I had a strong feeling that my team and I can get this through,” Pryce Cho, CEO von OnePlanet told Blockworks.
Terra’s decentralized finance applications held roughly $20 billion in total value locked on May 7. That figure quickly fell to around $48 million by June 1, DeFi Llama data show.
OpenPlanet said it became one of the first platforms to formally announce its abandonment of Terra in late May, opting for another chain rather than face the music with disgruntled investors.
“Polygon is a chain that provides a solution for diverse builders to utilize blockchain at their disposal,” Cho said.
As part of the move, the marketplace said it is aiming to become a significant builder within Polygon’s ecosystem all while attempting to rebuild into a user-friendly platform featuring a customized launchpad and utility add-on infrastructure.
OpenPlanet joins the likes of OpenSea on Polygon, one of the industry’s first NFT marketplaces, as well as major DeFi projects Aave and Uniswap, among the 37,000 dapps deployed since Polygon’s inception.
That diversity is important for OpenPlanet, which “seeks to be a key player that expands utility of NFT, beyond becoming a mere NFT marketplace,” Cho said.
Polygon actively courted teams looking to make the leap.
“Not only will this bring new life to displaced Terra collections, but it will also strengthen Polygon’s own gaming and NFT ecosystem,” Polygon Studios CEO Ryan Wyatt said in the statement.