Terra-Based Projects Make Mass Exodus to Polygon

Following its collapse back in May, several projects stranded in the wreckage that is the Terra Network have been searching for a new place of Web3 residency. News has since surfaced that 48 projects have now found refuge in Ethereum Layer 2 protocol Polygon. 

Of the 48, NFT marketplace OnePlanet and metaverse game Derby Stars stand as the most prominent projects to make the move. The transition of the projects is facilitated by the protocol’s open-arm approach for welcoming Web3 entities. The ethos was personally advertised by Polygon’s CEO Ryan Wyatt on Twitter.

In speaking about the importance of being built on an Ethereum Virtual Machine, Wyatt also had this to say:

“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”. 

To facilitate the migrations, Wyatt also stated that the company will be providing the projects in need with a wealth of capital and resources. Projects such as OnePlanet have publicly expressed their gratitude for the company’s kind gesture. 

Want more? Connect with NFTeducation.org

*All investment/financial opinions expressed by NFTeducation.org are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

Like it? Share with your friends!