Ryan Wyatt, CEO of Polygon Studios, collapsed Terra (Luna) from your blockchain MATIC shared a new message about Web3 projects that will be transferred to its network.
Nearly 50 projects Migrate from Terra (LUNA) to Polygon Network (MATIC)
Terra and its stablecoin TerraUSD (UST) Dozens of protocols since its collapse in mid-May to Polygon Network (MATIC) chose to pass.
According to Wyatt, more than 48 projects, including the NFT ecosystem One Planet and the Derby Stars HQ Play-to-Earn protocol, have transferred their workloads to Polygon Network (MATIC) for development.
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFTan 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
On May 15, amid the most dramatic period of the Terra collapse, Polygon Studios CEO stated that their ecosystem would support the transition of LUNA projects to Polygon.
He had claimed that Polygon would “allocate capital and resources” to ensure that both projects and their communities migrate seamlessly from Terra.
From $30 Billion to $40M: Terra’s TVL Value Nears Zero
The Terra (LUNA) ecosystem had collapsed due to dramatic liquidity withdrawals from its core building block, Anchor Protocol (ANC).
Both Terra and UST had dropped to near zero within a few days. On May 27, 2022, Do Kwon relaunched the Terra Blockchain as Terra 2.0. However, with this move, the decentralized application (dApps) ecosystem of the project disappeared.
Before the collapse, Terra, Ethereum (ETH) then it was the largest smart contract platform according to TVL. According to the DeFi Llama tracking tool, Terra’s TVL measurements have dropped almost 1,000 times in recent weeks.
The bearish wave initiated by Terra had a very bad effect on the cryptocurrency market.
*Not investment advice.