Described by Do Kwon “Terra With the development that took place shortly after the “Revitalization Plan” was officially voted on, another altcoin Terra seems to have caught his eye on its developers.
Polygon (MATIC) Altcoin Ecosystem Sets Fund to Attract Terra’s Developers
Pre-Terra 2.0 launch on May 27 Polygon (MATIC), Terra created a fund to attract developers.
Polygon has launched a “multi-million dollar” fund to help developers on the Terra Blockchain migrate to the MATIC network. Polygon CEO Ryan Wyatt said in a statement that the fund in question was “a relatively unlimited multi-million dollar fund.”
The fund aims to help projects built on Terra migrate to the Polygon blockchain. Polygon CEO Ryan Wyatt recently made a statement representing the infrastructure of this decision.
Wyatt said:
“The fund will be funded by Polygon’s $450 million, its own treasury and a $100 million ecosystem fund previously raised. I don’t want to put a cap on the funding, because our goal is to make sure we set aside capital to help all developers who want to come to Polygon do that.”
“Terra’s Unfortunate Downfall”
Describing Terra’s collapse as “a series of misfortunes on many different levels”, Wyatt argued that the collapse had some effects on other projects as well.
“Some projects were so heavily tied to UST and LUNA that they no longer had the capital to run their companies, while other ventures had created NFT projects or tokens on LUNA, or were technically deeply tied to Terra.”
About 60 projects have applied to Polygon for migration from Terra, Wyatt said. That said, there is no specific timeline for the transition:
“I expect all projects to migrate to a Blockchain of their choice by the end of the year.”
*Not investment advice.