Announced as part of the plan to bring the Terra ecosystem back to life, LUNA 2.0It launches on May 27. The Polygon network has announced a subsidiary fund for the transfer of the Terra blockchain.
The Polygon-initiated fund allocates millions of dollars to assist developers on the Terra blockchain. Polygon’s CEO, according to Techcrunch Ryan Wyatt“a relatively unlimited multi-million dollar fund,” he said.
The fund aims to help projects built on Terra migrate to the Polygon blockchain. This announcement comes in the background of Polygon’s previous offer to help the Terra community.
Wyatt added the following words on the subject:
“The fund will be funded by a previously raised $450 million treasury and $100 million ecosystem fund. I don’t want to set a capped cap on funding because the goal is to make sure we set aside capital to help all developers who want to come to Polygon. ”
Terra’s Unfortunate Downfall
Describing the collapse as “a misfortune on many different levels”, the CEO stated that it had secondary effects on other projects:
“Some projects have had so much exposure to UST and LUNA that they no longer have the capital to run their companies, while others have launched (or not launched) NFT projects or tokens, or are deeply integrated on a technical level.”
Wyatt suggested that about 60 projects are already approaching Polygon for transfer from Terra. However, he also underlined that there is no specific timeline for the transfer.
“I expect all projects to migrate to a blockchain of their choice by the end of the year.”
polygon co-founder Sandeep Nainwal recently said that Polygon could be one of the right options for Terra-based developers. He made this comment on May 16, shortly after the Terra network collapsed. He said Polygon is compatible with Terra projects with a common chain requirement. Also, after the network’s dramatic collapse, several industry players stepped forward to provide assistance to the Terra community.
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