Quick take:
- Polygon has launched an ‘uncapped’ fund to give Terra-baed projects a new home.
- OnePlanet an NFT marketplace built on Terra will be the first project to benefit from the new fund.
- Approximately 50-60 Terra-based projects have already expressed an interest in migrating to Polygon.
Terra blockchain has gone from being one of the most exciting platforms for smart contracts and Web3 projects to an industry shame. While circumstances of the platform’s collapse continue to be linked to the LUNA/UST debacle, recent developments there could be more than meets the eye.
As result, Terra’s future remains uncertain despite Kwon’s proposals for resurrecting the platform. Therefore, blockchain projects built on the Layer 1 blockchain ecosystem were facing an unpredictable future until L2 Ethereum scaling blocking platform Polygon came to the rescue.
The leading NFTs and smart contracts scaling solution, has launched an ‘uncapped’ fund, offering Terra-based projects to migrate to its platform. The company revealed on Wednesday that the OnePlanet NFT marketplace will be the first project to receive the funding, with more set to follow after.
According to Ryan Wyatt, CEO of Polygon Studios, roughly 50-60 Terra-based projects have already expressed their interest in migrating to Polygon.
“I don’t want to put a finite cap on [the fund], because the goal is to make sure we have capital set aside to help all developers who want to come over to Polygon do so,” Wyatt said, adding, “It’s really important we have it because all of their circumstances are uniquely different from each other.”
Wyatt said Terra’s collapse has a significant second-order effect on project stakeholders, adding that this meant anyone involved with the Web3 ecosystem, whether a developer on Polygon or other blockchains would want to help the projects affected.
Some projects were greatly exposed to LUNA and UST that they can no longer be a going concern unless they receive backing from the industry.
Wyatt maintained that his company’s ‘uncapped’ fund means that there won’t be a time when Polygon tells a project seeking funding that the money ran out. However, the fund is giving priority to those willing to move fast.
“It’s good for the ecosystem and good for the developers, so we realized we have to be solution-oriented to help these folks figure out how to make a strategy out of Terra and back into an ecosystem and chain that’s supported and has users,” he said.
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