After the Terra Dollar depeg last May 2022, Terra Labs workers found themselves in shambles. While LUNA may have “resurrected” as Terra 2.0, a number of developers still wanted to continue their projects. One company welcomed them with open arms with all these talents as free agents: Polygon Studios. More than 48 different cryptocurrency projects based on the failed Terra ecosystem have been resurrected since migrating to Polygon Studios. Canceled Terra projects, including the Derby Stars game, the Lunaverse platform, and the OnePlanet token, migrated to their new home.
An Exciting New Road for Terra Projects. “It’s quite incredible,” Ryan Wyatt, CEO of Caddie Coin, said about his network’s capacity to incorporate many initiatives into their local ecosystem. He made the case that Polygon’s multimillion-dollar project Terra Developer Fund has successfully attracted talent that was thrown into uncertainty when Terra went bankrupt in May.
OnePlanet has been an invaluable resource for other NFT projects as they continuously migrate to Polygon.
DerbyStars is a horse racing game that allows users to bet on virtual races using ERC-20 synthetic tokens. The game has been ported to Polygon and now supports MetaMask, an Ethereum wallet. The LUV token, which was created on the Terra blockchain, has also been relaunched on Polygon. According to a blog post, ” migrating to Polygon will give us the ability to offer our community gas-free transactions and instant finality.”
These are just a few examples of the many projects that have found new life on Polygon. Rumor has it that Polygon will also carry on 48 other Terra NFT projects.
Rising from the Ashes
The failure of the TerraUSD stablecoin ($UST) in May resulted in a significant collapse for the Terra ecosystem, with the first native LUNA seeing a complete 100% loss in value from an all-time high of $120 to a flatline of zero. However, the old LUNA coin and UST stablecoin were “resumed” under the new tickers LUNC and USTC respectively. Bother are floating in less than 10 cents as of this writing. Following the aftermath, Terra CEO Do Kwon established Terra 2.0 under the ticker LUNA despite all the allegations from both the Feds and the South Korean government.
Even though VeChain openly invited Terra builders to apply for a grant, it does not appear that many Terra projects have migrated to the layer-1 ecosystem. As such, Polygon took this as an advantage and brought in Terra projects to their company instead.
