- Polygon’s CEO said that they want to facilitate swift and easy migration for Terra projects to the Polygon blockchain network.
- There’s no capping of funds and 50-60 Terra projects have already approached Polygon to initiate the migration process.
The collapse of the Terra ecosystem earlier this month has impacted not only investors but also several protocols running on its platform. Ethereum’s Layer-2 scalability solution Polygon is looking to grab this opportunity.
Polygon is now luring dozens of developers to migrate their Terra-based projects to its blockchain network. To support this effort, Polygon has also announced an ‘uncapped multi-million dollar fund’ for the swift migration of Terra projects.
Ryan Watt, CEO of Polygon Studios said that the fund shall be financed through Polygon’s previous raise of $450 million. He further added that if required, the company is ready to deploy more capital. Speaking to TechCrunch, Watt said:
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. It’s really important we have it, because all of their circumstances are uniquely different from each other.
Terra’s dramatic collapse in just a week’s time has left the crypto community in shock. The Terra collapse led to an erosion of more than $60 billion of investors’ wealth in no time. The Terra fall has also sent shockwaves across the DeFi market. Wyatt said:
I think what happened with the collapse of Terra is so unfortunate on so many different levels. It has significant second order effects on great projects, developers, founders and innovators. So no matter where you’re at — whether you’re at Polygon or a part of the greater web3 ecosystem — you want to figure out how to help these folks.
NFT marketplace OnePlanet secures first funding
Polygon CEO Ryan Watt had announced plans for the migration of Terra projects ten days back. “We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform,” he said.
The migration process has already started with Terra-based NFT marketplace OnePlanet becoming the first to secure the funding. The OnePlanet NFt marketplace has a team of 30 people who are ex-employees at Facebook, Apple, Goldman Sachs, PwC, and KPMG.
Wyatt added that nearly 50-60 projects have approached to migrate to the Polygon blockchain. Although there’s no specific timeline, Wyatt expects them to move by the end of the year. He further added that there won’t be a moment when Polygon runs out of money to help these projects migrate.
However, he added that projects that take an early will surely get some advantage. “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 added.