Polygon CEO reveals Terra project Migration

More than 48 projects previously on the Terra network have started migrating to Polygon almost two months after the Terra network crumpled following the implosion of terraUSD (UST).

On Monday, Polygon Studios CEO Ryan Wyatt mentioned in a tweet that Terra projects have begun migration.

As NFTHi reported in May, amongst other blockchains supporting Terra’s re-launch, Polygon Studios announced a¬†multimillion-dollar fund¬†to help Terra projects looking to switch. It was ready to pay as much as $20 million to support Terra teams migrate to Polygon’s own blockchain to restart building products.

Also read, Guide on how to buy Terra luna 2.0


At that time a spokesperson for Polygon mentioned that for any project which wants to come from Terra to Polygon, they will be happy to provide them both financial help as well as technical assistance, he added that they will provide them developers and everything.

UST, the Terra network’s algorithmic stablecoin that was developed to uphold its value by minting or burning exactly $1 worth of luna for 1 UST, fell to beneath 10 cents in May after losing its peg following investor outpours.

Inflated minting of luna to try to bring UST back to its peg drove prices of the governance token to fall by as much as 99.7%, while Terra-based decentralized finance (DeFi) applications witnessed over $28 billion in outflows.

Hungry for more information?

NFT Calendar from NFTHi

Check out the Latest NFT News!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

Join us on Telegram!

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

Share This Post

Related Posts

Breath in Metaverse using AirRes Masks

We all understood that a day would come when...

2 Firms charged by US SEC for a Crypto Pump and Dump Scheme

The United States Securities and Exchange Commission (SEC) has...

Coinbase reveals it’s wrapped Staked ETH token

Coinbase announced on Wednesday that it will introduce a token named...

Coinbase x ENS: Now you can get your Web3 username for free

You can now make your own web3 username on Coinbase. This...