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

terra-migration-polygon

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.


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