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Terra Projects Begin Moving to Polygon 2 Months After UST Debacle
Over $20 million had been earmarked to help projects that are migrating.
Updated May 11, 2023, 5:40 p.m. Published Jul 11, 2022, 9:54 a.m.
More than 48 projects previously on the Terra network have begun migrating to Polygon almost two months after the Terra network collapsed following the implosion of terraUSD (UST).
“Terra projects have begun migration,” Polygon Studios CEO Ryan Wyatt said in a tweet early Monday. “Over 48 projects and counting… including OnePlanet_NFT, an exclusive 0xPolygon marketplace and DerbyStars_HQ.”
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In May, Polygon Studios announced a multimillion-dollar fund to assist Terra projects looking to switch. It was ready to pay as much as $20 million to help Terra teams migrate to Polygon's own blockchain to continue building products.
“For any project which wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance,” a spokesperson for Polygon told CoinDesk at the time. “We’ll provide them developers and everything.”
Developers behind other blockchain networks also courted Terra projects, among them Kadena, Cosmos and Avalanche, as previously reported.
UST, the Terra network’s algorithmic stablecoin that was designed to maintain its value by minting or burning exactly $1 worth of luna for 1 UST, fell to under 10 cents in May after losing its peg following investor outflows.
Excessive minting of luna to try to bring UST back to its peg caused prices of the governance token to fall by as much as 99.7%, while Terra-based decentralized finance (DeFi) applications saw over $28 billion in outflows.
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