E-sports innovator Ryan Wyatt, the CEO of Polygon Studios, recently tweeted that about 50 projects launched on the Terra (LUNA) blockchain have started moving to Polygon Network (MATIC).
There has been a massive migration of Web3 protocols from the Terra blockchain since the crash of Terra (LUNA) and the algorithmic stablecoin TerraUSD (UST), which played out in mid-May.
Projects Migrating En masse From Terra Blockchain
According to a tweet shared by Ryan Wyatt about two days ago, over 48 projects, including One Planet and Derby Stars HQ Play-to-Earn protocol, have moved their development workloads to Polygon Network (MATIC).
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Ryan Wyatt tweeted, “UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ! It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem! Welcome!
UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!
It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!
Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022
Back on the 15th of May 2022, when the Terra ecosystem was in the middle of its historic collapse, Wyatt stated that his network will support the migration of protocols to Polygon.
At that time, he assured the developers that Polygon Network will use its capital and resources to ensure the seamless migration of projects and their communities from Terra blockchain.
Read Also: Man Commits Suicide After His $2 Million Invested In Terra (LUNA) Crashed To $1,000
The Collapse of Terra (LUNA) Ecosystem
As previously covered by TimesTabloid, Terra (LUNA) ecosystem collapsed due to dramatic liquidity withdrawals from Anchor Protocol (ANC), which was its building block.
Both LUNA and UST dropped to fractions of a cent in a few days. On the 27th of May 2022, Terra’s Do Kwon launched a new blockchain named Terra 2.0. Howbeit, its decentralized application (dApps) ecosystem was already damaged.
Prior to the collapse, Terra (LUNA) was the largest smart contracts platform behind Ethereum (ETH) in terms of Total Value Locked (TVL). In recent weeks, its TVL metrics plunged relatively 1,000 times, according to DeFi Llama tracker.
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