Teams are bidding on Terra’s projects that have decided to migrate away. In collaboration with Terra’s developers, Polygon Studios strives to assist their migration. Juno Network offered the token fund to outgoing Terra developers.
Last week, the fall of the TerraUSD (UST) stablecoin precipitated a 99.9% price decline for Luna (LUNA). During the event, the network was suspended twice to stop the bleeding, and although it has now been restarted, several on-chain services remain disabled. According to DeFiLlama, the event reduced the overall worth of Terra’s assets from around $31 billion to about $400 million.
Faced with a severe liquidity crisis, several Terra-hosted app developers have packed their bags and moved to other chains. Various NFT and Defi-based projects such as Kujira, LunaBulls, Stader Labs, Hero NFT, and LunaFlip decided to leave their Terra protocols.
This migration has forced blockchain teams to provide funding and other resources to the developers to attract them.
Ryan Wyatt, Polygon Studios CEO, said on Twitter that his team was working closely with Terra-based project teams to attract them to its platform.
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.
We will be sharing more soon.
— Ryan Wyatt (@Fwiz) May 15, 2022
Wyatt remarked, “We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.”
Polygon was not the only blockchain that attracted developers building Terra ecosystem products.
Juno, a smart contract network focusing on interoperability, published a new governance proposal requesting permission for 1 million JUNO tokens ($7 million) in incentives for Terra projects looking to transfer their applications.
Several Terra projects have shown interest in switching to Juno Network, as indicated by Juno’s proposal. Terra and Juno’s blockchains have a similar technological design since both use the Cosmos SDK (the code used by Cosmos-based projects).
The Fantom blockchain has declared that it would provide funds, marketing, and ecosystem connections to Terra projects seeking a new blockchain.
In addition, leaders and creators of other blockchains, including Regen Network, Stargaze, FetchAI, and Injective Protocol, have motivated the migrating Terra-based projects to consider their chains.