Polygon Launches Multi-Million-Dollar Fund To Help Migrate Projects on the Terra Network to Its Own
Starting with OnePlanet, an NFT marketplace that Terra projects can utilize.
On Wednesday, May 25, Polygon Studios, a division of Polygon-MATIC, announced the launch of its “Terra Developer Fund,” a multi-million-dollar fund aimed at supporting the migration of projects from the Terra blockchain to the Polygon blockchain. The development comes in the wake of the Terra ecosystem collapse.
1/ The future of web3 is not about who wins, but how we help each other. ?
— Polygon Studios (@polygonstudios) May 25, 2022
The recent collapse of the Terra ecosystem which saw its token LUNA and algorithmic stable coin UST plummet to a complete loss of value — garnering the attention of the entire world and an increased call for regulation of digital assets.
In the wake of these events, its founder Do Kwon published a proposal for a blockchain fork that would see the abandonment of UST and the creation of a new token. The proposal was recently passed with only 65% of the community in favor and is in the process at the time of writing.
Exchanges that will support the new “Terra 2.0” token include FTX, Huobi, Bitfinex, Bybit, Gate io, KuCoin, and even Binance — whose CEO CZ was publically against the idea of a fork as a solution, calling it “wishful thinking.”
It is likely that CZ, like the CEO of Polygon Ryan Wyatt, have decided to do what they can to support creators, investors, and general community members of the Terra ecosystem.
“I think what happened with the collapse of Terra is so unfortunate on so many different levels,” said Wyatt in a comment shared to technology publication TechCrunch, adding “it has significant second-order effects on great projects, developers, founders, and innovators. So no matter where you’re at — whether you’re at Polygon or a part of the greater web3 ecosystem — you want to figure out how to help these folks.”