The Polygon team, which developed the sidechain of the same name to scale the Ethereum network, is launching a multi-million dollar Terra Developer Fund to help projects in the collapsed Terra ecosystem.
Earlier, Polygon Studios CEO Ryan Wyatt revealed that the blockchain community is ready to welcome Terra developers and help their projects recover. He assured that Polygon will provide the capital and all the necessary resources to help with the successful migration.
According to statement Wyatt on Twitter, the first migrating project will be the NFT OnePlanet marketplace. After the transition, the project will help Polygon attract more Terra developers to their network. Other projects related to non-fungible tokens may submit application to participate in the transition to a new blockchain.
It has been two weeks since the UST stablecoin lost its peg to the dollar following major withdrawals from the Anchor protocol. The Anchor project was valued at $16 billion and accounted for over half of all DeFi activity in the Terra ecosystem. Following the stablecoin, the rate of the LUNA coin also collapsed.
“We offer benefits that are unique to Terra. Polygon has a world-class team of executives from Amazon, Riot Games, EA, Google, Activision, Mythical Games and other big names. Therefore, the former developers of Terra will be able to fully unleash their potential in gaming and NFT directions, ”- declared Wyatt.
Earlier, the founder of the Terra network, Do Kwon, proposed a plan to save the project by creating a fork of the existing network. The plan was approved by more than 65% of its validators. The launch of the updated system, according to the roadmap, should take place today.
Source: Bits
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