Terra-Based Projects Make Mass Exodus to Polygon

As more and more games are released with virtual currencies, collectibles, and other items of value in their worlds, the very basis for creating these digital assets is predicated on real world resources. With cryptocurrency gains soaring last year due to increased demand from developers looking to create new ways of making money off of blockchain technology, a scarcity-based economy could spell doom for many terra-based projects exploring options that involve placing large amounts of land outside traditional finance markets.

Terra-Based Projects Make Mass Exodus to Polygon. Terra is a cryptocurrency that was created in 2017 and has been gaining popularity since then. The project had a significant amount of projects join it which led to the mass exodus from other crypto projects. Read more in detail here: terra wallet.

Following its collapse in May, a number of projects that were left in the Terra Network’s ruins have been looking for a new Web3 residence. Since then, reports have emerged claiming that 48 projects have now sought safety in the Ethereum Layer 2 protocol Polygon. 

The two most notable projects to make the switch out of the 48 are the metaverse game Derby Stars and the NFT marketplace OnePlanet. The protocol’s open-arm policy for embracing Web3 elements helps the projects adapt. CEO of Polygon Ryan Wyatt directly promoted the ethos on Twitter.

Wyatt added the following while discussing the significance of being developed on an Ethereum Virtual Machine:

“We are welcoming everyone who wants to join us. I simply hope that wherever devs go, they go with EVM in mind for longevity as one lesson learnt from the Terra collapse is how sensible it is to be on an EVM-compatible chain so that you don’t have to rebuild. 

Wyatt said that the business would provide the necessary projects a lot of resources and finance to help with the migrations. OnePlanet and other initiatives have publicly expressed their appreciation for the company’s thoughtful contribution. 

 

Related Tags

  • terraform projects
  • terra coin
  • terra coingecko

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