Polygon launches fund to help Terra projects

Article Reading Time:
2 minutes.

The Polygon team that developedthe sidechain of the same name for scaling the Ethereum network is launching a multimillion-dollar Terra Developer Fund to help projects of the collapsed Terra ecosystem.

Previously CEO of Polygon StudiosRyan Wyatt said that the blockchain community is ready to welcome Terra developers and help their projects recover. He assured that Polygon will provide capital and all necessary resources to assist in the successful migration.

According to Wyatt's statement on Twitter, the firstThe migrating project will be the NFT trading platform OnePlanet. After the transition, the project will help Polygon attract more Terra developers to their network. Other projects related to non-fungible tokens can apply to participate in the transition to the new blockchain.

It's been two weeks since the stablecoinUST lost its peg to the dollar after large withdrawals from the Anchor protocol. The Anchor project was valued at $16 billion and accounted for more than half of all DeFi activity in the Terra ecosystem. Following the stablecoin, the rate of the LUNA coin also collapsed.

“We offer unique Terraadvantages. Polygon has a world-class team consisting of executives from Amazon, Riot Games, EA, Google, Activision, Mythical Games and other renowned companies. Therefore, former Terra developers will be able to fully realize their potential in gaming and NFT areas,” Wyatt said.

Previously the founder of the Terra network, Do Kwonproposed a plan to save the project by creating a fork of the existing network. More than 65% of its validators approved the plan. The launch of the updated system, according to the roadmap, should take place today.