Seeing the downfall of Terra as an opportunity, Polygon is luring projects to its network.
Ryan Wyatt, Polygon Studios CEO, took to Twitter to announce that the sidechain is launching a “multi-million dollar fund” called the Terra Developer Fund. This is an effort to move the Terra projects onto the Polygon network.
This comes nearly two and a half weeks after Terra’s stablecoin UST lost its peg to the dollar. The collapse was fueled by large withdrawals made from the Anchor platform that promised up to 20% returns from staking. Do Kwon’s Luna Foundation Guard deployed billions from its Bitcoin reserves in an attempt to maintain the stablecoin’s peg.
Wyatt tweeted that Polygon has put together a multi-million dollar fund to provide relief to Terra developers to help them stay on their feet and migrate. He highlighted that it starts with the network announcing its partnership with @OnePlanet_NFT – a premier marketplace on Terra coming to @0xPolygon exclusively. OnePlanet will support Polygon migrating more Terra projects. Wyatt says Terra NFT projects can apply to join OnePlanet’s move to the new blockchain. He revealed that they are currently reviewing grant applications from interested Terra projects. The Polygon team is having active conversations with a number of Terra DeFi protocols.
Wyatt outlined that the advantages Polygon offers are unique. He said the network has a world-class team made up of executives across Amazon, Google, Riot Games, Mythical Games, Activision, EA, and Unity among others. The Polygon team has great resources available from the internal team.
Meanwhile, the new Terra chain is making moves to get back up. The new Soil Protocol will facilitate NFT project deployment on the upcoming Terra 2.0 blockchain.