Crypto projects formerly based on the Terra blockchain are now dumping the network in favor of the popular network, Polygon. According to a report, about 48 projects have formed an alliance which has seen them move to the Polygon network. A previous tweet by Polygon boss Ryan Wyatt said he was happy that the network could accommodate many projects at once. The CEO mentioned that he was happy that developers who were left in the lurch after Terra’s mishap can now put their talents to use again.
Polygon provides supper for projects leaving the Terra blockchain
Polygon has been in the market for a while after the network emerged as a second layer for Ethereum, providing massive project scalability. Asides from other metaverse projects that made their move from Terra, Derby Stars is one of the few Play 2 Earn games in the mix. Another project that made its move, OnePlanet, has been offering help to projects that decide to move across the network.
The platform has been working with several NFT firms that choose to leave Terra through its initiative known as ArkOne. Presently, the statistics put the total number of projects that Ark*One has been able to help around 48. According to the platform’s statement, the number boasts a larger percentage of projects on the blockchain after the incident occurred.
Developers are choosing Polygon over VeChain
Although the initiative has not provided the massive support it once gave to projects before June 15, it has promised that it will always show up in the technical aspect. Some of this support include allowing them to use its launchpad for their projects on the network. In the last few days, more projects have chosen Polygon over VeChain. Although VeChain promised to provide all Terra projects that make the switch a grant, most of them are not enthusiastic about the offer and the platform.
Terra suffered a massive mishap earlier this year after its stablecoin got depegged. This issue caused the LUNA token to lose more than 90% of its value during the period. It also caused investors and projects to lose heavily. Although there has been a new update with a new network and token, it has not gained maximum support like before. There have also been lawsuits against the company due to the many losses suffered by aggrieved investors in the wake of the Terra collapse.