This EVM-compatible blockchain has already joined dozens of projects that have left the collapsed Terra (LUNA).
- About 50 projects going from Terra (LUNA) to Polygon Networks (MATIC)
- From $30 billion to $40 million: Terra’s TVL drops to near-zero value
E-sports innovator Ryan Wyatt, CEO of Polygon Studios, shared an update regarding the migration of the Web3 protocol from the Terra (LUNA) blockchain.
About 50 projects going from Terra (LUNA) to Polygon Networks (MATIC)
Since the collapse of Terra (LUNA) and its stablecoin TeraUSD (UST) in mid-May, dozens of protocols have chosen to move to the Polygon Network (MATIC).
It was awesome to help and welcome all these amazing developers to our thriving ecosystem!8 July 2022
According to Mr. Wyatt, more than 48 projects, including the NFT ecosystem One Planet and Derby Stars Headquarters Play-to-Earn Protocol, have already moved their development workloads to Polygon Networks (MATIC).
On May 15, amid the most dramatic phase of the collapse of Terra (LUNA), the CEO of Polygon Studios said that his ecosystem would support the protocol’s migration.
He claimed that Polygon “will invest capital and resources” to ensure seamless migration of both the projects and their communities from Terra (LUNA).
From $30 billion to $40 million: Terra’s TVL drops to near-zero value
As previously covered by U.Today, the dramatic liquidity withdrawal from the Anchor Protocol (ANC) caused the collapse of Terra’s (LUNA) ecosystem, which was its building block.
Both LUNA and UST fell to almost zero within a few days. On May 27, 2022, Terra’s Do Kwon relaunched the blockchain as Terra 2.0. However, its dApps ecosystem has been destroyed.
Before the collapse, Terra (LUNA) was TVL’s largest smart contract platform behind Ethereum (ETH). According to the DeFi Llama Tracker, its TVL metrics have dropped nearly 1,000 times in recent weeks.