Various Blockchains Are Trying Attract Projects To Migrate From Terra
Amid the collapse of Terra, other blockchain including Polygon, Juno and Fantom are trying to attract Terra-based projects.
Last week, the down spiral of TerraUSD (UST) stablecoin led to a 99.9% price crash for Terra’s native token Luna (LUNA). The Terra network was halted twice to stem the bleeding and while it has been restarted, several on-chain functions are still disabled.
The incident wiped out over $30 billion of the total value of assets on Terra. The total assets fell from over $31 billion to around $247 million, at the time of writing, according to DeFiLlama.
Amid the liquidity crunch, some developers behind Terra-hosted applications relocated their projects to other chains. Some of the projects that decided to close down their Terra protocols include various NFT and DeFi-based projects like Kujira, Stader Labs, LunaBulls, LunarFlip, and Hero NFT.
As the migration is happening, various blockchain teams are trying to attract these developers by offering them supportive capital and other resources.
Ryan Wyatt, CEO of Polygon Studios – the NFT, gaming, and metaverse arm of Polygon – tweeted that his team was closely collaborating with Terra-based projects to help them migrate to Polygon chain.
“We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.”
Other blockchains are trying to appeal to developers building products in the Terra ecosystem.
Juno, an interoperability-focused smart contract network, introduced a new governance proposal asking approval for incentives for 1 million JUNO tokens ($7 million) for Terra projects who wish to move their apps.
According Juno’s proposal, many Terra projects had shown interest in migrating to Juno Network. Juno’s blockchain shares similarity with Terra’s technical architecture as both of them rely on the Cosmos SDK (the code used by projects in the Cosmos ecosystem).
The Fantom blockchain also tweeted that it is offering grants, marketing and ecosystem connections to Terra projects looking for a new blockchain.
Any Terra Luna projects out there looking for a new chain, please PM us.
Fantom’s uptime is 100%, fast, low-cost, and reliable, with a great community.
Can assist with a grant program, integration, marketing, and connections.#terra#Terra_Luna#Luna
Other blockchains — Regen Network, FetchAI, Stargaze and Injective Protocol — have also made pushes for Terra-based projects to consider migrating to their chains.
