Polygon and other networks offer support to Terra Blockchain projects

Polygon, Juno, Fantom and other Blockchains are welcoming Terra projects to migrate to their network with grants, incentives and other perks following Terra’s collapse last week.
May 17, 2022 - Cynthia Chung

Some Terra projects have been left devastated from the Terra Luna and UST collapse last week. The projects running on Terra Blockchain are operating under increasing pressure and uncertainty. Polygon (MATIC) steps in to offer assitance to Terra projects migrate to its Polygon Network.

 

Polygon Studio’s CEO Ryan Wyatt announced that Polygon is already working with several Terra projects to migrate to its network and that the Polygon community ‘is ready to welcome the developers and communities of Terra projects.’ 

 

 

He also said that Polygon will fund capital and resources needed to assist the migration. 

 

Interoperable smart contract network - Juno, released a new proposal asking for approval for incentives for US$ 1 million Juno tokens for a newly-formed Terra Developer Fund Multisig on DAODAO (a platform that simplifies the process of creating and investing in a DAO) to help Terra projects who are interested in migrating their DApps. Like Polygon, Juno is also built on the Cosmos SDK (the open-source framework for building multi-asset public proof-of-stake Blockchains). It wrote that it has already received interest from developers in migrating to its network.  

 

Layer-1 Blockchain project Fantom (FTM) also extended its support to the Terra community by offering ‘a grant program, marketing, integration and network connections’ to Terra projects and developers. 

 

 

 

Other Blockchain projects are stepping in to help Terra projects tide over their fall as a result of the Terra Blockchain collapse. These projects include: Regen network, Fetch AI, Stargaze and Injective Protocol. 

 

CEO and co-developer of Terra Labs, Do Kwon has proposed the possibility of implementing a hard fork in the Terra Blockchain on top of redistributing reserves to investors and the Terra community. 

 

Reacting to the recovery plan, CEO of Binance, the world’s largest cryptocurrency exchange stated that he doubts the effectiveness of the hard fork on the Terra Blockchain and underscored that his support would only stand if Terra shows more transparency. 

 

Ethereum co-founder Vitalik Buterin has also opined on the event, saying that any repayment plan of Terra’s should be reimbursed to small investors before whales.

 

Photo: The Layer, Twitter @Fwiz and @FantomFDN

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