After the collapse in Terra, projects in the Terra blockchain network also turned their route to other networks. Ryan Wyatt, CEO of Polygon Studios, also made a new briefing on the migration of web3 protocols through the Terra network.
Nearly 50 Terra Projects Go to Polygon
Terra’s native cryptocurrency LUNA and its stablecoin UST suffered a crash in mid-May. With this collapse, many investors faced significant losses. On the other hand, dozens of protocols have switched to Polygon Network (MATIC) in this process.
Ryan Wyatt, CEO of Polygon Studios, tweeted on the subject:
“The transition to Terra projects has begun. There are more than 48 projects including One Planet, 0xPolygon and Derby Stars and the number is growing. It was great helping all these great developers and welcoming them to our thriving ecosystem!”
Wyatt also said that the ecosystem will support migrations of protocols to Polygon. He also stated that capital and resource support will be provided to ensure a smooth transition.
If we look to the past,
Both LUNA and UST hit nearly zero in just a few days in May. On May 27, 2022, Terra’s founder, Do Kwon, launched the blockchain again with Terra 2.0. However, the dApp ecosystem was destroyed.
Before this collapse, Terra was the largest smart contract platform after Ethereum in terms of TVL. TVL metrics have dropped close to 1,000 times in recent weeks, according to data from DeFi Llama.
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