This EVM-compatible blockchain has already onboarded dozens of projects that left collapsed Terra (LUNA)
Esports innovator Ryan Wyatt, CEO of Polygon Studios, has shared an update on the migration of the Terra Blockchain (LUNA) Web3 protocols.
Almost 50 projects are going from Terra (LUNA) to Polygon Network (MATIC)
Since the mid-May collapse of Terra (LUNA) and its stablecoin TerraUSD (UST), dozens of protocols have chosen to move to Polygon Network (MATIC).
According to Wyatt, more than 48 projects, including the NFT One Planet ecosystem and Play-to-Earn Protocol Derby Stars HQ, have already moved their development workloads to Polygon Network (MATIC).
On May 15, amid the most dramatic phase of the Terra (LUNA) collapse, Polygon Studios CEO stated that his ecosystem will support the migration of protocols to Polygon.
He claimed that Polygon would “invest capital and resources” to ensure a seamless migration of both projects and their communities from Terra (LUNA).
From $30 billion to $40 million: Terra’s TVL drops to near-zero values
As covered by U.Today previously, Terra’s (LUNA) ecosystem collapsed due to dramatic luquidity withdrawals from Anchor Protocol (ANC), which was its building block.
LUNA and UST fell to almost zero within days. On May 27, 2022, Terra’s Do Kwon rebooted the blockchain as Terra 2.0. However, its dApps ecosystem was destroyed.
Prioir to the collapse, Terra (LUNA) was the largest smart contracts platform by TVL behind Ethereum (ETH). In recent weeks, its TVL metrics dropped almost 1,000 times, according to DeFi Llama tracker.
