The historic collapse of the Terra (LUNA) project has generated a lot of commentary in recent months. And some were planning to take advantage of it, like the Polygon (MATIC) scalability solution. Its CEO recently announced that several dozen projects have joined its fold.
Projects from Terra migrating to Polygon
As a reminder, Polygon had started making soft eyes at Terra’s projects at the end of May. Ryan Wyatt, CEO of Polygon Studios, announced at the time that he was unlocking a multi-million dollar fund to support developers and help them migrate:
We have put together a multi-million dollar fund to provide relief to Terra developers to help them stay on their feet and migrate.
— Ryan Wyatt (@Fwiz) May 25, 2022
An initiative of course not entirely philanthropic, Polygon being able to benefit from the influx of large-scale projects which suddenly found themselves in the water. And it worked: Ryan Wyatt confirmed over the weekend that 48 projects from Terra migrated to Polygon. Among these, some renowned projects, including One Planet or Derby Stars. There is also the metaverse platform Lunaverse (LUV).
As a reminder, Polygon is a scalability solution based on the Ethereum (ETH) blockchain. Its token, the MATIC, is in the top 20 of the most capitalized cryptocurrencies, with a current market cap of $4.3 billion.
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Source: Ryan Wyatt via Twitter
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