Terra (LUNA) projects have started migrating
Ryan Wyatt, CEO of Polygon Studios, shared the news about the transfer of Web3 protocols from the Terra (LUNA) blockchain. Almost 50 projects are moving from Terra (LUNA) to Polygon Network (MATIC)
After the collapse of Terra (LUNA) and its stable TerraUSD (UST) coin in mid-May, dozens of protocols decided to switch to the Polygon Network (MATIC).
According to Vyatt, more than 48 projects, including the NFT One Planet ecosystem and the Play-to-Earn protocol, have already transferred their development workloads to the Polygon Network (MATIC).
On May 15, in the midst of the most dramatic phase of the collapse of Terra (LUNA), the CEO of Polygon Studios announced that his ecosystem would support the transfer of protocols to Polygon.
He stated that Polygon will "invest capital and resources" to ensure the smooth migration of both projects and their communities from Terra (LUNA).
From $30 billion to $40 million: TVL Terra has fallen to almost zero
As previously reported, the Terra (LUNA) ecosystem collapsed due to the abrupt withdrawal of the Anchor Protocol (ANC) liquidity, which was its building block.
Both LUNA and UST dropped to almost zero in a few days. On May 27, 2022, Do Kwon of Terra relaunched the blockchain as Terra 2.0. However, his dApps ecosystem was destroyed.
Before the collapse, Terra (LUNA) was the largest TVL smart contract platform after Ethereum (ETH). According to the DeFi Llama tracker, in recent weeks its TVL figures have dropped almost 1,000 times.
https://coin-signal.com/cryptonews/terra-luna-projects-have-started-migrating/
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