Claim BonusJust In: Polygon Launches Huge Fund For Terra Migration, Here’s Why
After the official passing of Terra revival plan earlier on Tuesday, a new development could further help the community. The new Terra 2.0 blockchain will be officially launched on May 27, while Polygon announced a fund to help Terra migration.
Meanwhile, Polygon announced it launched a multi-million dollar fund to help developers on Terra blockchain. Ryan Wyatt, chief executive officer of Polygon, said a “relatively uncapped multi-million dollar fund,” according to Techcrunch.
The fund is aimed at helping projects built on Terra to move to the Polygon blockchain. This announcement comes in the backdrop of Polygon’s previous offer to help the Terra community.
Wyatt added,
“The fund will be financed by the $450 million Polygon had raised previously, its treasury and a $100 million ecosystem fund. I don’t want to put a finite cap on [the fund], because the goal is to make sure we have capital set aside to help all developers who want to come over to Polygon do so.”
‘Unfortunate Terra Collapse’
Terming the collapse as ‘unfortunate on so many different levels’, he said it had second order effects on other projects.
“Some projects had so much exposure to UST and LUNA that they do not have capital to run their company anymore, while others have (or haven’t) launched NFT projects or tokens or have deeply integrated on a technical level.”
Wyatt said about 60 projects have already approached Polygon for migration from Terra. He said, however, that there is no specific timeline for migration. “I expect all the projects to move to a blockchain of their choice by the end of the year.
Recently, Polygon co-founder Sandeep Nainwal said Polygon could be one of the right choices for Terra-based developers. He made the comment on May 16, shortly after the collapse of Terra network. He said Polygon is compatible to the Terra projects that have a requirement of a shared chain. Besides, several industry players came forward to extend help to the Terra community after the dramatic crash of the network.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- US–India Trade Deal: Will Trump’s Tariff Relief Boost Crypto Market?
- Why Is Pi Coin Price Rising Today? Key Reasons Explained
- BestChange Wins Best Crypto Exchange Rate Aggregator at the Crypto Impact Awards 2025
- Arthur Hayes Blames BlackRock’s IBIT Hedging for Bitcoin Crash as BTC Price Rebounds 7%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
- XRP Price Outlook As Peter Brandt Predicts BTC Price Might Crash to $42k
