Just In: Polygon Launches Huge Fund For Terra Migration, Here’s Why

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Lido Shut Downs Terra Support, Starts bLUNA And stLUNA Withdrawal

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.

Anvesh reports major developments around crypto adoption and price analysis. Having been associated with the industry since 2016, Anvesh is a strong advocate of decentralized technologies. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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