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.”
Trending Stories
‘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.
- Shiba Inu Emerges As Top Choice Of ETH Whales; Here’s Why
- Just-In: Shiba Inu Will Release New Token, Here’s How To Earn It
- Breaking: China Court Rules Restrictions On USDT, Here’s Why
- After Market Turmoil, USDC Issuer Circle Comes Clean Hinting No Liquidity Risks
- Just In: More Trouble For India’s Crypto Ecosystem With Latest Enforcement
- Is Celsius (CEL) Next To File Bankruptcy After Voyager, Three Arrows
- Bitcoin Hovers Around 20K; Will It Recover?
- Lido Staked ETH (stETH) Close To Ethereum Price, Why It’s Good For Crypto
- Ethereum (ETH) Recovery To $1.1K A Dead Cat Bounce, Here’s Why
- In June 2022, Bitcoin (BTC) Recorded the Worst Monthly Performance In History, Now What?
- MANA Price Analysis: Will Triangle Breakout Propel Market Price by 40%?
- Solana Price Analysis: Emerging Pattern May Bolster SOL Above $42.5
- BNB Price Analysis: Wedge Pattern Breakout Aims BNB to Surpass $300
- APE Price Analysis: $5.6 Breakout May Trigger Bullish Reversal pattern
- CRV Price analysis: Rising $CRV Knockout $0.86 Resistance; is $1 Next?
- Polygon Price Analysis: 20 EMA Resistance Pressurize MATIC for $0.45 Breakdown
- THORChain Price Analysis: Reversal Pattern Aim RUNE Price to Hit $3.4
- Sandbox Price Analysis: Cup & Handle Pattern Aims SAND to Reach $1.5
- AVAX Price Analysis: Breakout Rally Eyes $22.1 Mark; Buy Now?
- Cardano price Analysis: ADA Price Nearing Triangle Breakout Eyes $0.655
