Polygon Team Working With Terra Projects to Help Them Swiftly Migrate to Polygon Network

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The collapse of the Terra ecosystem over the last week has shaken the entire crypto market. Industry players are coming forward to lend an extending help to the community. On Sunday, May 15, Ryan Wyatt, CEO of Polygon Studios tweeted that it will help different Terra projects migrate to the Polygon blockchain network. He wrote:

We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform and will be sharing more soon”.

Polygon co-founder Sandeep Nainwal chipped in explaining what could be the right choices for Terra projects. He said that Terra community projects that have a requirement of a shared chain can choose the Polygon PoS chain. The Polygon Proof-of-Stake shall soon be introducing ZK Rollups.

However, Sandeep advised those looking for an app-specific chain to opt for SUPERNET. He further explained the benefits of doing so:

  1. No weird restrictions on Validators/Bridge.
  2. Future possibility to make your chain a rollup.
  3. Eth community love.

Terra’s Rescue Plan and Community Support

Well, after all the drama that happened last week, Terra founder Do Kwon finally broke his silence and pitched a recovery plan. One of the idea’s being considered is the hardfork of the Terra blockchain.

However, considering the excess supply of LUNA currently in the market, Binance CEO Changpeng Zhao said that this idea won’t work. He said:

“Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin. I don’t own any LUNA or UST either. Just commenting.”

But he also considered extending a helping hand to the Terra community. Zhao said: “Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.”

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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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