Numerous developers were left in the dark after the collapse of Terra (LUNA). These Terra-based projects, already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.
Polygon Studios CEO Ryan Wyatt is expected to benefit both the Polygon (MATIC) community and the Terra projects tweeted on Monday that Polygon is working with a number of Terra projects to help them migrate to the Polygon network. The Polygon community is “ready to welcome the developers and communities of these Terra projects,” according to Wyatt. He also stated that Polygon would provide the capital and resources needed to support them in their migration.
Polygon founder Sandeep Nailwal added his two cents by detailing which options are best for Terra projects. He suggested that Polygon’s proof-of-stake chain could be leveraged by community projects that need a shared chain. Nailwal noted that ZK Rollups will be available on the Proof of Stake network soon.
Layer 1 blockchain project Fantom also expanded its support for the Terra community, stating that Fantom is ready to help any project or developer looking to move away from the Terra blockchain. The Fantom team has also detailed a grant program to help with integration, marketing and connections.
Any Terra Luna projects out there looking for a new chain, please PM us.
Fantom’s uptime is 100%, fast, inexpensive and reliable, with a great community.
— Fantom Foundation (@FantomFDN) May 15, 2022
These efforts will certainly help get many Terra projects back on their feet after last week’s events. Do Kwon, the creator of Terra, finally spoke up and offered a recovery plan. The possibility of implementing a hard fork on the Terra blockchain is one of the considerations being considered. However, as there is an overabundance of LUNA in the market right now, Binance CEO Changpeng Zhao said specified that this approach does not work.
Related: 80,000 Bitcoin gone: What’s left in Luna’s reserve wallet?
Despite his reservations, CZ agreed to offer help to the Terra community. He said that:
“Regardless of my personal views or the solution ultimately chosen, we will always be here to support the community in any way we can.”
Ethereum co-founder Vitalik Buterin has also expressed his opinion on the matter. Buterin believes that retail investors should be given special consideration in any Terra payback plan.
https://cointelegraph.com/news/polygon-and-others-extend-helping-hand-to-terra-blockchain-projects Polygon and others support Terra blockchain projects