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Previously Terra-based cryptocurrency projects are now switching to Polygon, a more widely used network. A study claims that 48 projects have joined forces and moved to the Polygon network as a result.
Ryan Wyatt, the CEO of Polygon, expressed his happiness in an earlier tweet that the network could support lots of projects at once. The CEO highlighted his pleasure that developers who were unemployed following Terra's mishap can now put their skills to work once more.
Projects departing the Terra blockchain can get their fill of Polygon thanks to the network's emergence as a second layer for Ethereum, which significantly increased project scalability. Apart from other projects in the metaverse that originated on Terra, Derby Stars is one of the few Play 2 Earn games present. OnePlanet, a different project that moved, has been providing assistance to projects who choose to relocate across the network.
Through its ArkOne programme, the platform has been collaborating with a number of NFT companies that opt to depart from Terra. As of right now, statistics estimate that ArkOne has assisted roughly 48 projects overall. The number boasts a higher percentage of projects on the blockchain following the incident.
The initiative has stated that it will always be present in the technological side, even though it has not given initiatives before June 15 the massive support it always delivered. They can utilise its launchpad for their network projects as one example of this help. More projects in recent days have opted for Polygon over VeChain. Even though VeChain pledged to give grants to any Terra projects that implement the changeover, the majority of them had mixed feelings regarding the proposal and the platform.
After its stablecoin was depegged early this year, Terra experienced a significant setback. The LUNA token lost more than 90percent of its value as a result of this problem during that time. It also resulted in significant losses for projects and investors. Despite a fresh upgrade, a new network, and a new token, it hasn't received as much support as it had in the past. Due to the numerous losses endured by irate investors in the wake of the Terra collapse, the corporation has also been the target of legal actions.
