Polygon and others lend support to Terra blockchain projects

These initiatives will undoubtedly aid in the recovery of numerous Terra projects following last week’s catastrophic tragedy.
Following the Terra (LUNA) collapse, many developers have been left in the woods. These Terra-based projects, which are already under tremendous strain, may be able to save their communities and projects by transferring to other networks.

Polygon Studios’ CEO Ryan Wyatt tweeted on Monday that Polygon is working with a number of Terra projects to aid them with transitioning to the Polygon Network, which is likely to benefit both the Polygon (MATIC) community and Terra projects. According to Wyatt, the Polygon community is “eager to embrace the developers and communities of these Terra projects.” He also added that Polygon would give the necessary funds and resources to help them with their migration.

Sandeep Nailwal, the founder of Polygon, contributed his two cents by outlining the best possibilities for Terra projects. He proposed that Polygon’s proof-of-stake (PoS) chain be used by community projects that require a shared chain. Nailwal stated that zk-Rollups will be available on the PoS network in the near future.

Fantom (FTM), a Layer-1 blockchain project, has also shown its support for the Terra community, indicating that Fantom is willing to assist any project or developer who wants to depart from the Terra network. Fantom’s team also discussed a grant program to assist with integration, marketing, and networking.

Following last week’s events, these measures are sure to help numerous Terra projects get back on their feet. Do Kwon, Terra’s creator eventually took a stand and proposed a solution. One of the proposals being discussed is the implementation of a hard fork in the Terra network. However, because there is an overstock of LUNA in the market right now, Binance CEO Changpeng Zhao claimed that this strategy will fail.

Despite his doubts, CZ agreed to help the Terra community. He stated the following:

“Regardless of my personal opinions or the final result, we will always be here to help the community in any way we can.”

Vitalik Buterin, the co-founder of Ethereum, has also expressed his thoughts on the matter. Buterin believes that any Terra repayment scheme should give special care to small investors.

Polygon and others lend support to Terra blockchain projects

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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