Polygon CEO offers olive branch to Terra projects; Details

Saif Naqvi
Source: Pixabay

Following the Terra blowout, well-known figures in the space are joining forces to help bailout Terra projects. Recently, Polygon CEO Ryan Wyatt offered to help Terra projects by transitioning them over to the Polygon network.

Source: Twitter

The former YouTube gaming head, brought in to usher a new era of blockchain-based games on Polygon earlier thisyear, said that the team is already in close negotiations with a few Terra projects to help them migrate swiftly onto the Polygon network. He also added that Polygon would be putting its own capital at stake to help with the new migrations.

Polygon co-founder Sandeep Nainwal furthered Wyatt’s message by making some suggestions of his own.

Source: Twitter

“For Terra community projects who want a shared chain, choose @0xPolygon POS chain(ZKRollup soon) If you are looking for an app-specific chain, you can go for SUPERNET”

A prominent name in the DeFi space, Terra’s ill-fated demise has become a talking point amongst crypto proponents who continue to be bet against native tokens UST and LUNA.

Juno Network to the rescue

A number of DeFi projects reported malicious attacks and suffered losses as the tremors of Terra’s fiasco spread across the market. Amidst the drama, Juno Network – a smart contract platform built on the Cosmos blockchain, revealed that several Terra projects had reached out to Juno expressing interest in migrating to a separate network.

“Several Terra projects have reached out and expressed interest in migrating to and developing on Juno Network. It is expected that many more innovative projects and teams will follow with the passing of this proposal

The project is voting on a proposal to utilize $4.7 Million from its community fund to help Terra projects transition safely. At press time, 96% of the votes were cast in favor of the proposal.

Meanwhile, Terra founder Do Kwon’s recovery plan included a reset of the network to 1 billion tokens to compensate the holders of UST and LUNA who suffered massive losses amidst the dump last week. While LUNA did recover slightly following the announcement, the overall sentiment still remains sour amongst investors. At press time, LUNA’s price fell by 22% on the day while most top-mid cap alts traded in the green following a $30K Bitcoin.