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After Terra Collapse: Near Protocol picks up Tracer

 


Many Layer 1 crypto projects have completely migrated to other ecosystems after Terra's death spiral. But what is the right move after the originally chosen platform collapsed?


Tracer is a Web3 fitness and lifestyle app and is one of the projects that turned away from the Terra ecosystem. When choosing a new platform, one needs to consider more than just technical compatibility with the blockchain ecosystems .


As Nicky Chalabi of the Near Foundation explained, projects like Tracer want to be able to identify with the core values ​​of the ecosystem that should support the company's development plan in the future. Tracer has fully migrated to Near Protocol. Other crypto projects have chosen BNB Chain from Binance and Polygon Studios .


Speaking to Cointelegraph, Chalabi explained why the project decided to go for a full migration:


"Projects must represent the interests of their community and their users, because that is ultimately the most valuable thing you have."

Tracer and Near use the same programming language for creating smart contracts, which further simplified the migration process. However, Chalabi agreed with the crypto community, stressing that Terra's demise is a loss for the entire community:


"We are really trying to help. Our goal is not to take advantage of this situation. You and your projects have lost your home."

The sudden collapse of large ecosystems negatively impacts trust and credibility of projects as investors usually suffer irrecoverable losses. To mitigate damage, Near provides resources to determine project needs, work with projects, and resolve any issues immediately.


Other ecosystems are doing similar things to ease the transition for projects that recently had to move. As Cointelegraph recently reported, BNB Chain also wants to invest in and support projects looking away from the Terra ecosystem .


In conclusion, Chalabi advised affected projects to switch to blockchains that represent the interests of their users and communities, rather than choosing platforms that offer short-term financial gains. Because "that can actually define your success," as she explained.


Aurora is an Ethereum Virtual Machine (EVM) for scaling decentralized applications (DApps) based on Near Protocol and recently raised a $90 million token fund.


As Cointelegraph reported, Aurora Labs has provided 25 million AURORA tokens, worth approximately $90 million, from the decentralized autonomous organization (DAO) coffers to fund the initiative.

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