Skip to main content

After Terra Luna Crash: Polygon rescues crypto and NFT projects

 


A few weeks after the Luna cryptocurrency crash, some old Terra ecosystem projects are moving to Polygon.


After the ecosystem was supposed to be revived with Terra 2.0 and the cryptocurrency Luna 2.0 , more and more developers of old projects are relying on the Ethereum-based blockchain Polygon . Polygon could thus become a new home for many old Terra projects. These crypto projects also include some NFT projects .


After Luna Crash: TVL falls by over 99.9%

Because of the crash of the stablecoins UST and Luna, the entire Terra ecosystem collapsed.


Before the crash, the ecosystem's Total Value Locked (TVL) was around $30 billion. However, the resources of the ecosystem have not disappeared with this, because the developers and the technologies of the project remain. But even after the crash, the TVL continued to fall and recently reached a new all-time high of 7.5 million US dollars. At the time of writing, the legacy ecosystem's TVL is just around $15 million.

Now Polygon and other crypto companies are coming to the rescue to offer a new perspective to the ailing teams.


At the end of May 2022, Polygon announced that it was setting up a million-dollar crypto fund for the Terra projects. Polygon provides not only financial support to any legacy project, but also access to crypto company resources. Polygon CEO Ryan Wyatt then tweeted on July 9, 2022 that already more than 48 projects from the Terra ecosystem have started to move to Polygon and warmly welcomed them.



The more than 48 projects include the NFT marketplace OnePlanetNFT, smaller NFT and game projects such as Lunaworms or Derbystars and the metaverse platform Lunaverse. However , some legacy Terra projects, such as Phoenix Finance , remain loyal to the ecosystem and are unwilling to switch blockchains.


Polygon's CEO argued that the failure of the ecosystem does not mean that the ecosystem's developments or development teams are intrinsically bad.


"Terra's failure shouldn't be the one that should be the responsibility of [the decentralized applications] that build on it," Watt said .


Will other projects follow?

Before the crash, up to 160 new crypto projects were originally supposed to appear on Terra in 2022. Now, according to DeFilama, there are only around 40 projects left on the original and new ecosystem. So Polygon could actually benefit from even more crypto projects from Terra. In addition, another company offers jobs to former Terra developers.


Other crypto companies, such as VeChain or Kadena , also opened smaller funds for old Terra projects. However, the amounts offered to developers are significantly lower, which is why the majority chose Polygon.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more