Crypto collapse

The migration of Terra projects has begun

Ryan Wyatt, CEO of Polygon Studios, also gave a new briefing on the migration of web3 protocols via the Terra network.

Image Source : Coinpedia

After the collapse of Terra land The blockchain network projects have also turned their route to other networks. Ryan Wyatt, CEO of Polygon Studios, also gave a new briefing on the migration of web3 protocols via the Terra network.

Nearly 50 Terra projects go to Polygon

Terra’s native cryptocurrency LUNA and its stablecoin UST suffered a crash in mid-May. With this crash, many investors suffered significant losses. On the other hand, dozens of protocols also switched to Polygon Network (MATIC) in the process.

Ryan Wyatt, CEO of Polygon Studios, tweeted about this:

The transition to Terra projects has begun. There are over 48 projects including One Planet, 0xPolygon and Derby Stars and the number is growing. It’s been great to help all these amazing developers and welcome you to our thriving ecosystem!

Wyatt, Polygon Ecosystem Protocols He also stated that he would support their transition to . He also stated that a capital and resource base would be provided to ensure a smooth transition.

If we look back,

LUNA and UST reached almost zero in just a few days in May. On May 27, 2022, Terra founder Do Kwon relaunched the blockchain with Terra 2.0. However, the dApp ecosystem was destroyed.

Before this collapse, Terra was the largest smart contract platform after Ethereum in terms of TVL. According to information from DeFi Llama, TVL metrics have dropped by nearly 1,000 times in recent weeks.

Article written by:

Laeti Marison, also known as SatoshiBelle, is a multifaceted professional with a passion for community management, content creation, and digital marketing. With a diverse background in various roles, Laeti has consistently demonstrated her expertise and dedication in the field. Recognizing her potential, Laeti then took on the responsibilities of a Project and Community Manager at Magna Numeris and Cartam from November 2018 to March 2021. In this role, she showcased her ability to successfully lead projects and foster strong relationships within the community. Currently, Laeti serves as an SEO content writer, Digital Marketing Manager, and co-founder at magazine, starting from February 2022 till now. Through her expertise in digital marketing and her passion for the crypto industry, she has contributed to the success of the magazine, ensuring its content remains relevant, engaging, and informative.

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