key takeaways
- At least five blockchains have invited Terra developers looking for a new home to come to their own protocol.
- Each project has set its own incentives, three of which Terra developers claim have already reached for migrating.
- It comes three weeks after Terra’s algorithmic stablecoin entered a death spiral that wiped $43 billion from the crypto market.
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Polygon, Algorand, Injective, Kadena and VeChain are among the protocols that have recently made changes for developers looking to join a new ecosystem following the spectacular dissolution of Terra and its stablecoin, UST.
Five Blockchains Over Inviting Terra Survivors
A growing number of blockchains are prompting to move the Terra-built protocol from the collapsed ecosystem to its projects.
Polygon, a scaling solution built for Ethereum, sets up a “relatively uncapped multimillion-dollar fund” to invite stranded Terra developers into its ecosystem, said Ryan Wyatt, CEO of Polygon Studios. Told techcrunch, Funded by the $450 million Polygon raised earlier, Wyatt claimed that the fund will ensure that the ecosystem has the capital earmarked to help “all the developers who want to come here … do it.”
The NFT marketplace will be the first Terra project to migrate to One Planet Polygon. Wyatt said about 50 to 60 other projects have also been reached; He hopes that by the end of the year they will all have switched to blockchain.
Meanwhile there was a proposal on 12th May created Injective’s Governance Board at Cosmos IBC Layer 1 launched a developer-focused incentive to help Terra Builders transition to Injective. Incentives are financed through the reallocation of funds previously earmarked for the community spending pool. This resolution was passed with the support of 98.47% of the voters. Injective and Terra are already well integrated through Cosmos IBC, which is why “the influx of developers … reached after Terra’s recent incident,” Told Injective Labs Head of Business Development Mirza Uddin.
Similarly, the Algorand Foundation, which focuses on developing a carbon-negative Layer 1 blockchain, has announced It was committed to one million ALGO tokens (each currently around $0.39, for a total of $390,000) and creating an automated platform to enable Terra Builders to move their projects to Algorand. Like other blockchain executives, Algorand Foundation CEO Stacey Warden claimed that “people in the Terra/Luna community started reaching out,” which inspired the initiative.
Layer-1 smart contract platforms VeChain and Kadena both also pointed to developers at large, with VeChain Entry A tweet indicated that former Terra developers were welcome to apply for a $30,000 grant to begin construction on their series, and Kadena establishment The $10 million fund is aimed specifically at “blockchain developers affected by recent events in the Web3 space.”
Many of these incentives for Terra builders can be interpreted as a “poaching war” between competing blockchains at a time when demand for experienced developers is on the rise. But Wyatt suggested that it could be a sign of something deeper. “I guess what happened fall down Very unfortunate to have Terra on so many different levels,” he said. “It has a significant second-order impact on great projects, developers, founders and innovators. So no matter where you are… you want to know how to help these people.”
Disclosure: At the time of writing, the author of this article owns ETH and other cryptocurrencies.