After the collapse of Terra (LUNA), many developers are left in uncertainty. These Terra-based projects, which are already under a lot of pressure, may be able to save their communities and projects by migrating to other networks.
Both the Polygon (MATIC) community and the Terra projects are expected to benefit, Ryan Wyatt, CEO of Polygon Studios. tweeted On Monday Polygon is working with several Terra projects to help them migrate to the Polygon Network. According to Wyatt, the Polygon community, “is ready to welcome the developers and communities of these Terra projects.” He also said that Polygon will provide the necessary capital and resources to aid in their migration.
Polygon founder Sandeep Nelwal adds his two cents by detailing which options are best suited for Terra projects. He suggested that Proof-of-Stake chains of polygons could be used by community projects that require a common chain. Nelwal said the ZK rollup will soon be available on the proof-of-stake network.
Layer-1 blockchain project Phantom extended its support to the Terra community by saying that Phantom is ready to assist any project or developer wishing to move away from the Terra Blockchain. The Phantom team also detailed a grant program to help with integration, marketing, and connections.
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These efforts, following the events of last week, will help many Terra projects get back on their feet. Terra’s creator Do Kwon finally spoke up and offered a recovery plan. The possibility of implementing a hard fork in the Terra blockchain is one of the ideas being considered. However, because there is an excess of LUNA in the market right now, Binance CEO Changpeng Zhao Having said that this method will not work.
related: 80,000 Bitcoins Gone: What’s Left In Luna’s Reserve Wallet?
Despite his objections, CZ agreed to provide assistance to the Terra community. They said that:
“Irrespective of my personal views or the solution chosen in the end, we will always be here to support the community.”
Ethereum co-founder Vitalik Buterin has also given his opinion on the issue. Buterin thinks that any repayment plan for Terra should give special attention to smaller investors.
