color background, text POLYGON WELCOMES 48 FORMER TERRA PROJECTS, BUT IS THIS A GOOD THING?

Polygon CEO welcomes 48 Terra projects to their new home, but is this a good thing?

By Patch | Things of note and other interesting stuff | 11 Jul 2022

I have talked previously about how some blockchain has started courting projects on the TERRA Blockchain during the collapse. And now it looks like we are seeing the fruits of their labor.

Polygon CEO welcomes 48 new projects, is this the new normal?

My first thought on this is, good for them. Good for them deciding not to remain in what was a less than excellent position to be in. My second thought is if this will be the new normal. Will projects start to migrate more and more between Blockchains?

While it is good that projects can migrate between Blockchains. I think that in the long run, this might be something that can become bad for the community as a whole. What I mean by that is this, if we take a look at the current company climate in the world. It is the big companies extorting local governments into giving them, on many occasions, deals that are too good. And that will end up hurting the local area more than it will benefit them. It will cost them much more than they will gain.

And I fear that the same will become a reality in the crypto space. Of course, I am talking in the long run, and not 1-2 years down the line. I fear that bigger projects will start to dictate terms to the Blockchains, having them bend and control it to fit their needs and wants. This can of course occurs as I see it in one of two ways.

The first is if a project becomes bigger than the Blockchain. So far this has not occurred, and many of those projects have opted to start their own Blockchains instead, a example of this would be Binance. But this will probably not be the case for every project, as one of them will probably think it is just easier to take over the Blockchain they are on instead of creating one of their own. And depending on the Blockchain this would be more or less possible.

The second scenario I see this could happen in is a similar one as we have now. Where a group of projects joins together in a "stronger together" sort of way. And use their combined strength to dictate terms.

But it might just be me being doom and gloom instead of being happy for the projects who managed to escape the TERRA Blockchain.

What are your thoughts on this, am I just a big old pessimist, or can this occur in the future? Please share your thoughts on this and the whole project migration in the comment section down below.

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