a frog giving flowers to another frog, text saying Polygon and Fantom courting Terra projects

While LUNA and TERRA are dying Polygon and Fantom courting TERRA projects

By Patch | Things of note and other interesting stuff | 17 May 2022

The future for the TERRA Blockchain is uncertain at best. And will be for at least a few more days. The vote for the proposals is to be held on May 18th from what I understand. Where all LUNA holders get to vote on the future of the Blockchain. In the meantime, other Blockchains have started to court projects on the TERRA Blockchain.

Get while the getting is good

On May 15th Polygon Studios' CEO, Ryan Wyatt tweeted that Polygon is working with a number of Terra projects to assist them in migrating to the Polygon Network. This would imply that talks already was started quite some time before. As things like this tend to, at least normally, take some time. You can find a link to his tweed down below.

Later that same day the Fantom Foundation also tweeted:

They even officially went a little step further than what Polygon, at least officially, was willing to say. And that is they are in a sense even willing to pay for projects to Leave Terra and make the switch to Fantom. Maybe Polygon as well is footing the bill for the move of projects, but that is just pure speculation from me. But I would not be surprised if they were.

Shopping at a discount

In a sense, I both get the projects on the TERRA Blockchain that are looking for a new home. They want a stable community and chain in order for them to work and earn money. And on the other hand, I also understand the Blockchains like Polygon and Fantom. They are able to tie projects that are up and running, with an already established userbase. This, for them, is much better compared to starting a new project and trying to grow it into something comparable.

In a sense, they are able to pick and choose the good parts and then tie them to themselves at a discount. And I personally think the first projects to make this move are the biggest or "best" projects, for lack of a better word. Simply because they have the most to loos by remaining on the TERRA Blockchain with all this uncertainty going on. At least if I ran a project where I would look to make a move asap. Unless they have some specific tie to TERRA, like for instance, Anchore has, with staking the UST.

There are probably a lot of discussions going on at the current time, and deals trying to be made. And I personally think that a lot of other Blockchains are looking to get their piece of the pie as well. Polygon and Fantom only happen to have admitted to doing so publicly.

What are your thoughts on this, should projects move and abandon TERRA? Or should they stay and try and rebuild? What would you look to do if you run a project on the TERRA Blockchain or a competing Blockchain? Please share your thoughts in the comment down below.

I hope you have found this post informative, entertaining, or both. If that is the case, please consider following me, reading some of my other posts or why not do both. You can find them here and here.

I have also just started a new series of weekly posts, that will go live every Friday. You can catch the first step here: