The Polygon network (an Ethereum layer-2 scaling solution) is providing a way out for Terra-built projects. The blockchain network further said it is willing to fund any projects willing to switch from Terra to Polygon.
Polygon Announces That Developers Of Terra-Built Projects Can Switch To Polygon
According to Polygon CEO, Ryan Wyatt, the network has a massive funds pool to support this project. Wyatt further said that the network raised more than $450M from its latest funding round. He also said the network could raise more funds if the need arises.
Wyatt stated during a recent interview with TechCrunch, “I won’t say there is a limit to the funds’ pool. Our goal is to ensure that we have limitless funds available to help projects move into our network. We must have enough funds available to all developers since their projects serve unique purposes.”
The crypto community remains shocked following the sudden collapse of the Terra network. Within one week, Terra collapsed, and investors lost over $65b to the crash. Wyatt also claimed that the Terra collapse is also affecting the DeFi sector.
He said, “on various levels, the collapse of the Terra network was disastrous. Many innovators, developers, founders, and projects outside the Terra network are still feeling the effect of the collapse. Hence, we all feel the need to help even those outside the Polygon network feel the same way.”
First Terra-Built Platform Switches To Polygon
Polygon first announced migrating Terra-built projects on May 16. He stated that “we are in communication with several Terra projects. We want to help switch to the @oxpolygiin. We would have a fund pool to help these project developers and the communities make the switch.”
Nevertheless, one project has already made a move. Oneplanet project is the first Terra-built project to make the switch to Polygon. The NFT marketplace would also secure funding from Polygon for this move.
The one planet team consists of 30 people. Some members of this team have previously worked at PWC, KPMG, Apple, Goldman Sachs, and Facebook. Wyatt further claimed that up to 60 projects had sent their request to the Polygon network showing interest in making the switch.
Wyatt said that Polygon isn’t giving any network a specific deadline to complete their switch. But he added that it is unlikely that there would still be any project that hasn’t moved by the end of this year.
The Polygon CEO reiterated that Polygon’s pool of funds to help these projects make the switch is limitless. According to him, it would never be exhausted. Wyatt also said that there are special benefits for projects that complete the switch early enough.
In his concluding remarks, he said, “we have the solution to help these Terra-based projects not to lose out completely. It is only right that we roll out this solution. It is in the best interest of everybody – the ecosystem and the developers.”