Over 48 Terra Projects Merged to Polygon Ecosystem

blockchain.news:

Over 48 projects that used to run on the Terra blockchain have been jointly migrated to the Polygon ecosystem, including the well-known Lunaverse (LUV) Metaverse platform, OnePlanet NFT marketplace, and Derby Stars play-to-earn (P2E) games.

Polygon Studios CEO Ryan Wyatt wrote on his official Twitter: “We are working closely with a variety of Terra projects to help them migrate over swiftly to Polygon.We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.”

Polygon, a decentralised Ethereum scaling network to simplify supply chain operations. The ecosystem provides scalable, secure, and instant Ethereum transactions designed to use Plasma side chains and a Proof-of-Stake network to solve the pain points of slow block confirmation and high gas fees.

The company said over 48 projects have successfully entered the Polygon ecosystem.

The network has been renamed Terra Classic. In May, Terra network’s native tokens, LUNA and UST, suffered an unprecedented collapse,

LUNA shed off all of the gains it has accrued over the past 12 months as it slumped to its 52-week low of $0.8384. The fall of the LUNA comes off as a bigger surprise to the crypto world as such a plunge is uncommon, especially for an established blockchain protocol that attained its All-Time High (ATH) of $119.18 barely a month ago.