Terra projects band together in migration to Polygon ecosystem

Cointelegraph Team Cointelegraph

More than 48 different crypto projects formerly based on the failed Terra ecosystem have found a resurgence by migrating over to Polygon.

Polygon Studios CEO Ryan Wyatt expressed delight at his network’s ability to onboard many projects to the ecosystem in a July 9 tweet. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting the talent that was unexpectedly flung into limbo when Terra collapsed in May.

Polygon (MATIC) is a network that serves as a layer-two scaling solution for the Ethereum network.

Among the higher-profile projects to move to Polygon are the Lunaverse (LUV) Metaverse platform, the OnePlanet NFT marketplace, and the Derby Stars play-to-earn (P2E) game.

OnePlanet has been instrumental in helping other nonfungible Token (NFT) projects migrate to Polygon. It has become a platform dedicated to assisting NFT projects from Terra with its Ark*One initiative.

OnePlant’s July 9 blog post outlines how Ark*One has helped “A total of 48 NFT projects, encompassing 90 NFT collections” port over to Polygon.

This represents a large proportion of Terra projects, including some that did not launch on One Planet before the cataclysmic de-peg event.

Since June 15, Ark*One has reduced the support it provides to aspiring projects, but the team says it will “still provide technical support for projects who want to migrate from Terra” and allow projects to launch on Polygon using its launchpad.

Polygon appears to have been more successful at attracting Terra projects than the VeChain (VET) ecosystem. So far, it does not appear that many Terra projects have made the move to the layer-1 ecosystem despite VeChain openly welcoming Terra developers to apply for a grant.

The Terra ecosystem suffered a monumental collapse in May when its TerraUSD (UST) stablecoin lost its peg, forcing its native token LUNA to crash nearly 100% in value from over $60 to fractions of a cent. The network has been renamed Terra Classic, and its native token now has the LUNC ticker, while a new iteration has adopted the Terra name and LUNA ticker.

It has yet to gain much traction or confidence as the crypto bear market deepens.

Author

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

XRP, ADA, and SOL are vulnerable to deeper losses

The top altcoins, including Ripple, Cardano and Solana, are trading in the red as the broader cryptocurrency market faces downside pressure. The bearish pressure aligns with Citadel Securities' anticipation of a surprise Fed rate hike, which could reduce liquidity in high-risk assets, including crypto assets.

XRP and XLM extend correction as bearish pressure builds

Ripple and Stellar remain under pressure on Tuesday after losing over 4% and over 5%, respectively, the previous day. In addition, weakening momentum indicators and deteriorating derivatives metrics suggest sellers remain in control, raising the risk of further downside for both altcoins. Derivatives data shows a slight bearish tilt.

Bitcoin risks losing $63,000 – FET, SHIB lead losses

Bitcoin edges lower on Tuesday, extending its losses of over 2% from the previous day. The broader crypto market suffered nearly $600 million in liquidations over the last 24 hours amid renewed sell-off pressure. Artificial Superintelligence Alliance and Shiba Inu have emerged as the worst-performing crypto assets in the same time period.

Pump.fun surges following rising revenue and social push

PUMP, the native crypto of token launchpad Pump.fun, saw double-digit gains on Monday, rising to nearly $0.00220, its highest level in about 11 weeks, before easing. The recent gains have stretched its 14- and 30-day performance above 38% and 50%, respectively.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.