Great Migration: Terra Projects Begin Moving To Polygon Months After Blockchain's Epic Crash

More than 48 Terra projects have started migrating to the Polygon network just a couple of months after the devastating collapse of the Terra ecosystem that wiped out billions of dollars of investors' money.

Projects include the AI-generated NFT universe DystopAI, the play-to-earn metaverse Lunaverse, the successful PFP collections Babybulls, the play-to-earn game Derby Stars and Hellcats and the exclusive marketplace OxPolygon, among others, Polygon Studios CEO Ryan Wyatt said in a tweet Monday.

The tweet was a part announcement, part welcome note to newly-migrated initiatives, with the CEO noting, "It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!”

When Terra crashed in May, multiple blockchains tried to entice developers to jump the ship, particularly those whose works may have been endangered by the collapse. In the same month, Wyatt claimed that his team was working closely with multiple Terra-based projects to help them move to the Layer-2 network Polygon.

Polygon also announced the multimillion-dollar fund available to assist Terra initiatives searching for a new blockchain at the time. The network was ready to hand in up to $20 million to help the team migrate to Polygon.

The network's spokesperson said, "For any project which wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance," adding that they will "provide them developers and everything."

In a follow-up tweet, the CEO suggested that the multimillion-dollar developer fund the company offered to developers was effective in wooing talents and ideas that were left hanging when the algorithmic stablecoin TerraUSD (UST) and its native token LUNA unexpectedly crashed. Wyatt also said that Polygon is working closely with the developers for swift migration and promised to share more information soon.

"We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform. We will be sharing more soon," the tweet read.

Unlike the Layer-1 blockchain VeChain, which also offered Terra developers grant applications to transfer, Polygon appears to have successfully attracted Terra projects. Polygon is a Layer-2 scaling solution on the Ethereum network.