Polygon Blockchain Lures 48 Projects Which Ran on Now Defunct Terra Blockchain
More than 48 applications that were formerly active on the Terra blockchain have been collectively transferred to the Polygon network. These initiatives include the popular Lunaverse (LUV) Metaverse framework, the OnePlanet NFT market, and the Derby Stars play-to-earn (P2E) games.
Polygon Studios CEO Ryan Wyatt tweeted as follows: “We are assisting a number of Terra initiatives in their transition to Polygon as quickly as possible by working directly with those organizations. In order to facilitate these transitions and provide a warm welcome to the programmers and the communities to which they belong, we will be allocating funds and necessary tools.”
Polygon is a decentralized Ethereum scaling infrastructure designed to make supply chain activities more straightforward. The platform delivers scalable, safe, and quick Ethereum trades. These transactions are meant to make use of Plasma side chains and a Proof-of-Stake (PoS) protocol in order to tackle the problems of delayed block validation and expensive gas prices.
According to the business, more than 48 successful ventures have already been integrated into the Polygon network. The network is now known as Terra Classic after undergoing a name change. In May, the native tokens of the Terra network, LUNA and UST, saw a crash that had never been seen before.
During its recent decline to a new 52-week low of $0.8384, LUNA lost all of the gains that it had accumulated over the course of the previous year. A drop of this magnitude is quite unusual in the cryptocurrency industry, particularly for a proven blockchain protocol that reached its All-Time High (ATH) of $119.18 little over a month earlier. As a result, the recent drop in the price of LUNA came as a greater shock to the cryptocurrency industry.