Following the heavy collapse of the Terra network, the Polygon team has stepped in to migrate Terra projects to its blockchain.
Terra’s recent collapse has shaken the entire crypto market. Industry players are stepping forward to assist the community in any way they can. On Sunday, May 15, Ryan Wyatt, CEO of Polygon Studios, announced that the company will assist various Terra projects in migrating to the Polygon blockchain network. He wrote:
“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 and will be sharing more soon”.
Sandeep Nainwal, the co-founder of Polygon, chimed in to explain what might be the best options for Terra projects. He stated that the community projects that require a shared chain can select the Polygon PoS chain. Polygon Proof-of-Stake will soon introduce ZK Rollups.
SUPERNET, on the other hand, is recommended by Sandeep for those looking for an app-specific chain. He went on to explain the advantages of doing so.
The Rescue Plan Of Terra And Community Support
After all of last week’s drama, Terra founder Do Kwon finally broke his silence and pitched a recovery plan. The hard fork of the Terra blockchain is one of the ideas being considered.
However, given the current glut of LUNA on the market, Binance CEO Changpeng Zhao believes that this strategy will fail. He said:
“Reducing supply should be done via burn, not fork at an old date, and abandon everyone who tried to rescue the coin. I don’t own any LUNA or UST either. Just commenting.”
But he also considered offering assistance to the Terra community. “Regardless of my personal views or the final solution, we will always be here to support the community in any way we can,” Zhao said.
