Many developers are still unsure after Terra (LUNA) collapsed. These Terra -based projects, which have come under pressure, could save communities and projects by migrating to other networks.
The move is expected to benefit both Polygons (MATIC) Terra community and projects, Polygon Studios CEO Ryan Wyatt tweeted there is that Polygon is working on several Terra projects to help to move into the Polygon Network. The Polygon community, according to Wyatt, is “ready to welcome the developers and community of this Terra project.” He also said that Polygon will provide the capital and resources needed to help him migrate.
Polygon founder Sandeep Nailwal added two cents in detail about the most suitable options for the Terra project. He suggested that the Polygon evidence chain could be used for community projects that require a common chain. Nailwal noted that ZK Rollups will be available on a proof-of-stake network.
The Phantom Layer-1 blockchain project also adds support for the Terra community by stating that Phantom is ready to help projects or developers who want to move away from the Terra blockchain. The team at Phantom also details the grant program to help with integration, marketing and connectivity.
Any Terra Luna projects out there looking for a new chain, please PM us.
Phantom active time is 100%, fast, cheap, and reliable, with a great community.
– Phantom Foundation (@FantomFDN) May 15, 2022
The effort will certainly help many Terra projects return after last week’s event. Do Kwon, the creator of Terra, finally speaks up and offers a recovery plan. The possibility of applying a hard fork on a Terra block is one of the ideas considered. However, due to the overabundance of LUNA in the market today, Binance CEO Changpeng Zhao stated that this approach would not work.
Despite the reservation, CZ agreed to offer assistance to the Terra community. He states that:
“Regardless of personal views, or the solution chosen in the end, we will certainly be here to support the community in any way we can.”
Ethereum co-founder Vitalik Buterin has also given his opinion on the issue. Buterin thinks that any plan to pay back for Terra is a must giving special consideration to small investors.