The crypto market is still reeling from unfortunate events that led to the total collapse of the Terra ecosystem. However, as a recovery plan takes shape, Polygon is now working to aid Terra projects in migrating across networks.
Polygon to Devote Resources to Migrating Terra Projects
Ryan Wyatt, Polygon Studios’ chief executive officer, has announced that the company is working with a number of Terra projects to help them quickly migrate to the Polygon network.
According to Wyatt, the Polygon community is ready to welcome the developers and communities of these Terra projects.
He also revealed that Polygon would be contributing the funds and resources necessary to assist them in their migration. Wyatt tweeted:
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.— Ryan Wyatt (@Fwiz) May 15, 2022
CZ to Support Terra
Reacting to the recovery plan outlined by Terra founder Do Kwon, Changpeng “CZ” Zhao, the CEO of the world’s largest crypto exchange Binance, stated that he would support Terra.
However, CZ has questioned the decision to hard fork the Terra blockchain, underlining that his support would only be forthcoming with more transparency from the Terra team.
On the Flipside
- Ethereum Co-Founder Vitalik Buterin opines that any proposed reimbursement plans from Terra should prioritize small hodlers, not Luna whales.
Why You Should Care
By migrating to the Polygon Network, these Terra projects, which are already under intense pressure, could save their communities and projects.