Polygon forms a multi-million dollar fund to assist Terra projects in migrating

In the wake of the Terra collapse, Polygon has teamed up with Terra-based NFT ecosystem OnePlanet to provide funding and technical support for projects migrating to Polygon...

Polygon forms a multi-million dollar fund to assist Terra projects in migrating

Polygon, the popular Ethereum scaling platform, today announced the launch of a multi-million dollar fund to support Terra projects looking to migrate to Polygon.

The first project to be granted funding is Terra-based NFT marketplace and launchpad, OnePlanet. OnePlanet will transition to Polygon in the coming months, becoming the dedicated marketplace for any migrated Terra NFT projects to the Polygon ecosystem.

OnePlanet has been positioning itself as a dominant launchpad and secondary marketplace for the Terra NFT ecosystem, onboarding more than sixty collections within 3 months since launching last January.

Focusing on the utility aspect of NFTs and the NFT holder communities of each collection, OnePlanet provides overall infrastructure for the Terra NFT ecosystem.

The recent collapse of the Terra ecosystem left hundreds of Terra-based projects and developers stranded on the now-inoperative chain, with little capital to migrate elsewhere or start afresh.

Together with OnePlanet, Polygon will help fund the relocation of these projects to Polygon to help support re-development and protect their communities.

Polygon has also established a community fund to incentivize holders to migrate their assets and cover costs incurred in transferring items onto the Polygon chain.

Ryan Wyatt, CEO of Polygon Studios:
“Polygon is thrilled to offer a home to the OnePanet team and wider Terra community. The project will bring immense value to the Polygon NFT ecosystem, owing to the strength of its marketplace, committee, fans, and community. We will provide financial and technical support to help smooth the transition and integration, along with a warm welcome from the entire Polygon community. It is our job to help builders focus on building, and we’re excited to welcome all of these Terra projects to Polygon. We’ve launched the fund to help Terra projects like OnePlanet migrate their burgeoning ecosystem to Polygon, bootstrap their recovery, and help them build back stronger than before.”

Funding will cover technical migration support in the complex process of porting projects across chains. Additionally, a collection fund will be set up to help builders and creators re-bond and keep providing their key services to ongoing projects.

SungMo Park, Head of Business at OnePlanet:
“After a turbulent few weeks for the Terra ecosystem, we recognize that our loyal community now needs a reliable, secure new home for their projects. Re-building on Polygon will add tremendous value to the OnePlanet’s partner NFT projects thanks to its stellar team, EVM compatibility, scaling facilities, and carbon-neutral network. We’re immensely grateful to Polygon, who appreciated the potential and the value of Terra NFT projects, and who will help us keep delivering the value and the roadmap that our partner NFT projects have been envisioning.”