Polygon is inviting projects that have been displaced or upset as a result of Terra’s demise to join its ranks.
Polygon—a sidechain meant to complement and assist scale Ethereum—is creating a “multi-million dollar fund” dubbed the Terra Developer Fund to help Terra companies migrate from Do Kwon’s now-famous and failing blockchain to Polygon, according to Polygon Studios CEO Ryan Wyatt.
Wyatt said yesterday that OnePlanet, the Terra NFT marketplace, would be the first project to migrate, and that OnePlanet will assist Polygon in migrating other Terra businesses. Terra NFT projects can apply to be a part of OnePlanet’s transition to the new blockchain.
Plan for Recovery After a Disaster
Terra and her crew had devised a fresh plan to resurrect the network from the dead. Fortunately, the motion received 65.5 percent of the total votes and was approved.
Do Kwon’s plan to rebuild the Terra blockchain and issue LUNA 2.0 tokens was put into this. Following the collapse of the TerraUSD (UST) algorithmic stablecoin, this will result in the development of a new blockchain that would airdrop tokens equally to those affected.
According to Proposal 1623, Terra 2.0’s native staking token, LUNA, will be airdropped to its community. Eligible holders of LUNC, USTC, and UST will receive LUNA on the new chain when Genesis occurs on May 27. A considerable amount of the token distribution was set aside in the proposal to offer a runway for existing Terra dApp developers. Even to connect developers’ interests with the ecosystem’s long-term success.
The plan will see developers and holders airdropped with the Terra (LUNA) 2.0 tokens with both IBC DEX and CEX indexed in the snapshot.
As ZyCrypto reported earlier, the new chain would completely cut out the beleaguered UST algorithmic stablecoin and focus on decentralised finance (DeFi) applications. The existing chain would continue as Terra Classic and holders of LUNA on this chain would receive an airdrop of the new chain’s token. Notably, Terra will be community-owned in that Terraform Labs will not be a part of the airdrops.
Furthermore, in a tweet on May 25, Binance stated that it worked closely with the Terra team on its recovery plan. It also “aims to give the best possible care to afflicted Binance users.” Despite this, he hasn’t publicly stated his support for the relaunch.
Source: Station terra money
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