The collapse of the Terra ecosystem in the last week has shaken the entire cryptocurrency market. Now, industry players are trying to provide some help to the community and projects built on the Terra network.
Polygon Studios CEO Ryan Wyatt took to Twitter to offer help to the projects. He said the project is already in close negotiations with some Terra network protocols to help them quickly migrate to his network.
Furthermore, he added that Polygon would be putting its own capital at stake to help with the new migrations.
“We are working closely with several Terra projects to help them quickly migrate to Polygon. We will be investing capital and resources into these migrations to welcome developers and their respective communities to our platform and will share more soon.”
Polygon will help projects built on the Terra network
Meanwhile, Polygon co-founder Sandeep Nainwal explained what the right choices for projects could be.
According to Nainwal, community projects that have a requirement for a shared chain can choose the Polygon PoS (Proof-of-Stake) chain, which will soon introduce ZK Rollups.
However, Sandeep advised those looking for a specific chain of apps to opt for SUPERNET.
For Terra community projects who want a shared chain, choose @0xPolygon POS chain(ZKRollup soon)— Sandeep – Use Stripe on Polygon 💜 (@sandeepnailwal) May 15, 2022
If you are looking for an app specific chain, you can go for SUPERNET
-No weird restrictions on Validators/Bridge
-Future possibility to make your chain a rollup
-Eth community love https://t.co/Ek803OZQlL
Terra Network Rescue Plan
As reported by Cryptheiry, days after LUNA plummeted to practically zero and the stablecoin UST lost its parity with the US dollar for good, Terraform Labs co-founder and CEO Do Kwon presented his “Plan of Earth Ecosystem Revival”.
The proposal provides for a redistribution of tokens to LUNA and UST holders, placing them at the center of the ecosystem.
However, considering the oversupply of LUNA, Binance CEO Changpeng Zhao stated that this idea will not work.
“Supply reduction must be done via burn, not fork in an old date, and abandon everyone who tried to redeem the currency. I also don’t own any LUNA or UST. Just commenting.”
But he also considered supporting the Terra community.
“Regardless of my personal opinions or the solution chosen in the end, we will always be here to support the community in any way we can.”