After the failure of Do Kwon’s blockchain in May, the Terra-based NFT marketplace OnePlanet has bailed out and boarded a life raft provided by Polygon. According to a statement released on Tuesday, the marketplace reached its zenith when it had 30,000 monthly active members and around $450,000 in daily trading activity.
OnePlanet has been considering a move for several months, ever since Terra went offline in May, which resulted in the ecosystem losing hundreds of millions of dollars as investors fled with their money. May 8 marked the beginning of a hyperinflationary death spiral precipitated by a significant decrease in Terra’s algorithmic stablecoin and its native token LUNA.
On May 7, the decentralized finance applications developed by Terra held a total value of approximately $20 billion locked up. According to data from DeFi Llama, this number rapidly decreased to approximately $48 million on June 1. OpenPlanet stated that it was one of the first platforms to formally announce its desertion of Terra in late May. Rather than face the music with upset investors, OpenPlanet decided to switch to another chain in order to continue operating.
Aiming To Become A Major NFT Marketplace With Polygon
The marketplace stated that as part of the move, it intends to strive to become a major developer inside Polygon’s ecosystem while also seeking to rebuild into a user-friendly platform that features a customized launchpad and utility add-on architecture. OpenPlanet is one of the 37,000 decentralized applications (dApps) that have been deployed on Polygon since the platform’s launch.
It joins the likes of OpenSea, which was one of the industry’s earliest NFT marketplaces, as well as prominent DeFi initiatives such as Aave and Uniswap. This diversity is vital for OpenPlanet, which aspires to be a key player that enhances the utility of NFT beyond simply becoming a marketplace for NFT transactions. Polygon made a concerted effort to recruit teams that were interested in making the switch.
Not only will this breathe new life into displaced Terra collections, but it will also enhance the gaming and NFT ecosystems within Polygon. According to Pryce Cho, CEO of OnePlanet, “It would be a lie if I say I wasn’t heartbroken, but I had a strong feeling that my team and I can get this through. Polygon is a chain that provides a solution for diverse builders to utilize blockchain at their disposal.”
Polygon Onboards Host of Terra Projects Following The Collapse
The migration of NFT and cryptocurrency projects that were previously hosted on Terra to the Ethereum Layer 2 protocol Polygon has begun. According to Ryan Wyatt, Chief Executive Officer of Polygon Studios, more than 48 crypto and NFT projects have started the process of migrating from Terra to Polygon. Among the famous projects that are making the move include the popular NFT marketplace OnePlanet and the Metaverse game Derby Stars.
Wyatt announced the news in a tweet, in which he welcomed the newly launched projects and added that it was great to be able to assist and welcome all of these excellent developers to their flourishing ecosystem. In addition to this, he disclosed that Polygon was collaborating with a variety of Terra projects to facilitate a speedy migration to the Ethereum Layer 2 protocol.
During that same period, the CEO of Polygon stated that the company will put funds and resources into the movements to embrace the developers and the communities they had created. OnePlanet, one of the new projects that left the Terra ecosystem, said that a large number of creative NFT projects and their communities were left trapped in the rubble by the abrupt Terra ecosystem collapse. OnePlanet mentioned that it has built its own “Noah’s Ark” in order to save Terra’s “burgeoning NFT diversity” and relocate it to a new home.
