Polygon to Devote Resources to Help Terra Projects Migrate to the Polygon Network

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:

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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia