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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 to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.