'Opening Our Arms': Polygon Studios CEO on Rescuing Terra Projects

Almost 50 projects built on Terra, including the NFT marketplace OnePlanet and metaverse game Derby Stars, have begun migrating to Polygon—and more are on the way.

"We will be putting capital and resources against these migrations to welcome the developers and their respective communities," Polygon Studios CEO Ryan Wyatt tweeted on Friday.

In a separate tweet on Friday, OnePlanet wrote: "Thanks to all the Ark*One partner projects and @polygonstudios, we are all moving together to rebuild and grow the NFT ecosystem."

(Ark*One refers to the migration.)

Terra's UST and LUNA fell into a death spiral a few months ago, destroying tens of billions of dollars in value. It also left many projects homeless.

"The sudden collapse of the Terra ecosystem left a plethora of innovative NFT projects and their communities stranded in the wreckage," OnePlanet posted on Medium. "In search of light within the abyss, OnePlanet has taken the lead and built its own version of Noah’s Ark to rescue Terra’s burgeoning NFT biodiversity and take it to a new home."

In addition to the first 48 projects, "more will be continuing to come over," Wyatt told Decrypt via email on Saturday. He added: "We're opening our arms to all who want to come over. A lesson learned in the Terra collapse is that it is very wise to be on an EVM-compatible chain so that you don't have to rebuild, so I just hope that wherever developers go, they go with EVM in mind for longevity."

Do Kwon and Terraform Labs Slapped With Class-Action Suit

Do Kwon, the "heartbroken" co-creator of Terra, headlines a raft of defendants named in a class-action suit filed Friday in U.S. District Court in Northern California. Kwon is joined by a group that includes Terraform Labs, Jump Crypto, and Three Arrows Capital. Plaintiff Nick Patterson is alleging, among other accusations, that Terra tokens were sold as "unregistered securities," and that the "Defendants made aseries of false and misleading statements regarding the largest Terra ecosystem digit...

Terra's downfall has led to lawsuits and calls for more regulations and even a LUNA reboot. It was important for Wyatt that devs didn't get lost in the shuffle.

"Supporting developers is at the heart of what we do," Wyatt said. "This fund was simply put together to help talented developers find a new home. We're here to lift them up and support them should they need us, and it was really just letting them know they aren't alone during the Terra collapse where no one was there to help them."