News

Here Is Why Polygon Comes Forwards To Aid Terra 2.0 Blockchain

The post Here Is Why Polygon Comes Forwards To Aid Terra 2.0 Blockchain appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

A new initiative could aid the town even more after the Terra revival plan was officially passed earlier on Tuesday. On May 27, the new Terra 2.0 blockchain will be live, and Polygon has created a fund to aid Terra migration.

Polygon, meanwhile, announced the creation of a multi-million dollar fund to assist Terra blockchain developers.

According to Techcrunch, Polygon’s chief executive officer Ryan Wyatt stated that the company has a “relatively unconstrained multi-million dollar fund.”

The fund will aid projects created on the Terra blockchain in their transition to the Polygon blockchain. This news follows Polygon’s prior offer of assistance to the Terra community.

Ryan Wyatt claims that the fund will be financed by a $100 million ecosystem fund, as well as the $450 million Polygon has already raised.

I don’t want to place a limit on [the fund], because the goal is to ensure that we have enough money to assist all developers that want to join Polygon.

Terra Crash Was Unfortunate

Wyatt described the failure as “unfortunate on so many levels,” adding that it had a knock-on effect on other initiatives.

About 60 projects have already approached Polygon about Terra migration, according to Wyatt. However, he stated that there is no set migration schedule. “By the end of the year, I expect all of the projects to be on a blockchain of their choice.”

Sandeep Nainwal, co-founder of Polygon, recently stated that Polygon may be one of the best options for Terra-based developers. Just after the Terra network went down, he had made this remark on May 16. 

Polygon, he claimed, is compatible with Terra projects that require a shared chain. Moreover, following the network’s spectacular fall, various industry professionals stepped up to offer assistance to the Terra community.

Related posts

Crypto tax calculator Koinly integrates Terra into its platform

Harmony’s $100M Hack Was Due to a Compromised Multi-Sig Scheme, Says Analyst

How To Avoid Impermanent Loss In Crypto