Numerous developers have been left in the dark after the collapse of Terra (LUNA). These Terra-based projects, already under a lot of pressure, can save their communities and projects by migrating to other networks.

In a move that is expected to benefit both the Polygon (MATIC) community and Terra projects, Polygon Studios CEO Ryan Wyatt tweeted on Monday that Polygon is working with various Terra projects to help them migrate to the Polygon Network. The Polygon community, according to Wyatt, “is ready to welcome the developers and communities of these Terra projects.” He also stated that Polygon would provide the necessary capital and resources to assist them in their migration.

Polygon founder Sandeep Nailwal added his two cents by detailing which options are best suited for Terra projects. He suggested that Polygon’s proof-of-stake chain can be used by community projects that need a common chain. Nailwal noted that ZK Rollups will be available soon on the proof-of-stake network.

Layer 1 blockchain project Fantom has also extended its support to the Terra community by stating that Fantom is ready to help any project or developer that wishes to move away from the Terra blockchain. The Fantom team also detailed a grant program to help with integration, marketing, and connections.

These efforts are sure to help many Terra projects recover from the events of the past week. Do Kwon, the creator of Terra, finally spoke up and offered a recovery plan. The possibility of implementing a hard fork in the Terra block chain is one of the ideas being considered. However, because there is an overabundance of LUNA in the market right now, Binance CEO Changpeng Zhao fixed that this approach will not work.

Related: 80,000 Bitcoin Missing: What’s Left in Luna’s Reserve Wallet?

Despite her reservations, CZ agreed to offer assistance to the Terra community. He stated that:

“Regardless of my personal views or the solution ultimately chosen, we will always be here to support the community in any way we can.”

Ethereum co-founder Vitalik Buterin has also offered his thoughts on the matter. Buterin believes that any Terra payment plan should pay special attention to small investors.





This post Polygon and others extend a helping hand to Terra’s blockchain projects

was published first on https://cointelegraph.com/news/polygon-and-others-extend-helping-hand-to-terra-blockchain-projects

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