Polygon, Juno and Fantom blockchains try to lure Terra's projects

Quick Take

  • Teams are bidding on Terra-based projects that have decided to migrate away.
  • Polygon Studios partnered with Terra developers to help migrate them to its chain.
  • Juno Network proposed a token fund for outgoing Terra developers.

Polygon, Juno and Fantom blockchains are trying to atract Terra-based projects, following the collapse of its ecosystem.

Last week, the collapse of the TerraUSD (UST) stablecoin led to a knock-on effect of a 99.9% price crash for its related token Luna (LUNA). During the incident, the network was halted twice to stem the bleeding and while it has been restarted, several on-chain functions are still disabled. The incident led to the total value of assets on Terra falling from over $31 billion to around $400 million, according to DeFiLlama.