NFT Marketplace OnePlanet Leaves Terra’s Orbit for Polygon


Terra-based NFT market OnePlanet has deserted ship, leaping aboard a Polygon life raft following the collapse of Do Kwon’s blockchain in Could.

At its top, {the marketplace} recorded 30,000 month-to-month energetic customers and witnessed round $450,000 in day by day buying and selling quantity, in response to an announcement on Tuesday.

OpenPlanet has been eyeing a migration for months, ever since Terra collapsed in Could which sapped lots of of tens of millions of {dollars} from the ecosystem as traders took their cash and ran.

A hyperinflationary dying spiral, triggered by a pointy decline in Terra’s algorithmic stablecoin, in addition to its native token LUNA, started to take maintain by Could 8.

“It will be a lie if I say I wasn’t heartbroken, however I had a powerful feeling that my staff and I can get this by way of,” Pryce Cho, CEO von OnePlanet instructed Blockworks.

Terra’s decentralized finance functions held roughly $20 billion in complete worth locked on Could 7. That determine shortly fell to round $48 million by June 1, DeFi Llama knowledge present.

OpenPlanet stated it turned one of many first platforms to formally announce its abandonment of Terra in late Could, choosing one other chain somewhat than face the music with disgruntled traders.

“Polygon is a sequence that gives an answer for numerous builders to make the most of blockchain at their disposal,” Cho stated.

As a part of the transfer, {the marketplace} stated it’s aiming to turn into a major builder inside Polygon’s ecosystem all whereas trying to rebuild right into a user-friendly platform that includes a personalized launchpad and utility add-on infrastructure.

OpenPlanet joins the likes of OpenSea on Polygon, one of many business’s first NFT marketplaces, in addition to main DeFi tasks Aave and Uniswap, among the many 37,000 dapps deployed since Polygon’s inception.

That variety is vital for OpenPlanet, which “seeks to be a key participant that expands utility of NFT, past turning into a mere NFT market,” Cho stated.

Polygon actively courted groups seeking to make the leap.

“Not solely will this carry new life to displaced Terra collections, however it’ll additionally strengthen Polygon’s personal gaming and NFT ecosystem,” Polygon Studios CEO Ryan Wyatt stated within the assertion.

Leave a Comment

Your email address will not be published.