Terra’s OnePlanet bids goodbye to the Lunatics as it has decided to migrate to the Polygon ecosystem. The decision came through due to the recent de-pegging of UST that collapsed the entire Terra ecosystem. The decision to migrate comes after serious deliberations, and OnePlanet has extended support to other NFT projects that suffered severe blows during the fall.
A couple of weeks ago, the Terra network made some loud noises in the crypto ecosystem, but not for good reasons. Terra’s native stable coin lost its USD peg, and, as a result, LUNA plunged virtually to $0. However, it is not just money the network lost during such a time of difficulty; the network lost its stability and the trust of the community and the projects.
The loss and instability have pushed OnePlanet to migrate its products and operations to the Polygon network. The NFT marketplace will keep trying to fulfil its solemn promises to its community from the new ecosystem. The project believes that Polygon would offer the necessary resources to migrate and build the NFT infrastructure the community deserves.
The decision to Migrate to Polygon comes only after thorough research and input from stakeholders. OnePlanet has also met with several representatives from other blockchains and has decided to go with Polygon after serious deliberation on fundamental issues of migration. OnePlanet believes that Polygon has all the key infrastructures to accommodate themselves and the NFT projects that opt to migrate with them from Terra.
Polygon was launched as a layer-1 scaling solution for Ethereum in 2017 by Sandeep Nailwal. It began as Matic, and later the network rebranded itself as Polygon in 2021 and has been making significant strides in NFT, GameFi, and DeFi space. Polygon currently seems like the optimal choice for OnePlanet, given in terms of mass adoption, market opportunities, stability, and foundational support.
And what is more, the layer-1 network offers one of the lowest gas fees in the entire crypto ecosystem at $0.0025 and can process up to 7,000 transactions per second. These features have made Polygon home to some renowned web2 and web3 brands, including Stephen Curry, AaveGotchi, The SandBox, Decentral Games, and Adidas.
The NFT outlook also looks promising on Polygon with partnerships and collaborations from Stripe, Meta, Ebay, and Animoca Brands. The NFT arm Polygon Studios is also working closely with celebrities and commercial brands to bring new NFT models to the marketplace. So it is hoped that the migration will help OnePlanet get exposure to these upcoming NFT brands and projects on Polygon.
OnePlanet will become the first NFT launchpad of the Polygon network and take the NFT universe’s center. The platform will assess eligible projects and communities and offer them financial and infrastructural support. Ark*One is the migration project from OnePlanet that would help Terra-based NFT projects on Polygon. The NFT projects can submit their applications on the website with the necessary snapshots to be considered for the migration.