NFT Marketplace OnePlanet Leaves Terra’s Orbit for Polygon

NFT

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

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 line with an announcement on Tuesday.

OpenPlanet has been eyeing a migration for months, ever since Terra collapsed in Might which sapped a whole bunch of hundreds of thousands of {dollars} from the ecosystem as traders took their cash and ran.

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

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

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

OpenPlanet mentioned it grew to become one of many first platforms to formally announce its abandonment of Terra in late Might, choosing one other chain reasonably than face the music with disgruntled traders.

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

As a part of the transfer, {the marketplace} mentioned it’s aiming to grow to be a big builder inside Polygon’s ecosystem all whereas making an attempt 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 trade’s first NFT marketplaces, in addition to main DeFi initiatives Aave and Uniswap, among the many 37,000 dapps deployed since Polygon’s inception.

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

Polygon actively courted groups seeking to make the leap.

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