The collapse of the Terra ecosystem over the last week has shaken the entire crypto market. Industry players are coming forward to lend an extending help to the community in terra revival plan.
On Sunday, May 15, Ryan Wyatt, CEO of Polygon Studios tweeted that it will help different Terra projects migrate to the Polygon blockchain network. He wrote:
“We are working closely with a variety of Terra projects to help them migrate over swiftly to @0xPolygon. We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform and will be sharing more soon.”
Polygon co-founder Sandeep Nainwal chipped in explaining what could be the right choices for Terra projects. He said that Terra community projects that have a requirement of a shared chain can choose the Polygon PoS chain. The Polygon Proof-of-Stake shall soon be introducing ZK Rollups.
However, Sandeep advised those looking for an app-specific chain to opt for SUPERNET. He further explained the benefits of doing so:
Terra’s Rescue Plan and Community Support
Well, after all the drama that happened last week, Terra founder Do Kwon finally broke his silence and pitched a recovery plan. One of the idea’s being considered is the hardfork of the Terra blockchain.
However, considering the excess supply of LUNA currently in the market, Binance CEO Changpeng Zhao said that this idea won’t work. He said:
But he also considered extending a helping hand to the Terra community. Zhao said: “Regardless of my personal views, or the solution chosen in the end, we will always be here to support the community in any way we can.”
CZ Asks What is Terra Doing About Its Bitcoin Reserves
Ever since the collapse of the Terra ecosystem, some market players have been suggesting ways to recover from this situation.
One of the latest proposals was to hardfork Terra 2.0, create a snapshot of holdings before the collapse triggered, and provide LUNA holders with new LUNA 2.0.
Responding to this, CZ said: “This won’t work. Forking does not give the new fork any value. That’s wishful thinking. One cannot void all transactions after an old snapshot, both on-chain and off-chain (exchanges)”.
He further questioned what is Terra doing about all its Bitcoin reserves that were meant to protect the UST’s dollar peg. “Shouldn’t those BTC be ALL used to buy back UST first?” he asked. In his latest thread, the Binance CEO also mentions:
“The last few days, we tried hard to support the Terra community. In my tweets, I am simply pointing out the potential issues from my understanding. Minting, forking, don’t create value. Buying back, burning does, but requires funds. Funds that the project team may not have. In this regard, I would like to see more transparency from them.”
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