Due to recent events with the Terra blockchain, LUNA, and UST... Maybe it's time to start fresh on a different chain.
I think Terra projects should migrate chains...
Look, I have never really used Terra at all for my own personal reasons. Having witnessed first hand the insanity that was LUNA going from $80 to $0.000006 in a matter of days and UST completely collapsing... I've pretty much lost all faith (what little I ever had) in Terraform Labs, the parent company behind Terra. I think a lot of people are feeling this sentiment, and I think a lot of actual crypto projects might feel the same.
When you see the main ecosystem of a blockchain collapse and the entire treasury (LFG holdings) of over 80,000 BTC get liquidated to try to fix it... It doesn't look good for the future. They spent $2.4 billion trying to restore the LUNA/UST situation and still have yet to find a solution. Personally, I feel like their name has been damaged.
People are never going to have the trust in the platform that they once had. I sincerely hope that they have a plan to try and reimburse people that lost money, but I highly doubt it considering the depleted treasury. Maybe Do Kwon will pull some money out of his mattress.
IF I were a project building on Terra, I'd be looking to disassociate from that brand.
It's time to move on and rebuild on a blockchain that hasn't had its name tarnished. Polygon and Fantom have extended helping hands to projects that wish to migrate to a new chain to start fresh. This is something that I definitely was hoping I would see happen. I wouldn't want my project to be associated with such a catastrophic event, even just by being built on the same chain.
I don't know enough about Fantom to say if it would be a good move to go that direction or not, but if Polygon offered my project the help, I'd take it. Polygon is offering to provide necessary capital along with the tools necessary to migrate projects from Terra.
I think this could be a blessing in disguise for some of these projects. I don't know how many projects are actually building on Terra, so I can't say for sure that it has a lot of users... But I'd bet that Polygon is more well known and used anyway.
Polygon has had a number of issues of its own, but it's still better than Solana. It's a carbon-neutral chain with insanely low fees and the power of the Ethereum blockchain beneath it. Migrating to Polygon would make these projects more compatible with other Ethereum-based chains in the end anyway.
Something that's important in this day and age is cross-chain compatibility for crypto projects. If your users want to use your dapp or website with a different chain, they should be able to in a seamless fashion. We see this with games like Splinterlands and dapps like SushiSwap.
This is a level of cross-chain compatibility that I don't think could have been achieved on Terra. As I said, these projects will probably reach much wider audiences migrating outside of the not so great place to be.
Who knows what's going to happen with Terra. I'm sure the chain will keep on moving, whether or not they decide to roll it back or fork it. Whatever they choose to do, I hope it works out.
I just can't see people having any level of trust left for Terra or anything associated with it.
What do you think?
Thanks for reading! Much love.
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