- OnePlanet, a Terra-based NFT marketplace, has jumped ship and entered a Polygon life raft.
- OnePlanet claimed that to move its services and assets from Terra, it collaborated with Polygon and Polygon Studios, the chain’s shepherds.
- It was one of the first platforms to formally declare its departure from Terra in late May, according to OpenPlanet.
Following the failure of Do Kwon’s blockchain in May, the Terra-based NFT marketplace OnePlanet has abandoned ship and boarded a Polygon life raft.
According to a statement on Tuesday, the marketplace at its peak saw $450,000 in daily transaction volume and 30,000 monthly active members. Since Terra’s collapse in May, when investors withdrew hundreds of millions of dollars from the ecosystem, OpenPlanet has been considering a relocation.
OnePlanet is now prepared to support the fusion of the rich Terra NFT ecosystem with Polygon, one of the market leaders for gaming and NFTs, after making the necessary preparations, which included updating the original code to make it EVM-compatible.
On September 6, 2022, the Polygon deployment will go live in beta mode. Holders of current Terra NFT collections will be able to transition smoothly to Polygon and carry on managing them there.
Launched in January 2022, OnePlanet expanded quickly to take the top spot for an NFT marketplace and launchpad on the Terra blockchain. Strategic investments have been made in it by companies like Hashed, Animoca Brands, Galaxy Interactive, and many others.
By May 8, a hyperinflationary death spiral started to take hold due to a significant fall in Terra’s algorithmic stablecoin and its native token LUNA.
According to Pryce Cho, CEO of OnePlanet, “It would be a lie if I said I wasn’t devastated, but I had a strong confidence that my team and I can get through this.” On May 7, Terra’s decentralized financial applications had a total value locked of almost $20 billion. According to DeFi Llama data, that amount quickly decreased to about $48 million by June 1.
According to OpenPlanet, it was one of the first platforms to formally declare its departure from Terra in late May, choosing to join another chain rather than deal with angry investors.