OnePlanet Leaves Terra's Orbit for Polygon In the NFT Marketplace

OnePlanet has been considering a migration since Terra failed in May when investors withdrew hundreds of millions of dollars from the ecosystem. By May 8, a hyperinflationary death spiral started to take hold due to a significant fall in its algorithmic stablecoin and its native token, LUNA.

On May 7, the decentralized financial apps of Terra had a total value secured of almost $20 billion. Reports by DeFi Llama statistics state that amount soon decreased to about $48 million by June 1. According to OnePlanet, it was one of the first platforms to publicly declare its departure from Terra in late May, choosing to join another chain rather than deal with furious investors.

OnePlanet To Become A Significant Builder

The marketplace announced the change and stated that it hopes to rebuild into a user-friendly platform with a personalized launchpad and utility add-on structure to become a prominent builder inside the Polygon ecosystem.

OnePlanet combines the likes of OpenSea, one of the earliest NFT markets in the field, and the DeFi projects Aave and Uniswap, among the 37,000 DApps deployed on Polygon since its debut. CEO Pryce Cho remarked that this variety is crucial for OnePlanet, which seeks to be a significant player that enhances the value of NFT beyond just a basic NFT marketplace.

Polygon vocally supported teams that were considering the change. Ryan Wyatt, CEO of Polygon Studios, stated,