Polygon Studios CEO Ryan Wyatt shared via Twitter yesterday that Polygon—a sidechain built to compliment and help scale Ethereum—is launching a “multi-million dollar fund” called the Terra Developer Fund to help Terra projects move from Do Kwon’s now-infamous and failed blockchain onto Polygon.
Two and a half weeks ago, the Terra blockchain’s stablecoin, UST, lost its peg to the dollar after large withdrawals were made from Anchor, a Terra DeFi platform that promised up to 20% returns from staking. The Luna Foundation Guard, a group founded by Kwon to help support the Terra ecosystem, deployed billions from its Bitcoin reserves in an attempt to maintain UST’s peg.
But the not-so-stable coin was unable to regain its peg, and its sister token LUNA token then fell from $64 to $0.004 in a matter of days. The Terra blockchain was even temporarily halted, but that didn’t stop the prices of UST and LUNA from going to zero.
We have put together a multi-million dollar fund to provide relief...
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