NFT Marketplace OnePlanet Leaves Terra’s Orbit for Polygon

NFT Marketplace OnePlanet Leaves Terra’s Orbit for Polygon

  • The company said the market was one of the first projects to reveal its intentions to migrate away from Terra’s blockchain ecosystem.
  • OnePlanet said it has worked with Polygon and Polygon Studios – the series’ sponsors – to bring its services and assets across Terra.

Terra-based NFT Marketplace OnePlanet has abandoned the ship, jumping aboard a Polygon life raft after the Do Kwon blockchain collapsed in May.

The market at its peak recorded 30,000 monthly active users and saw a daily trading volume of nearly $450,000, according to a statement released on Tuesday.

OpenPlanet has been looking to emigrate for months, since the collapse of Terra in May, draining hundreds of millions of dollars from the ecosystem as investors took their money and ran.

The hyperinflationary death spiral, caused by a sharp drop in the algorithmic stablecoin Terra, as well as its native token LUNA, began to take over by May 8.

“It would be a lie if I said I wasn’t sad, but I had a strong feeling that my team and I could make it happen,” OnePlanet CEO Bryce Chu told Blockworks.

Terra’s decentralized finance applications were valued at nearly $20 billion on May 7. That number quickly dropped to about $48 million by June 1, DeFi Llama data appears.

OpenPlanet said it became one of the first platforms to officially announce its abandonment of Terra in late May, opting for another series rather than confronting disgruntled investors with music.

“Polygon is a blockchain that provides a solution for diverse builders to use the blockchain at their disposal,” Chu said.

As part of the move, the market said it aims to become a significant builder within Polygon’s ecosystem while trying to rebuild into an easy-to-use platform that features a custom launchpad and additional utility infrastructure.

OpenPlanet joins the likes of OpenSea on Polygon, one of the industry’s first NFT markets, as well as major DeFi projects Aave and Uniswap, among others. 37000 dapps posted Since the beginning of Polygon.

This diversity is important to OpenPlanet, Zhou said, which “seeks to be a major player extending the benefit of NFT, beyond becoming just a market for NFT.”

Polygon actively recruited teams looking to make the leap.

“This will not only provide new life for displaced Terra groups, but will also strengthen Polygon’s gaming ecosystem and the NFT ecosystem,” said Ryan White, CEO of Polygon Studios, in the statement.

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  • Sebastian Sinclair


    Senior Correspondent, Asia News Bureau

    Sebastian Sinclair is a senior news reporter at Blockworks operating in Southeast Asia. He has experience covering the cryptocurrency market as well as some of the developments affecting the industry including regulation, business, mergers and acquisitions. He does not currently own any cryptocurrency. Contact Sebastian via email at [email protected]

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