OnePlanet moves to Polygon after Terra’s May meltdown
OnePlanet has just completed its long-planned migration to the Ethereum Layer-2 scaling network Polygon. The non-fungible token marketplace was central to Terra’s emerging NFT ecosystem. However, the now-defunct blockchain’s May 2022 meltdown prompted the move to a new network.
OnePlanet moves to more stable ground
OnePlanet first announced its Polygon migration in the immediate aftermath of the Terra blockchain’s spectacular and hugely destructive crash. A Medium post from May 25, 2022, revealed the planned move and a partnership with Polygon Studios.
For those that don’t remember, Terra was a blockchain ecosystem centered around a supposed stablecoin called UST. Unlike collateralized stablecoins like USDT or USDC, UST was an algorithmic stablecoin. Instead of being backed by assets, it attempted to adjust its supply according to demand dynamically.
The issue with algo-stablecoins arises when users and holders lose absolute faith in their stability mechanism’s ability to return the price to its intended peg. When this happens, a so-called “death spiral” occurs, which is what happened to Terra between May 7 and May 14.
With its native asset, LUNA, hyperinflated to just a fraction of a fraction of a cent, the cost to subvert the network’s proof-of-stake consensus mechanism fell to dangerously low levels, forcing those behind the project to relaunch the blockchain. Naturally, many projects abandoned the chain in the wake of the meltdown, and OnePlanet was among that cohort.
A OnePlanet press release published September 7, 2022, explains how the marketplace had secured a partnership with Polygon Studios after the Terra crash. It also notes that the latter firm aided OnePlanet with technical and financial support via a Terra Develop Fund initiative.
The move, which has been in the works for more than three months, required rewriting the marketplace’s code to make it compatible with the Ethereum Virtual Machine. An initial Beta version of the OnePlanet marketplace will go live on Polygon on September 6.
Terra NFTs make a pilgrimage to Polygon
OnePlanet first went live on Terra in January 2022. Thanks to investments from well-known industry names like Hashed, Animoca Brands and Galaxy Interactive, it quickly became the ecosystem’s top marketplace.
The platform provided several cutting-edge features, such as curated collections and gamified live auctions. Additionally, innovations like “Forge,” which facilitated NFT assembly and disassembly, helped set the OnePlanet apart from others.
As one of the leading names in the Terra ecosystem’s NFT sector, the platform is working to bring popular collections over to Polygon. Those former-Terra users still holding NFTs on the blockchain will be able to migrate their tokens to the Ethereum scaling solution quickly and easily, bringing them to a new environment in which to transact them.
Its recent press release also mentions Derby Stars as an existing project it is working directly with to bring to the new network. The play-to-earn GameFi project was one of the most popular on Terra and the OnePlanet team hopes to see it thrive on Polygon, too.
In addition to bringing Terra projects to the network, OnePlanet is forging relationships with existing Polygon projects to bring greater value to the Layer-2 scaling network. After its recent press release explicitly names DAVA, The Mars and TRACER, it mentions more than 20 Polygon-native projects it will soon add to its listings.