MATIC at Risk of Decline Despite Mass Migration of Terra Projects
2022.07.13 19:07
MATIC at Risk of Decline Despite Mass Migration of Terra Projects
- Selling pressure on Polygon’s MATIC is climbing as the altcoin struggles to recoup losses.
- A total of 48 projects from the Terra ecosystem are migrating to Polygon as part of an initiative launched by the project in May 2022.
- If MATIC’s price fails to cross 50-day EMA at $0.59, it could invalidate the bullish thesis and push the altcoin lower.
Mass migration of Terra LUNA-based projects to Polygon started this week. A total of 48 projects from Terra’s ecosystem are moving to Polygon as part of an initiative launched by the Ethereum scaling solution in May 2022. In the event of Terra’s sister tokens LUNA-UST collapse, Polygon announced an initiative to give developers and builders in the ecosystem an opportunity to regroup.
While developers lost trust in the Terra ecosystem, Polygon welcomed projects to its blockchain. A multi-million dollar fund of about $20 million was created solely for developers migrating from Terra to the Polygon ecosystem. NFT marketplace OnePlanet and metaverse play-to-earn game Derby Stars are among the 48 projec …
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