NFT Marketplace OnePlanet leaves Terra’s orbit for Polygon

Terra-based NFT marketplace OnePlanet has abandoned ship and jumped aboard a Polygon life raft following the collapse of Do Kwon’s blockchain in May.

At its peak, the marketplace registered 30,000 monthly active users and witnessed around $450,000 in daily trading volume, according to a statement on Tuesday.

OpenPlanet has been watching a migration for months, ever since Terra collapsed in May that drained hundreds of millions of dollars from the ecosystem as investors took their money and ran.

A hyperinflationary death spiral, triggered by a sharp decline in Terra’s algorithmic stablecoin, as well as its native token LUNA, began to take hold by May 8.

“It would be a lie if I said I wasn’t devastated, but I had a strong feeling that my team and I can pull this off,” Pryce Cho, CEO von OnePlanet told Blockworks.

Terra’s decentralized financial applications had approximately $20 billion in total value locked up on May 7. That figure quickly dropped to about $48 million by June 1, DeFi Llama data shows.

OpenPlanet said it became one of the first platforms to formally announce it was leaving Terra at the end of May, opting for another chain rather than face the music with disgruntled investors.

“Polygon is a chain that provides a solution for various builders to use blockchain at their disposal,” Cho said.

As part of the move, the marketplace said it aims to become a significant builder within Polygon’s ecosystem, while attempting to rebuild into a user-friendly platform with a custom launch platform and additional infrastructure.

OpenPlanet joins the likes of Polygon’s OpenSea, one of the industry’s first NFT marketplaces, as well as major DeFi projects Aave and Uniswap, among the 37,000 dapps deployed since Polygon’s inception.

This diversity is important to OpenPlanet, which “seeks to be a key player that expands the utility of NFT, beyond becoming a pure NFT marketplace,” Cho said.

Polygon actively courted teams that wanted to take the leap.

“Not only will this breathe new life into displaced Terra collections, but it will also strengthen Polygon’s own gaming and NFT ecosystem,” Polygon Studios CEO Ryan Wyatt said in the statement.

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