[Xangle Digest]
Written by Bonk
The Terra Exodus? C2X Considering Mainnet Migration
Quicktake
- Amidst the Terra-Luna crisis, C2X announced plans to migrate their platform.
- Polygon, USDD, and Osmosis have all stated that they will provide Terra developers with support against migrations.
- Yet it is still unknown when and where C2X will migrate.
The Luna Crash
C2X announced they have decided to switch mainnets regardless of the outcome of the Terra crisis. Shortly after the Terra mainnet halted, the gaming platform posted on their Medium page that "assets on the C2X Platform will be kept safe, and the platform will resume in a more stable environment."
C2X is a blockchain gaming platform created by the Korean game developer Com2us, known for its mobile hit Summoners War: Sky Arena. While peer game developers such as Kakao Games, Netmarble, and WeMade were leveraging blockchain technology, Com2us also bet on cryptocurrency to strengthen their gaming ecosystem.
C2X was expecting to utilize Terra’s cross-chain and defi solutions, not to mention its thriving community known as the LUNAtics. The Terra blockchain has shown remarkable growth for the past two years due to the high yield products provided in the algorithmic stablecoin UST. The ecosystem attracted a huge following. Both LUNA and UST entered the top 10 coins in terms of market cap.
Recently, UST lost its peg to the dollar, causing LUNA to crash due to hyperinflation in efforts to restore the peg.
Developers on Demand
As the Terra ecosystem virtually dissolved overnight, rivaling blockchain projects are taking the crisis as an opportunity. Ryan Wyatt, CEO of Polygon, tweeted that "We will be putting capital and resources against these migrations to welcome the developers and their respective communities to our platform.”
Decentralized USD(USDD) also revealed they are working on an incentive plan for Terra developers. USDD is an algorithmic stablecoin, just like UST, launched on the TRON and BNB Chain. Osmosis, a fellow Cosmos app-chain also revealed its plan for a grants program between $5,000 to $500,000 to fund projects that add value to the Osmosis protocol.
Meanwhile, Do Kwon, founder and CEO of Terraform Labs, made a proposal to fork the Terra blockchain on the Terra Research Forum. Despite strong opposition from the community, some projects and developers are sending support for the proposal.
C2X has not revealed any details regarding the migration, yet normalized services for C2X Station. It is unknown when and where C2X will migrate, but a plethora of options are available for the gaming platform.