Polygon Onboards Over 48 Terra Blockchain Projects, Polygon (MATIC) Up 5%, Ethereum, Shiba Inu Fall 5%

More than 48 Terra blockchain project’s developers switched to Polygon blockchain in two months after Terra collapsed. Meanwhile most of the cryptocurrencies and tokens were trading with losses as of this morning’s trade, except Polygon (MATIC).

Outlook Money Team

Updated on: 12 July 2022 9:18 am

Polygon (MATIC)

Terra projects have started migrating to Polygon (MATIC) blockchain. More than 48 Terra blockchain projects, including a non-fungible token (NFT) store and an exclusive marketplace, have successfully moved to the Polygon blockchain until now.

“Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ! It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem,” said Ryan Wyatt, CEO, Polygon Studios on Twitter.

UPDATE: Terra projects have begun migration. Over 48 projects and counting… including @OnePlanet_NFT, an exclusive @0xPolygon marketplace, and @DerbyStars_HQ!

It was so awesome to help and welcome all these wonderful developers to our thriving ecosystem!

Welcome! 💜$MATIC https://t.co/5ypu1QdMBA pic.twitter.com/JcskdWGnZJ
— Ryan Wyatt (@Fwiz) July 8, 2022

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A MATIC spokesperson had told Coindesk in May 2022, “For any project which wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance.”

In other news, GameStop will go ahead with the launch of its NFT marketplace (https://nft.gamestop.com) despite the ongoing weak crypto market conditions. In a press release, GameStop said that this NFT marketplace will be non-custodial and layer 2 Ethereum blockchain based. They may also branch out to other activities like Web 3.0, gaming in the future.

Cryptocurrency Prices

The global crypto market capitalisation went down by 3.07 per cent to $888.98 billion as of 8.50 am. The global crypto volume was down by 1.11 per cent to $53.63 billion, according to Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $19,964.38, lower by 2.87 per cent in the last 24 hours. Ethereum (ETH) was down by 5.13 per cent to $1,091.04.

Among other significant coins, Cardano (ADA) was down by 4.54 per cent at $0.4384, Algorand (ALGO) was trading with a loss of 2 per cent at $0.2985, Solana (SOL) was trading with a loss of 4.8 per cent at $33.89, Polkadot (DOT) was down by 2.42 per cent at $6.60, and Binance Coin (BNB) was down by 2.41 per cent at $225.52.

Today’s top gainer was Polygon (MATIC), which was up by 5.34 per cent at $0.5796. The top loser was Uniswap (UNI), which was down by 8.64 per cent at $5.57.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 5.81 per cent at $0.06238. Its volume to market cap ratio stands at 0.03932. Rival Shiba Inu (SHIB) was down by 5.52 per cent at $0.00001046.

Dogelon Mars (ELON) lost 6.39 per cent to trade at $0.0000002998, Floki Inu (FLOKI) lost 3.6 per cent at $0.000006171, and Samoyed Coin (SAMO) lost 5.26 per cent at $0.008156.

In the DeFi segment, YFI (yearn.finance) was down by 4.18 per cent at $5,646.08, and Terra Classic (LUNC) was trading with a loss of 6.69 per cent at $0.0001007. Avalanche (AVAX) was down by 6.04 per cent at $17.54, Uniswap (UNI) was trading with a loss of 8.64 per cent at $5.57, and Aave (AAVE) fell by 9.32 per cent at $70.02.