NFT Marketplace OnePlanet Leaves Terra’s Orbit for Polygon

Following Terra’s demise in May, OnePlanet migrates users to Polygon’s PoS chain

article-image

Source: Shutterstock

share

key takeaways

  • The marketplace was one of the first projects to flag its intentions to migrate away from Terra’s blockchain ecosystem, the company said
  • OnePlanet said it worked with Polygon and Polygon Studios — the chain’s shepherds — to bring its services and assets across from Terra

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

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

OnePlanet has been eyeing a migration for months, ever since Terra collapsed in May which sapped 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 say I wasn’t heartbroken, but I had a strong feeling that my team and I can get this through,” Pryce Cho, CEO von OnePlanet told Blockworks.

Terra’s decentralized finance applications held roughly $20 billion in total value locked on May 7. That figure quickly fell to around $48 million by June 1, DeFi Llama data show.

OpenPlanet said it became one of the first platforms to formally announce its abandonment of Terra in late May, opting for another chain rather than face the music with disgruntled investors.

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

As part of the move, the marketplace said it is aiming to become a significant builder within Polygon’s ecosystem all while attempting to rebuild into a user-friendly platform featuring a customized launchpad and utility add-on infrastructure.

OpenPlanet joins the likes of OpenSea on Polygon, 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.

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

Polygon actively courted teams looking to make the leap.

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


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (4).jpg

Research

Polygon PoS is experiencing steady growth with 28 million weekly transactions and 97 million monthly transactions, competing against several L1s like TON and Avalanche C-Chain. Gaming (6.6%), infrastructure (8.4%), and prediction markets (5.7%) categories have grown steadily since January 2024.

Key figures including Vitalik Buterin struggle to communicate the network’s core mission in an era of memecoin-minimized attention spans

article-image

World Liberty Financial has been busy buying crypto ahead of its launch

article-image

Trump’s token is setting the “tone” for crypto, Empire co-host Santiago Santos said

article-image

A pair of fundraises by Tapestry and Oh both came with expansive ideas about the future of AI and the role of humans in it

article-image

The Calamos Bitcoin Structured Alt Protection ETF — January is set to offer “systematic risk management” across its roughly one-year outcome period

article-image

Crypto industry elites (and a journalist or two) donned black tie at the Crypto Ball Friday night