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
  • 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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

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.

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

Unlocked by Template (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

Bain Capital Crypto and Haun Ventures co-led the round as demand grows for Bitcoin-denominated savings and annuities

by Blockworks /
article-image

NYSE owner’s investment values the prediction market at $8–9 billion, signaling Wall Street’s entry into event-based trading

by Blockworks /
article-image

Pineapple begins deploying its $100 million Injective Digital Asset Treasury, staking INJ to earn yield and fund onchain mortgage ambitions

by Blockworks /
article-image

Staking levels in the ether funds will depend on protocol unstaking queue times and anticipated redemption activity, firm says

article-image

ETF inflows, miner strength, and tightening supply drive Bitcoin past its prior peak amid renewed demand for scarce assets

by Blockworks /
article-image

The Guidestar team, led by Alex Nezlobin, will join Uniswap Labs to enhance automated market maker design and smart order routing

by Blockworks /