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.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Upcoming Events

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.

Industry City | 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.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (1).jpg

Research

Jupiter has emerged as the undisputed liquidity backbone of Solana, commanding over 90% of spot DEX aggregation and 80% of perp trading volume. But behind the numbers lies a far more ambitious play: a cross-chain, vertically integrated super-app spanning swaps, synthetics, NFTs, memecoins, and launchpads. This report explores Jupiter’s rapid rise, the monetization upgrades reshaping its revenue profile, and the risks that could unwind its dominance, from token dilution to competition. With annualized revenues nearing $300M, the upside is undeniable, if it can navigate the turbulence.

article-image

Curve founder Michael Egorov is working on a new protocol designed to eliminate impermanent loss, rethink token emissions, and capture BTC-native yield

article-image

Mining outfits have gone bust in the wake of prior halvings. Not so this time around.

article-image

Zora’s announcement that its token is for “fun only” sparked a debate about the need for such tokens

article-image

In recent weeks, Helium has hit new all-time highs while passing major protocol milestones

article-image

Financial advisers in a January survey said equity ETFs were their top choice for gaining crypto exposure in 2025

article-image

“Why put a target out there that’s really speculative, not knowing exactly where this environment is going to go?” CarMax CEO Bill Nash said