Currently, Terra developers are caught between accepting enticing offers from other blockchains and continuing their careers as if the crash had never occurred.
Coins have undergone a bear market unlike any other seen in the history of cryptocurrency in the last two weeks. For a brief period of time, Terra (LUNA) was one of the market’s 10 most valued cryptocurrencies. On May 11, however, the asset’s price plunged from $75 to $0.000005 in few days, losing nearly all it’s value.
Terra Developers Search For Greener Pastures
The catastrophic consequences of the Terra project, which resulted in billions of dollars in losses, sparked a market sell-off. The cryptocurrency market was rocked by the loss of $60 billion (€55.8 billion) following the crash. Some investors, on the other hand, appear to be optimistic by the resuscitation of Luna 2.0.
Although few Terra-hosted application developers have prioritized their talents and chosen to move on to other blockchains, shutting their Terra protocols in the face of a severe cash shortage and uncertainty. Amongst them are Kujira, Stader Laboratories, LunaBulls and Hero NFT.
Other devs whose employment is also in jeopardy as a result of the implosion of the company are being courted by numerous blockchains. Polygon, Avalanche, Fantom, Juno and Kadena are a few blockchain’s stepping up their efforts to woo the Terra devs.
CEO of Polygon Studios Ryan Wyatt stated that his team was working closely with Terra-based projects to help them join the Polygon chain of game studios. Funding for Terra developers backed his announcement and were rolled out immediately tagged the multi-million dollar project.
Terra-based projects have also been invited to check out the blockchains of other projects. These include Regen Network (FetchAI) and Stargaze (Injective Protocol) among others.
One million JUNO coins ($7 million) are being offered as incentives to encourage Terra projects to switch their apps over to Juno, a smart contract network that encourages interoperability.
In the cryptocurrency world, the exodus of Terra developers is an indication of a larger crisis. Web 3 developers are hard to come by, and companies are having a hard time filling development positions. Therefore, they must do anything possible to reel in the big talents in the ecosystem.