For many Level 1 crypto projects, Terra’s return to normal from the vortex of death meant a complete migration to another ecosystem. But how do you do the right thing, especially after knowing the unfortunate fate of your chosen initial platform?
For Tracer, the Web3 fitness and lifestyle app, getting out of the Terra (LUNA) ecosystem to survive was only one piece of the puzzle. Choosing a new host to build on requires more than just checking for technical compatibility with the blockchain ecosystem.
As Nicky Chalabi of the Near Foundation (NEAR) explained, projects like Tracer seek to align with the core values of the ecosystem that can support the company’s roadmap in the future. Tracer’s decision to migrate completely to Near Protocol complements Binance’s BNB Chain (BNB) and various other crypto projects that have recently been transferred to Polygon Studios.
Chalabi suggested to Cointelegraph about the decision-making process behind the entire migration:
“Projects have to keep an eye on the interests of the community and users, after all, because that’s what is most valuable.”
Coincidentally, Tracer and Near use the same programming language to build smart contracts, further facilitating the migration process. However, Chalabi reflected the sentiment of the crypto community by highlighting the fact that Terra’s downfall was a loss for the entire community.
“We are really trying to help. It is not our goal to take advantage of this situation. you are [projects] your [their] House.”
Sudden disruption of key ecosystems negatively impacts the trust and credibility of projects as investors tend to incur irreparable losses in the process. As a damage control, Near understands the needs of the project, works with the project and allocates resources to resolve any issues immediately.
Other ecosystems have taken a similar approach to facilitate the transition of recently replaced projects. As Cointelegraph reports, BNB Chain is committed to investing and supporting projects that are moving out of the Terra ecosystem.
Closing the discussion, Chalabi said, “You can really define success,” recommending that recently replaced projects migrate to blockchain based on the interests of users and community, rather than choosing a platform for short-term financial gains.
Relevant: Aurora Launches $90 Million Fund to Raise Near Protocol’s DeFi App
Aurora, an Ethereum Virtual Machine (EVM) designed to scale decentralized applications (DApps) built on the Near protocol, recently launched a $90 million token fund.
As Cointelegraph reports, Aurora Labs has allocated 25 million AURORA tokens worth approximately $90 million from the DAO treasury to fund the initiative.