Algorand And MakerX Announce Partnership To Migrate Terra Users To Algorand

By Kevin • June 7, 2022 9:27 pm • Comments

Algorand and MakerX just announced to the public that they have a formed a partnership that will provide an automated platform that will help migrate Terra users to move their projects to the Algorand blockchain.

This move will likely appeal to a lot of former Terra users and bring an influx of valuable projects to the Algorand ecosystem.

To make this more exciting, the Algorand Foundation has already committed around 1 million ALGO to a fund that will assist Terra users with this migration.

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The move was widely appreciated by the crypto community and especially for Terra users who were impacted severely due to the UST losing its dollar peg.

Yahoo reports:

“We’re all working for the same dream of an inclusive, decentralized, and borderless global economy. And when you see people who are chasing that dream get hit hard the way they did, you can’t just sit around,” said Algorand Foundation CEO Staci Warden.

“When people from the Terra/Luna community started reaching out to us, we immediately got busy (very!) getting this support up and running.”

With the Algorand Migration Service, Terra creators will be able to migrate their NFT projects to Algorand, receive personalized support from founders of some of the most well-known projects and platforms on Algorand, and enable their communities to easily receive their newly migrated NFTs at zero cost with all fees covered by Algorand.

At the time of launch, Algorand was the first to deploy a migration service leveraging automation to allow seamless project migration.

The partnership will also focus on expanding this migration service to enable users from other blockchains to migrate their projects to Algorand as well.

This gives the ability for Algorand to acquire as much meaningful capabilities as possible as it strives to become the ecosystem of choice within the crypto industry.

For example, the NFT club Poppin Puffins has already revealed that it has moved onto Algorand and has indicated that this migration service definitely has value for a lot of crypto projects.

Yahoo concludes:

“When one of our engineers saw the challenges faced by projects in the Terra ecosystem, they jumped into action, creating an open-source tool to assist projects seeking to migrate.” said Matt Davies, MakerX CEO.

“MakerX was thrilled to work with the Algorand community in automating this service so that Terra projects could easily migrate to a new home, leveraging our technology investments over the past year in Algorand to get the migration service live in under two weeks.”

For more information and to access the migration service or application for funding, please visit the Algorand Migration portal at https://migrate.algorand.foundation.

With this new partnership with MakerX, Algorand continues to build on organic growth despite the current market conditions where many other crypto firms are struggling to stay afloat.

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