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Returning to normalcy from Terra's death spiral meant a complete migration to a different ecosystem for many layer 1 crypto enterprises. But how can one make the best decision, especially after learning of the demise of their first platform of choice?
Moving away from the Terra ecosystem for survival was only one piece of the puzzle for Tracer, a Web3 fitness and lifestyle software. More than confirming the technical compatibility with the blockchain ecosystems is required when selecting a new host to develop on.
According to Nicky Chalabi of Near Foundation, projects like Tracer seek congruence with the ecosystem's basic ideals in order to assist the company's plan in the future. Tracer's choice to switch to Near Protocol is in line with the recent migrations of several other crypto projects to Binance's BNB Chain and Polygon Studios.
Chalabi told Cointelegraph that the decision-making process for a total migration is as follows:
"Projects must keep an eye on their community and users' interests because, in the end, that's the most valuable asset they have."
Tracer and Near both used the same programming language to create smart contracts, which made the transition even easier. Chalabi, on the other hand, mirrored the emotions of the crypto community by emphasizing that Terra's demise was a loss for the entire community:
"We're making every effort to assist. It is not our intention to profit from this circumstance. You and your projects have been evicted."
The unexpected collapse of significant ecosystems has a severe impact on project trust and credibility since investors often suffer irrecoverable losses. Near assigns resources to understand the project's needs, collaborate with the project, and quickly resolve any concerns.
Other ecosystems have used a similar approach to helping newly displaced projects adjust. BNB Chain is also devoted to investing in and helping projects that want to leave the Terra ecosystem, as Cointelegraph previously revealed.
In closing, Chalabi recommended the recently displaced projects to migrate to blockchains based on the interests of their users and communities rather than choosing platforms based on short-term monetary advantages, noting that "that can actually define your success."
Aurora, an Ethereum Virtual Machine (EVM) designed to expand Near-based decentralized applications (DApps), recently launched a $90 million token fund.
According to CoinCryptoUS, Aurora Labs used the treasury of the decentralized autonomous organization (DAO) to distribute 25 million AURORA tokens worth around $90 million to fund the endeavor.
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