Algorand and MakerX Commit 1M Algo to Migrate Terra Users to Algorand

Last updated: Jun 02, 2022
2 Min Read
AI Generated Summary

In a surprise move, the Algorand Foundation has shown commitment to helping those impacted by the Terra collapse, offering a place where developers and projects can continue to grow and innovate.

Algorand (Algo) is one of the most advanced layer-one networks in the blockchain industry, focused on sustainably expanding blockchain utility. Algorand was founded by MIT professor and Turing Award winner Silvio Micali and is one of the only networks to achieve carbon-negative status in 2021.

Partnering with MakerX, a firm that specializes in Web3 & digital product development, the duo announced a first-of-its-kind automated platform that will enable Terra users to seamlessly transfer their projects to the Algorand network.

Algorand,Crypto,Currency,Digital,Payment,System,Blockchain,Concept.,Cryptocurrency,Isolated Image via Shutterstock

The Algorand Foundation also announced that they will be committing 1 million ALGO to help Terra users make the transition.

"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."

Utilizing the Algorand Migration Service, Terra developers will be able to migrate their NFT projects to the Algorand network while receiving support from the Algorand team. This move will enable Terra’s NFT communities to receive their newly migrated NFTs at zero cost, with the Algorand Foundation covering the fees.

This is the first step of many for Algorand and MakerX on their ambitious journey to expand migration capabilities which will enable projects and their communities on other blockchains to easily expand onto, or switch to the Algorand network.

More information about the migration service can be found on the Algorand Migration Page, and projects can apply for funding via the Algorand Grants Program.

Coin bureau logo circle.jpg

The Coin Bureau news team comprises a group of talented writers and analysts committed to delivering timely and accurate information about the world of cryptocurrency. Led by a seasoned editor-in-chief with extensive experience in financial journalism, the team boasts diverse backgrounds and skills, from technical analysis to industry insights.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

Previous article
Binance Partners with The Weekend to Provide First-Ever Web 3 Enhanced World Tour
next article
Bank of America CEO: Regulators are “Not Allowing” Banks to Engage with Crypto