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For a lot of layer 1 crypto projects, going back to regularity from Terra’s death twist meant a complete redeployment to a different ecosystem. But, how does one make the right move?
In the case of Tracer, a Web3 fitness and lifestyle app, migrating from the Terra ecosystem for survival was just one piece of the puzzle. Picking a new host to establish one needs more than checking the technical compatibility with the blockchain ecosystem.
Near Foundation’s Nicky Chalabi explains that projects such as Tracer strives for cooperation with the eco system’s core values that can back the company’s roadmap in time to come. Tracer’s choice to completely move over to Near Protocol supplements the different other crypto projects that have migrated to Binance’s BNB chain and Polygon studios.
While speaking to Cointelegraph about the decision-making procedure behind a total migration, Chalabi stated that “Projects must watch the interests of their community and users because, in the end, that’s the most valuable thing you have.”
Simultaneously, Tracer and Near made use of the same programming language for establishing smart contracts, which helped to ease the migration procedures. Nevertheless Chalabi voiced the sentiments of the crypto community by laying emphasis on the fact that Terra’s downfall was a loss for the whole community, “We’re really trying to help. It’s not our goal to take advantage of this situation. You and your projects have lost your home.”
The abrupt collapse of major ecosystems have impacted the trusts and credibility of projects negatively.