12.6 C
New York

Algorand & MakerX announce auto migration service, 1M ALGO to enable Terra migration to Algorand


Algorand is committed to its effort in helping members affected by the collapse of Terra/Luna to find a home where they can further develop their community. The Algorand Foundation and MakerX announced their automated platform that will allow Terra users to move their projects to the Algorand network. On top of that Algorand pledged 1 million ALGO to a relief fund for those affected by the Terra/Luna collapse in Mid May. 

“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.”

The Algorand Migration Service will allow Terra creators to migrate their NFT projects to Algorand, get personalized support from other Algorand creators, and migrate their projects with all fees taken care of by Algorand. The funding will be on a first come first serve basis. 

Algorand partnered with MakerX to develop the migration service. They also plan to extend this service to other blockchains in the near future. MakerX developed some of the key project content, the project support channel, built the migration tool and headed the allocation of funds. MakerX and Algorand have a long running history as MakerX is an Alogrand Preferred Partner and is the creator of the Data History Museum on Algorand. The duo was able to develop the migration service platform over the course of two weeks.

“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.”

About Algorand Foundation

Developed by Silvio Micali, MIT professor and Turing Award winner, the Algorand blockchain strives to create a borderless global economy. Its low transaction costs and immediate finality make it popular while its proof of stake protocol helps it maintain a high scalability and decentralized nature. 

About MakerX

MakerX is a digital product developer primarily for start-ups, corporate companies and venture builders. They bridge the gap between business strategies and technology. The Australian-based company has teams of experts globally, attracting many bright minds in engineering and design.

Related articles

Recent articles