Near Protocol picks up slack, onboards Tracer following Terra's downfall
For many Level 1 crypto projects, returning to normalcy from Terra’s death spiral meant a complete migration to a different ecosystem. But how does one make the right move, especially after knowing the unfortunate fate of their initial platform of choice?
In the case of Tracer, a Web3 fitness and lifestyle app, moving away from the Terra (LUNA) ecosystem for survival was just one piece of the puzzle. Choosing a new host to build on requires more than checking the technical compatibility with the blockchain ecosystems.
As explained by Near Foundation’s (NEAR) Nicky Chalabi, projects like Tracer seek alignment with the ecosystem’s core values that can support the company’s roadmap in time to come. Tracer’s decision to completely migrate over to Near Protocol complements the various other crypto projects that have recently shifted over to Binance’s BNB Chain (BNB) and Polygon Studios.
Speaking to Cointelegraph about the decision-making process behind a total migration, Chalabi suggested:
Coincidently, Tracer and Near used the same programming language for building smart contracts, which further eased the migrating process. However, Chalabi echoed the sentiments of the crypto community by stressing the fact that Terra’s downfall was a loss for the entire community:
The sudden collapse of major ecosystems negatively impacts the trust and credibility of projects as investors tend to make unrecoverable losses in the process. As damage control, Near allocates resources to understand the project’s needs, work with the projects, and immediately address any issues.
Other ecosystems, too, have taken a similar approach in easing the transition for the recently displaced projects. As Cointelegraph reported, BNB Chain is also committed to
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