The Algorand Foundation on Thursday announced the creation of a fund and “automated platform” intended to lure Terra developers stranded by the blockchain’s recent collapse.
The fund will distribute 1 million ALGO tokens on a first-come, first-served basis to Terra developers willing to migrate their projects to the Algorand blockchain.
Algorand, a proof-of-stake blockchain developed by MIT professor Silvio Micali, debuted in 2019 and claims to be carbon neutral with transaction throughput “on par with large payment and financial networks.”
ALGO was trading at about $0.38 Thursday, according to data from CoinGecko, and the allocation of tokens between developers will be determined by the size of their project communities on the Terra blockchain.
According to a news release, the “Terra Migration Service” will allow Terra developers to “migrate their NFT projects to Algorand, receive personalized support from founders of some of the most well-known projects and platforms on Algorand, and enable their communities to easily receive their newly migrated NFTs at zero cost with all fees covered by Algorand.”
Last month, LUNA, Terra’s governance token, and UST, the algorithmic stablecoin the blockchain was built to support, crashed as UST lost its 1:1 peg to the US dollar.
“When you see people who are chasing that dream get hit hard the way they did, you can’t just sit around,” Algorand Foundation CEO Staci Warden said in a statement. “When people from the Terra/Luna community started reaching out to us, we immediately got busy … getting this support up and running.”
The Algorand Foundation is a private entity tasked with growing the ecosystem around the Algorand blockchain. Longtime Algorand Foundation partner MakerX, an Australian company specializing in digital product development, built the automated platform developed to facilitate Terra developers’ migration.