Algorand & MakerX announce automated migration service and commit 1M ALGO to enable Terra users to migrate to Algorand
Algorand is committed to helping those impacted by the Terra/Luna fallout seamlessly find a home where they can continue to grow their community, build, develop and innovate
SINGAPORE, June 1, 2022 /PRNewswire/ — The Algorand Foundation, whose mission is to grow the ecosystem of the carbon-negative Layer 1 blockchain invented by Turing Award winner and MIT professor Silvio Micali, and MakerX, a firm that specializes in web3 & digital product development, today announced the general availability of a first-of-its-kind automated platform that will enable Terra users to move their projects to Algorand. The Algorand Foundation also announced that it is committing 1 million ALGO to a fund that will start with enabling Terra users to make the migration.
“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.”
With the Algorand Migration Service, Terra creators will be able 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. At the time of launch, Algorand was the first to deploy a migration service leveraging automation to allow seamless project migration.
Funding will be allocated on a first-come, first-serve basis, factoring in size of the project community while active on Terra. Even after the special migration fund has been depleted, users will still be able to apply for funding via the standard Algorand grant program.
This is just the beginning. The Foundation and MakerX plan to expand migration capability to enable users on other blockchains to make the switch.
Poppin Puffins is a NFT creator club that has already moved onto Algorand. The club donates 2.5% of its profits to charities committed to natural seabird habitat conservation. “It just makes sense. Our values could not be more aligned,” the club stated. “We’re relieved we have a place to nest – where our people can keep making cool stuff for a good cause.”
To develop the tool, Algorand partnered with MakerX, which developed key project content, created a project support channel, built the migration tool, and drove the allocation of funding to migrated projects. It is a long-standing partnership; MakerX is an Algorand Preferred Partner and the creator of the Data History Museum on Algorand. The combined team developed the services platform over two weeks, responding rapidly to the need for supporting Terra projects seeking a new home.
“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.”
For more information and to access the migration service or application for funding, please visit the Algorand Migration portal at http://migrate.algorand.foundation.
About Algorand Foundation
The Algorand blockchain — designed by the MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the “blockchain trilemma” by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.
The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit http://algorand.foundation.
About MakerX
MakerX specializes in digital product development for start-ups, corporates & venture builders. They deliver successful ventures by bridging the gap between business strategy and technology implementation. Headquartered in Australia, and with experts around the world, MakerX have attracted the brightest minds in engineering, design and strategic thinking. MakerX can be engaged directly or embedded in existing venture building teams as the expert digital implementation and Web3 partner. For more information, visit http://www.makerx.com.au.
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SOURCE Algorand Foundation
