Other blockchains are eyeing Terra developers, and some are even taking bold steps to do so. Avalanche and Polygon are among the blockchains making tempting offers to Terra developers. Terra survived a hot couple of weeks and returned to the market with a new blockchain.

Terra was valued for its rich ecosystem of talented developers creating interesting projects, but the network failed. After a chaotic couple of weeks for Terra and uncertainty around the network, developers working on projects in the ecosystem hit the pause button, waiting for clarity. Polygon and Kadena have proposed creating a fund for Terra developers caught in the epicenter.

Kadena Announces $10M Fund to Attract Developers Terra, but Kadena Eco CEO Francesco Melpignano noted that the move was not a ploy to “dance on people’s graves,” rather it should be seen as “a defining moment for the blockchain industry.”

Polygon, Ethereum's layer-2 solution, has also extended a helping hand to Terra developers with a fund. Blockchain did not disclose the amount in the fund, but noted that the reason was to “ensure that developers are not rushed to make a decision.”

“We have raised a multi-million dollar fund to help Terra developers get back on their feet and migrate,” said Ryan Wyatt, CEO of Polygon Studios. “When we saw the collapse of Terra, which left many homeless, we decided that the failure of Terra should not punish the decentralized applications built on it.”

Polygon already has over 19 dApps built in the ecosystem and has one of the fastest growing TVLs in the space. For developers considering switching, Wyatt advised that projects be EVM compatible. However, Do Kwon, the co-founder of Terra, has previously hinted that he will fight tooth and nail to protect Terra's "valuable ecosystem" with the new blockchain.

Lack of Cryptocurrency Specialists

The poaching of Terra developers is symptomatic of a major problem in the cryptocurrency space. Talent is hard to come by on Web3, and firms are struggling to fill vacancies.

Dan Eskov, founder of recruiting firm Up Top, notes that his agency is seeing a surge in demand for developers who have worked with the Terra blockchain in the past. He notes that hiring companies are looking at more than just UST's inability to make its decision.

“A failed strategy is not a reflection of their work, and there are many projects with less baggage that would hire them in a second,” Eskov said.

Given the shortage of talented developers, blockchain companies have moved beyond the ecosystem and are now hiring directly from the Web 2.0 space. Developers are attracted by solid salaries and other benefits, in addition to the opportunity to work in a fast-growing industry. Earlier this year, two YouTube executives left the giant video streaming for new roles in web3, and these are far from isolated examples.

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