NFT Projects DeGods, y00ts to Leave Solana for Ethereum and Polygon
DeGods and y00ts – have announced their departure from Solana and revealed that they would be migrating to Ethereum and Polygon.
The two top NFT projects on Solana anticipate moving to new chains in the first quarter of 2023, according to their respective updates on Twitter. The duo stated,
“The details of the bridge will be released when it’s ready & tested. This has never been done before at this scale. We want to make sure that it’s airtight.”
- Despite a rocky launch in late 2021, NFT profile-picture project DeGods transformed into a true titan across all NFT networks this year. Its digital collectibles went on to become some of the most valuable on Solana.
- DeGods acquired a team in the professional basketball league BIG3 – founded by rapper and actor Ice Cube. The launch of the much-anticipated y00ts project this fall further increased its popularity.
- According to Messari’s recent report, Solana recorded over 19% quarter-over-quarter growth in NFTs and is now second, trailing only Ethereum with respect to terms of transaction volume and activity.
- The network’s cheap gas and efficiency made it a popular choice among NFT developers, which stimulated the growth of numerous successful projects on the platform.
- The departures come amidst a rather disastrous year for Solana, especially after being caught up in the drama surrounding the failed crypto exchange FTX, which prompted its exit from the top ten on DeFiLlama’s dashboard.
- The total value locked (TVL) across Solana protocols fell to $218.16 million.
- Repeated encounters with network outages further added to the skepticism.
- Meanwhile, a Reddit post claims that the two projects asked the Solana Foundation for millions to remain on the network. While Polygon reportedly coughed up $5 million to bridge y00ts, the amount Ethereum paid is unknown.
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