DeGods and y00ts – have announced their departure from Solana and revealed that they would be migrating to Ethereum and Polygon.
“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 reportSolana 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 of Ethereum paid is unknown.