Two prominent Solana projects have announced their transition to alternative blockchains. Non-fungible token (NFT) company Degods has announced that it will move to the Ethereum blockchain and Y00ts NFT team has announced that it will move to Polygon. Both teams said the transitions will take place in 2023.
Degods says NFT project will move to Ethereum, Y00ts explains that NFT project will move to Polygon.
The crypto community has discussed two crypto projects that have stated that the teams plan to move their companies from the Solana blockchain network to an alternative blockchain. Degods is an NFT project that revealed on Twitter that it was moving from Solana to the Ethereum network. Launched in October 2021, Degods is an NFT project that has created 10,000 PFP deflationary NFTs (profile photo). On Twitter, the Degods team stated:
Degods will officially transition to Ethereum in Q1 2023. The bridge is not the destination. It’s on the way to getting there.
Interestingly, the team behind the Y00ts NFT collection has stated that they plan to move to the Polygon network. “Y00ts will officially move to [Polygon] in the first quarter of 2023“, tweeted the official Twitter account on December 25, 2022. The decisions to move the two NFT projects from one channel to the other come at a time when the Solana project itself has suffered from its former relationship with FTX.
The details of the bridge will be released when it’s ready and tested. This has never been done before at this scale.
We want to make sure that it’s airtight.
In the meantime, we will be releasing a more formal roadmap for y00ts: Season 2 in January.
– y00ts (@y00tsNFT) December 25, 2022
Solana’s native crypto asset (SOL) is down 94.2% year-to-date, and in the last 30 days, SOL has lost 19.7%. Last year, SOL was a top 10 crypto asset, but the digital currency has struggled to hold the 18th position in terms of market capitalization more recently. The seven-day statistics show that Solana’s NFT sales are still the second largest on 19 different blockchain networks, according to data from cryptoslam.io.
While Ethereum dominated the last seven days of sales with $129.12 million of the $154 million in sales, Solana took second place with its $14.65 million in NFT sales recorded last week. Polygon, meanwhile, is in fourth place in terms of NFT sales with $2.38 million.
Defillama’s metrics show that there is $39.42 billion in total value locked up (TVL) in decentralized finance (defi) today and Solana commands the 12th largest TVL in defi. Solana’s TVL as of December 26, 2022 is $216.39 million, which is equivalent to 0.55% of the total TVL locked in defi. Interestingly, the tweets from Degods and Y00ts say the same thing as both teams mention that the transition “has never been done before at this scale.“