The exodus is on for Solana-based NFT initiatives as two of its large names are transitioning to Ethereum and its sidechain Polygon.
Judging by how Solana and its native token have struggled because the onset of the bear market, this comes as no shock. The community has endured a number of outages and has been closely affected by the downfall of FTX.
The 2 initiatives are Degods, which is transferring to Ethereum, and Y00ts, which is bridging to Polygon. Each initiatives belong to Mud Labs, and the transitions are set to happen in early 2023. In accordance with challenge chief FrankDeGods, it’s a solution to “discover new alternatives.” Thus, they’re taking “a calculated threat.”
In a tweet, Y00ts notes that “the main points of the bridge shall be launched when it’s prepared & examined. This has by no means been completed earlier than at this scale. We need to ensure that it’s hermetic. Within the meantime, we shall be releasing a extra formal roadmap for y00ts: Season 2 in January.”
If their tweets are something to go by, the Mud crew seems to be excited by the choice. In one other tweet from the Y00ts account, the challenge notes “coming for the thr00ne” with The Boys characters Homelander and Billy Butcher observing one another. On the video, you may see the phrases “No. 1 ETH challenge and No. 1 Polygon challenge (Degods/Y00ts) inscribed.”
That mentioned, the DUST token will nonetheless be used to bind the 2 communities and can transfer to each blockchains. Additionally, all of the factors collected from holding respective NFTs can be utilized on an upcoming launchpad.
Combined Reactions After 2 Main NFT Tasks Transfer To Competing Blockchains
The information was met with combined reactions throughout the NFT group. Some have been excited, whereas others noticed it as a betrayal of Solana. Nonetheless, Frank assures group members that the choice emigrate shouldn’t mirror badly on the Solana ecosystem.
The subsequent 24 hours after the announcement noticed DeGods’ buying and selling quantity bounce by over 200% whereas Y00ts grew by over 240%.