all about cryptop referances
Two prominent Solana projects have announced they are transitioning to new blockchains. Non-fungible token (NFT) venture Degods detailed that it will be moving to the Ethereum chain and Y00ts NFT team detailed that it is moving to Polygon. Both teams said the transitions will take place in 2023.
The crypto community has discussed two crypto projects that have said the teams plan to transfer their stakes from the Solana blockchain network to an alternative blockchain. Degods is an NFT project that revealed on Twitter that it moved from Solana to the Ethereum network. Launched in October 2021, Degods is an NFT venture that created 10,000 deflationary PFP (profile picture) NFTs. On Twitter, the Degods team said:
Degods will officially bridge to Ethereum in Q1 of 2023. The bridge is not the goal. It’s on the way to get there.
Interestingly, the team behind Y00ts NFT collection said they plan to move to the Polygon network. “Y00ts will officially bridge the gap [Polygon] in Q1 2023,” the official Twitter account tweeted on December 25, 2022. The decisions to transfer the two NFT projects from one chain to another comes at a time when the Solana project itself has been damaged by its previous relationship with FTX.
Solana’s native crypto asset solana (SOL) is down 94.2% year-to-date and in the last 30 days, SOL has lost 19.7% against the US dollar. Last year, SOL was a top ten crypto asset, but the digital currency has struggled to hold the 18th largest market capitalization position in recent times. Seven-day statistics show that Solana’s NFT sales remain the second largest among 19 different blockchain networks, according to cryptoslam.io data.
While Ethereum dominated the last seven days of sales with $129.12 million out of $154 million in sales, Solana took the second position with its $14.65 million in NFT sales recorded in the last week. Meanwhile, Polygon holds the fourth largest position in terms of NFT sales with $2.38 million.
Defillama calculations show that there is $39.42 billion total value locked (TVL) in decentralized finance (defi) today, and Solana commands the 12th largest TVL in defi. Solana’s TVL on December 26, 2022 is $216.39 million which is equivalent to 0.55% of the entire TVL locked in defi. Interestingly, the tweets from Degods and Y00ts say the same thing as both teams mention transition “never done before on this scale.”
What do you think about the two NFT projects moving from Solana to different blockchain networks? Let us know what you think about this topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or an endorsement or recommendation of products, services or companies. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is directly or indirectly responsible for damages or losses caused or alleged to be caused by or in connection with the use of or reliance on content, goods or services mentioned in this article.
