Solana loses DeGod’s and y00t’s NFT projects to ETH and MATIC

Top-ranked Solana-based NFTs DeGods and y00ts say goodbye to the blockchain and migrate to Ethereum and Polygon.

DeGods and y00ts listed separately announcements that they will migrate to their homes in the 1st quarter of 2023 after testing. Meanwhile, an official roadmap from the NFTs is expected in January 2023.

Meanwhile, a Reddit post claims that DeGods and y00ts asked the Solana Foundation for millions to remain on the blockchain. User u/real_mooshi also claimed that Polygon reportedly paid $5 million to bridge y00ts. The user also stated the amount of Ethereum paid is unknown.

DeGods and y00ts rank in the top 3

Both collections rank among the top three Solana NFTs by volume on the OpenSea market. In the last 24 hours, DeGods reached almost 2.2 million SOL in total volume, while y00ts recorded 1.7 million SOL. Therefore, the departure would affect Solana drastically.

At DeFiLlama, Solana has already dropped out of the top ten chains. It has 91 protocols with a value locked (TVL) of $218.4 million, ranking 11th. Conversely, both Ethereum and Polygon dominate the top five ranks. Ethereum houses over 600 protocols with a TVL of $23.38B and is the largest DeFi chain.

Polygon ranks fifth while supporting 352 protocols with a TVL of $993.41M. On a chain-to-chain comparison, Ethereum controls nearly 60% of the total value locked in the decentralized universe. Polygon dominates around 2.5% of the space.

BeInCrypto recently reported that Solana had maintained high NFT sales volume on its ecosystem despite a weak market. In fact, it has ranked second behind Ethereum, according to Cryptoslam data. Polygon is behind in the ranking from December figures.

Solana outages continue to concern the industry

In a recent podcast, Solana founder Anatoly Yakovenko addressed the issue of Solana outages. While Yakovenko said shutting down the network is the biggest challenge and priority for developers, the industry is worried about what 2023 will be like.

The outages that cause a delay in settlement transactions have hit the network more than once in 2022. Eight times since its introduction in March 2020, Solana has crashed due to either memory overflows, errors or power outages. Back in May, Solana was taken offline for several hours. Another blackout was reported in June. Another validation problem took the network down in October. Ethereum and Polygon have not registered similar problems with their chains so far.

However, the team behind Solana had promised that the new validator would improve the network’s reliability for the coming year. Which would put Solana on par with Ethereum. While the network’s stability issues remain, Solana has released its 2023 roadmap.

In his release, Solana explained that with the launch of Firedancer, a second validation client from Jump Crypto, the network is expected to get even better. If adopted, a new validation client will make it highly impossible for a single problem to destroy the Solana network, increasing security and stability. It also noted, “Firedancer will make Solana the only other blockchain network besides Ethereum to have more than one validating client.”

It will be a crucial upgrade for the network considering that NFTs are expected to drive the next stage of consumer brand interaction in 2023.

In terms of price action, the market remains muted in the wake of the FTX collapse. Ethereum, Polygon and Solana’s market values ​​place the chains in second, tenth and eighteenth place respectively.