Solana NFT projects leave the network for Ethereum, DeGods and y00ts announce their departure
- Solana NFT projects DeGods announced that it will bridge to Ethereum in the first quarter of 2023, y00ts will bridge to Polygon.
- Based on a recent report from Token Terminal, active developers on the Solana network witnessed a steep decline, 90% decline in 2022.
- Solana price is at risk of a steep decline, a fall to the monthly low of $10.94 is likely for the Ethereum option.
Solana is considered the second largest NFT ecosystem in the world. Interestingly, the Ethereum alternative is in a tough spot with top digital aggregator projects leaving the network for competitors. The outlook for Solana remains bearish in 2022.
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Solana NFT projects reveal plans to migrate to competitor chains
The Solana network’s NFT projects DeGods and y00ts have revealed plans to migrate to rival blockchains Ethereum and Polygon. While Solana is considered the second largest NFT ecosystem in the world, active developers and projects are leaving the network. Solana’s NFTs marketplace is the fourth in trading volume according to data from DappRadar.
Based on data from Token Terminal, the number of active developers in Solana has decreased by 90% in 2022. With the decreasing activity on the Solana network, it is clear that projects and developers are moving on to competitor chains such as Ethereum and layer-2 scaling solution.
After the collapse and bankruptcy of the FTX exchange, the Solana price fell in the crypto carnage. NFT projects DeGods and y00ts recently announced their plans to migrate to rival blockchain networks.
Why Solana projects want to migrate to Ethereum and Polygon
The DeGods NFT project officially announced that it will be bridged to Ethereum in Q1 2023. The project announced that it is a bridge and not the destination. The NFT collection is on its way there.
The team is set to release the details of the bridge when it will be released and tested. The Season Three Roadmap for The Collection will be released in January 2023 with further details.
Project y00ts is ready to move to Polygon, Ethereum’s layer-2 scaling solution blockchain.
With two major Non-Fungible Token projects moving off the Solana blockchain, it is becoming more apparent that development activity on SOL is slowing down.
The price outlook for Solana remains bearish in 2022
Solana price is currently in a downtrend and remains at risk of decline to the monthly low of $10.94. Solana price is 95.6% below its record high of $259.56 and is currently trading at $11.33.
SOL/USDT exchange rate chart
Solana price is in danger of falling to support at the weekly low of $11.07 and monthly low of $10.94. If Ethereum killer breaks out of its downtrend with a close above the trendline, it could invalidate the bearish thesis.
