Solana's Biggest NFT Projects DeGods and Y00ts to Migrate to Ethereum and Polygon
Solana's top two non-fungible token (NFT) projects, DeGods and Y00ts, have confirmed their migration from the Solana network to Ethereum and Polygon. DeGods, the more expensive of the two collections with a floor price of 515 SOL (around $5,750), will be moving to the Ethereum blockchain, while Y00ts, which has a 148 SOL (around $1,660) floor price, will be moving to Polygon. This news has sparked speculation among NFT enthusiasts about the implications of the move, as well as the technical challenges that come with the migration.
DeGods: The Buzziest Solana NFT
DeGods and Y00ts are two of the hottest NFTs in the Solana network, and the news of their migration has caused a stir in the NFT space. Following the announcement, DeGods saw a 12% increase in sales, with its floor price rising to 515 SOL (around $5,750). Y00ts, DeGod’s sister PFP collection, saw a slightly smaller 5 SOL (around $55) increase in sales. In the week leading up to the announcement, the two collections accounted for nearly 70% of all Solana NFT sale volume, according to data from Magic Eden.
Rumors of a Money Grab Circulate
In early December at the Art Basel Festival in Miami, rumors started to circulate that the DeGods team had asked the Solana Foundation for $5 million to stay on the platform. The DeGods team has denied the claim.
Y00ts Moves to Polygon with an Incentive
The move of Y00ts to Polygon came at a price. A DeGods representative told CoinDesk that Polygon paid for the move with a grant from its partnership fund, though the details of the deal have yet to be made public.
Vora said the grant will last “one year, maybe two” and wasn't paid upfront. It’s unclear what will happen once the grant runs out. The migration is the latest in Polygon’s partnership winning streak – the layer 2 blockchain has attracted partners as large as Starbucks (SBUX), Nike (NKE), Reddit, Instagram and DraftKings in the past year.
The Technical Challenges Ahead
The details of the migration’s technical elements have yet to be announced, but the team has said that Y00tpoints, a token given to Y00ts holders who stake their NFTs, will transfer chains as well. Vora said the team is shooting for a Q1 2021 migration, but the team wants to make sure the bridge contract is airtight.
- Rumors of a money grab circulated, but the DeGods team denied the claim.
- Y00ts moved to Polygon with an incentive, as Polygon paid for the move with a grant from its partnership fund.
- Y00tpoints, a token given to Y00ts holders who stake their NFTs, will transfer chains as well.
- Vora said the team is shooting for a Q1 2021 migration, but the team wants to make sure the bridge contract is airtight.
"We want to make sure the bridge contract is airtight," said Vora.
More News
Solana Blockchain SOL Token Soars After FTX Crash, Will It Reach $50 This Year?
After a crash linked to troubled crypto exchange FTX, the Solana blockchain SOL token has been on a rebound, doubling in price since mid-December. With Ethereum co-founder Vitalik Buterin's support, the token is expected to continue its surge to pre-crash levels and beyond.
Crypto Market Soars: Bitcoin, Ethereum, and Solana Jump Over 12% This Week
Crypto is on fire this week, with Bitcoin, Ethereum, and Solana all jumping over 12%. A falling CPI, declining interest rates, and a potentially positive industry news have all been tailwinds for the crypto market. Despite the short-term surge, investors should be wary of the opaque nature of the largest crypto exchange, Binance.
Solana Blockchain Activity Soars Despite FTX Collapse
Solana blockchain activity remains high despite 50 million SOL tokens being locked in the FTX exchange collapse, according to Citi research. The Solana Foundation was heavily invested in FTX, and their collapse has caused a crisis for other protocols on the blockchain.
Solana Network Thriving Despite Foundation RPCs Offline
Solana Network remains functional despite the Foundation's public RPCs being offline due to a bug in the Validator client's test release 1.14. Despite the incident, the network has seen an increase in daily addresses and a 37% increase in its native token, SOL, in the past week. The Solana community has also rallied around a new memecoin, Bonk Inu, which has risen by over 1000% in the first week of 2023.
Can Solana Price Reach $30? Recent Developments Could Push Coin 2x
Solana's price has skyrocketed recently as developers and users flock to the cryptocurrency. The addition of the meme coin BONK has also contributed to the surge, with its price rallying over 3,600% since launch. With the RSI at oversold levels and the MACD signaling further bullish momentum, Solana may be headed for a 2x to $30.
Cardano and Solana Surge 21% - Reentering Territory Not Seen Since November
Crypto values for both Solana and Cardano skyrocketed late Sunday, with Solana's BONK coin leading the way with an impressive 60% increase over the week. Charles Hoskinson's recent developments in Wyoming have also contributed to Cardano's success.
Revolutionizing Charitable Giving: How Change is Empowering Nonprofits with Blockchain Technology
Northwestern grads Sonia Nigam and Amar Shah created Change, a web3-based software that enables consumers to donate both crypto and fiat to over 200,000 non-profits. With the help of Solana, Change has raised over $1,000,000 and allows individuals to follow the money trail to ensure their donations are going to the right place.
Vitalik Buterin Endorses Rival Blockchain: Is Solana the Next Ethereum Killer?
Vitalik Buterin, the founder of Ethereum, recently tweeted his endorsement of Solana, a rival blockchain. His endorsement came at a pivotal moment for Solana, as the blockchain has faced some challenges in the past. Buterin believes that Solana has the potential to be a major player in the world of smart contract platforms, and with his endorsement, it's worth keeping an eye on. Could Solana be the next Ethereum killer?