Solana Loses DeGods and y00ts NFT Projects to ETH and MATIC

DeGods and y00ts NFT Collections Abandon Solana, Migrate to Ethereum and Polygon

Top-ranking Solana-based NFTs DeGods and y00ts are saying goodbye to the blockchain and migrating to Ethereum and Polygon.

DeGods and y00ts stated in separate announcements that they will migrate to their homes in Q1 of 2023 after testing. Meanwhile, an official roadmap is expected from the NFTs in January 2023.

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

DeGods and y00ts Rank in the Top 3

Both collections rank in the top three Solana NFTs by volume on the OpenSea marketplace. In the past day, DeGods hit nearly 2.2M SOL in total volume, while y00ts recorded 1.7M SOL. Therefore, the departure would hit Solana drastically.

Solana Collection Stats from OpenSea

On DeFiLlama, Solana has already exited from the top ten chains. It has 91 protocols with a value locked (TVL) of $218.4M, ranking in the 11th spot. Contrarily, both Ethereum and Polygon dominate the top five ranks. Ethereum homes 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.

TVL of Chains chart by DeFiLlama
TVL of Blockchains Data by DeFiLlama

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 on the ranking as of December figures.

Solana Outages Still Concern the Industry

In a recent podcast, Solana co-founder Anatoly Yakovenko addressed the issue of Solana outages. While Yakovenko said that the stalling of the network is the biggest challenge and priority for the developers, the industry is concerned about how 2023 will play out.

The outages that cause a delay in settling 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 overflow, glitches, or power outages. Back in May, Solana was taken offline for several hours. Another outage for reported in June. Another validator issue 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 its new validator would improve the network’s reliability for the upcoming year. Something that would put Solana on par with Ethereum. While the network’s stability questions remain, Solana has released its 2023 roadmap.

In its release, Solana explained that with the launch of Firedancer, a second validator client from Jump Crypto, the network is expected to get even better. If adopted, a new validator client will make it highly impossible for any one issue to bring down the Solana network, enhancing its security and stability. It also noted, ” Firedancer will make Solana the only other blockchain network besides Ethereum to have more than one validator client.”

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

In terms of price action, the market remains subdued in the aftermath of the FTX collapse. Ethereum, Polygon, and Solana’s market capitalizations place the chains in the second, tenth, and eighteenth spots, respectively.

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.



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