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Two outstanding Solana initiatives have introduced they’re transitioning over to new blockchains. The non-fungible token (NFT) enterprise Degods detailed it will likely be shifting to the Ethereum chain and the Y00ts NFT group detailed it’s shifting to Polygon. Each groups mentioned the transitions will happen in 2023.
Degods Says NFT Challenge Will Transfer to Ethereum, Y00ts Particulars NFT Enterprise Is Transitioning to Polygon
The crypto group has been discussing two crypto initiatives which have mentioned the groups plan to transition their ventures from the Solana blockchain community to another blockchain. Degods is one NFT undertaking that exposed on Twitter it was shifting from Solana to the Ethereum community. Launched in October 2021, Degods is an NFT enterprise that created 10,000 deflationary PFP (profile image) NFTs. On Twitter the Degods group mentioned:
Degods will formally bridge to Ethereum in Q1 of 2023. The bridge shouldn’t be the vacation spot. It’s on the trail to get there.
Curiously, the group behind the Y00ts NFT assortment mentioned it plans to transition over to the Polygon community. “Y00ts will formally bridge to [Polygon] in Q1 2023,” the official Twitter account tweeted on Dec. 25, 2022. The choices to transition the 2 NFT initiatives from one chain to a different come at a time the place the Solana undertaking itself has been damage by its former relationships with FTX.
Solana’s native crypto asset solana (SOL) is down 94.2% year-to-date and over the past 30 days SOL has misplaced 19.7% towards the U.S. greenback. Final yr, SOL was a high ten crypto asset however the digital foreign money has been struggling to carry the 18th largest market cap place in more moderen occasions. Seven-day stats present that Solana’s NFT gross sales are nonetheless the second largest out of 19 totally different blockchain networks, in line with cryptoslam.io knowledge.
Whereas Ethereum dominated the final seven days of gross sales with $129.12 million out of the $154 million in gross sales, Solana took the second place with its $14.65 million in NFT gross sales recorded this previous week. In the meantime, Polygon holds the fourth-largest place by way of NFT gross sales with $2.38 million.
Defillama metrics exhibits that there’s $39.42 billion complete worth locked (TVL) in decentralized finance (defi) right now and Solana instructions the twelfth largest TVL in defi. Solana’s TVL on Dec. 26, 2022 is $216.39 million which equates to 0.55% of the complete TVL locked in defi. Curiously, the tweets from Degods and Y00ts say the identical factor as each groups point out transitioning “has by no means been carried out earlier than at this scale.”
What do you consider the 2 NFT initiatives transitioning from Solana to totally different blockchain networks? Tell us what you consider this topic within the feedback part under.
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