Solana NFT projects DeGods and y00ts transaction volume spikes following the switch to Ethereum

Solana NFT projects DeGods and y00ts transaction volume spikes following the switch to Ethereum

DeGods and y00ts, Solana’s top NFT projects, declared on December 26 that they would be moving to Ethereum and Polygon, respectively. According to the official tweet, they will implement it in the first quarter of 2023. The test and the announcement of the migration’s specific technical information will be made public after the test. The schedule for the third season

How will Solana be affected by NFT migration?

These two projects were run by Rohun Vora, the NFT founder who goes by the alias Frank DeGods. Rohun Vora’s projects’ floor price is among the greatest on the Solana blockchain, and the price has increased since the move was announced.

On the other hand, DeGods’ daily volume increased by more than 187% after the announcement. According to Nansen, the average price increased by 33%, from 426 to 566 SOL. It further mentioned that although some holders were selling all of their DeGods, others were buying more.

Although y00ts will transition to Polygon formally in the first quarter of 2023, the information will be made public following the testing. In January, the official y00ts Season 2 road map will be released.

y00ts daily volume increased by 442% after switching to Polygon, according to the data. The price fell from 167 Solana on average to 155 SOL. It jumped back to 171 SOL, though.

Nansen noted that although the average price has increased, the on-chain data indicates that more “Smart Money” is selling their DeGods and y00ts now to benefit from the sudden surge in liquidity.

DeGods team fails to clarify rumor of asking Solana Foundation for $5 million

The Solana Foundation’s representatives stated that the $5 million rumor about the DeGods team asking for money to stay in Solana is accurate, but the DeGods team declined to comment. The rumor first surfaced when the Solana Foundation was reportedly approached by the DeGods team.

Project leader, Rohun Vora noted that Polygon paid for the migration costs with donations from the cooperation fund, and the specifics of the transaction would be published in the future. He stressed that the amount of sponsorship is bigger than everyone thinks.

One more triumph for Polygon

The transfer of Y00ts to Polygon costs money. According to a DeGods representative, Polygon funded the relocation with a grant from its collaboration fund, and the agreement’s specifics will eventually be made public.

As per Vora, the funding was not paid in full and will last “one year, possibly two.” What will transpire after the grant expires is unknown.

“We need to accomplish several milestones,” added Vora. “Furthermore, the grant is minor than people believe.”

The move is the most recent in Polygon’s string of successful partnerships. In the last 12 months, the layer two blockchains have drawn partners as significant as Starbucks, Nike, Reddit, Instagram, and DraftKings.

DeGod’s transition to Polygon and Ethereum may be challenging on the backend. At this scale, high-profile NFT bridges are uncommon; projects that go multi-chain often do so in the manner of Doodles, which is considering releasing Doodles 2 on a layer two blockchain while preserving its original collection on Ethereum.

Although the technical aspects of the migration have yet to be disclosed, the team has stated that Y00tpoints, a token issued to Y00ts holders who stake their NFTs, would also migrate chains.

“What could go wrong here?” Vora referred to the technical difficulties of the move as “an exploit on the bridge contract.” “We’re aiming for Q1 and want to complete [the move] as fast as possible, but we must make sure it’s secure. Bridges are renowned for problems involving this sort of thing.”

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