Rohun Vora, the founder of popular Solana-based non-fungible tokens (NFT) projects, DeGods and y00ts, announced over the weekend that the projects would explore other blockchain networks. DUST, the native token for DeGods, will also be moved to other blockchains.
“[We] are excited to announce that DeGods, y00ts, and $DUST will be bridging onto new blockchains. y00ts will be moving to Polygon. DeGods to Ethereum and $DUST will be bridged to both Polygon and Ethereum,” Vora said.
The move is expected to occur within the first quarter of 2023.
DeGods Move to Ethereum
DeGods is a deflationary NFT collection with 10,000 NFTs of virtual arts termed gods. Due to its trading volume, it currently holds the largest NFT project on the Solana network.
DeGods has a current floor price of about 400 SOL ($4,400). With the migration to Ethereum, the leading Solana NFT collection will be seen competing with the top NFT collections in the Ethereum ecosystem. These collections include Bored Ape Yacht Club (BAYC), CryptoPunks, and Mutant Ape Yacht Club (MAYC).
y00ts to be Bridge Onto Polygon
y00ts is a generative art NFT collection that began its journey in September 2022. It has a total of 15,000 NFTs and a floor price of 150 SOL ($1,650). Like its parent NFT project, DeGods, y00ts holds a large market share in the Solana ecosystem.
As it moves to the Polygon network, y00ts will join the bandwagon of Polygon-based NFT projects. One of them is the recently released Collect Trump Cards.
DUST, the native token for the DeGods ecosystem, saw a brief price increase at the time of the announcement from Vora. It jumped by over 15% to a trading price of $0.58. Currently, the token trades at $0.42.
Solana Loses Top Projects
This is not the first time a top project living on the Solana blockchain will migrate or expand to another network.
Last month, popular Solana-based self-custodian wallet provider Phantom expanded to Ethereum and Polygon. That same month, the leading Solana NFT marketplace, Magic Eden, integrated Polygon into its ecosystem.
In the latest migration, Vora did not give a clear reason for his projects’ departure move from Solana. However, it could be that the occasional downtimes common to Solana have detracted some projects from depending on its network.
Some of these projects could also be uncomfortable with the downtrend that plagued Solana after the fallout of the bankrupt FTX. Following the collapse of FTX, SOL dropped to a trading price of about $14. Currently, the token trades at $11.5.
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