The exodus is on for Solana-based NFT projects as two of its big names are transitioning to Ethereum and its sidechain Polygon.
Judging by how Solana and its native token have struggled since the onset of the bear market, this comes as no surprise. The network has endured several outages and has been heavily affected by the downfall of FTX.
The two projects are Degods, which is moving to Ethereum, and Y00ts, which is bridging to Polygon. Both projects belong to Dust Labs, and the transitions are set to take place in early 2023. According to project leader FrankDeGods, it’s a way to “explore new opportunities.” Thus, they are taking “a calculated risk.”
In a tweet, Y00ts notes that “the details of the bridge will be released when it’s ready & tested. This has never been done before at this scale. We want to make sure that it’s airtight. In the meantime, we will be releasing a more formal roadmap for y00ts: Season 2 in January.”
If their tweets are anything to go by, the Dust team appears to be excited by the decision. In another tweet from the Y00ts account, the project notes “coming for the thr00ne” with The Boys characters Homelander and Billy Butcher staring at each other. On the video, you can see the words “No. 1 ETH project and No. 1 Polygon project (Degods/Y00ts) inscribed.”
That said, the DUST token will still be used to bind the two communities and will move to both blockchains. Also, all the points collected from holding respective NFTs can be used on an upcoming launchpad.
Mixed Reactions After 2 Major NFT Projects Move To Competing Blockchains
The news was met with mixed reactions within the NFT community. Some were excited, while others saw it as a betrayal of Solana. However, Frank assures community members that the decision to migrate shouldn’t reflect badly on the Solana ecosystem.
The next 24 hours after the announcement saw DeGods’ trading volume jump by over 200% while Y00ts grew by over 240%.
