Solana Sunday: Y00ts and Degods are leaving Solana
Since FTX collapsed, the Solana network has been on a non-stop freefall and dropped out of the top 10 cryptocurrencies where it confidently resided since the height of the 2021 bull market.
Following so much doubt on the network's ability to continue and grow, Dust Labs has announced that both of their projects Y00ts and DeGods will be moving to separate networks in an attempt to mitigate losses on the Solana blockchain.
Y00ts is moving to polygon
The announcements first came on the y00ts Twitter page which explained that the collection would be going to the Polygon network which has grown significantly through 2022 with multiple partnerships ranging from Reddit, Starbucks, and even Donald Trump’s NFT.
Despite some anger and frustration from holders, Polygon itself is one of the best networks for the collection to operate on because of its ability to facilitate large quantities of transactions at minor costs.
The y00ts collection is built off of adaptable imagery and needs a blockchain that can allow users to swap out clothing and accessories within their tokens without requiring major gas fees.
DeGods is moving to Ethereum
On the other hand, DeGods has announced that it will be moving to the Ethereum network where it will compete with other top collections such as the Bored Ape Yacht Club and Moonbirds.
The collection will also benefit from the Ethereum network because it is significantly more stable than Solana, and following its merge, is just as efficient and primed to become more so in the coming years.
Solana is no longer appealing
Once dubbed Solana Summer, 2022 has been a terrible year for the popular Ethereum alternative because of mismanagement that caused the blockchain to become unreliable at multiple times.
After TerraLuna’s crash in late spring, the value of the Solana network began a steep drop from over $200 per coin and never recovered. This was compounded by the collapse of FTX which was a large supporter of the network until it became insolvent.
While a hard pill for some to swallow, the decision made by Dust Labs to bridge to new networks comes as no surprise as the future of their projects is at a significantly higher risk on the Solana blockchain than either Ethereum or Polygon and could be the final nail in the coffin for Solana-based projects.
Polygon is set for success
Following a successful bridge, the real winner of all of this is Polygon who has continued to onboard many popular projects; and can now add y00ts to their lists of NFTs.
Although the news is upsetting to most people on the Solana network, Polygon users have more than enough to be happy about entering 2023 now that an entire community from one of Solana’s flagship collections is entering their ranks.
With a full roadmap expected to be released for both projects in January following their bridge to the new networks, it’ll be interesting to see what Frank, their founder, has in store once the collections arrive at their new homes.
