To further boost the widespread use of their successful Solana NFT projects DeGods and y00ts, Dust Labs is moving operations onto the Ethereum and Polygon blockchains. Inasmuch as these are two of the most popular Solana NFT projects, the decision is a severe blow to the blockchain’s standing. Not only that, but months of conflict preceded it, with some builders in the Solana NFT realm decrying the withdrawal and the collection’s holders overwhelmingly cheering on the transfer.
No announcements have been made on the technical aspects of the move. The team, however, has promised that Y00tpoints, the token awarded to those who stake Y00ts with their NFTs, will also transfer chains. In addition, the DeGods ecosystem’s DUST token, which is used to buy, sell, and manufacture NFTs, will be tethered to Ethereum and Polygon as a result of the change. At this moment, the NFT projects will continue to operate from Solana, and the migration to the new bridge will be an “opt-in” decision for asset owners.
The transition is scheduled to take place during the first quarter of 2023, and y00ts had to pay a fee to relocate to Polygon. There will be a disclosure of the terms of the arrangement, but it is believed that Polygon contributed $5 million from its partnership fund to cover the costs of the migration. The price Ethereum paid is, however, uncertain. Polygon has been successful in attracting partners to its L2 blockchain, and this move is the latest example of this trend.
The creator of DeGods and y00ts, Rohun Vora (also known as Frank III), claims that Ethereum and Polygon are the two projects with the most room for growth. The moves come in the midst of a dismal year for Solana, especially when the company became embroiled in the scandal surrounding the defunct cryptocurrency exchange FTX. As a result, the TVL for all Solana protocols has dropped from $10 billion to the current $215.05 million.
This post was last modified on Dec 28, 2022, 06:02 GMT 06:02