DeGods and y00ts NFT projects to leave Solana for Ethereum and Polygon

Subh Rath

December 27, 2022

DeGods and y00ts have announced they will be migrating to Ethereum and Polygon in early 2023.

DeGods is a DeFi project focused on NFTs and DeFi rewards, while y00ts is an open-source collectibles platform built on Solana’s blockchain. Both projects are dedicated to bringing DeFi projects to the mainstream through innovative, user-friendly solutions.

NFTs are becoming increasingly popular and the Solana NFT market has a few of the trendiest collections. DeGods has established itself as a major player in the NFT world and commands an impressive floor price of 515 SOL (around $5,750). The Y00ts collection, its recently released sister PFP set, stands at 148 SOL (around $1,660).

DeGods had a rocky launch in late 2021, yet it went on to become a true titan in the NFT networks this year. DeGods digital collectibles became some tremendous accomplishments, being some of the most valuable ones coming out of Solana. DeGods also acquired a venture with rap star, filmmaker and actor Ice Cube’s professional basketball league BIG3. DeGods continued its success with the release of much anticipated y00ts project.

Solana has recorded impressive growth in terms of NFTs, according to Messari’s most recent report. Solana is now the second-largest platform for transaction volume and activity, just behind Ethereum. Solana’s cheap gas and high efficiency have been attractive to many NFT developers who have launched successful projects on Solana’s platform. Despite Solana’s longstanding success, the platform experienced a turbulent 2021. That was when Solana was entwined in the drama surrounding the failed FTX exchange, causing Solana’s Total Value Locked to drop to $218.16 million and slip out of DeFiLlama’s top ten dashboard.

Solana experienced multiple network outages in the recent past, which only served to deepen the mistrust of many users. To make things worse, a Reddit post went on to suggest that the Solana Foundation asked Polygon and Ethereum for millions of dollars in order to retain their respective networks on Solana. While Polygon is said to have stumped up $5 million, it is unclear how much Ethereum had to pay up.