Solana loses ETH and MATIC to DeGods and y00ts NFT projects


Top Solana-based NFTs DeGods and y00ts are saying goodbye to the blockchain and migrating to Ethereum and Polygon.

gods and y00ts have been told apart announcements That they will go to their homes in the first quarter of 2023 after the test. Meanwhile, an official roadmap from NFT is expected in January 2023.

Meanwhile, a Reddit post alleged that DeGods and y00ts asked the Solana Foundation for millions to remain on the blockchain. User u/real_mooshi also claimed that Polygon allegedly paid y00ts $5 million to bridge. The user also said that the amount paid in Ethereum is unknown.

DeGods and y00ts rank in top 3

Both collections rank among the top three Solana NFTs by volume on the OpenSea Marketplace. Over the past day, DeGods hit about 2.2M SOL in total, while y00ts recorded 1.7M SOL. Therefore, the departure would be heavy on Solana.

Solana collection data from OpenSea
Solana collection data from OpenSea

On Defilama, Solana has already dropped out of the top ten series. It has 91 protocols with a Value Locked (TVL) of $218.4M, which ranks 11th. In contrast, both Ethereum and Polygon dominate the top five ranks. Ethereum has over 600 protocols and is the largest DeFi chain with a TVL of $23.38B.

Polygon is at the fifth position supporting 352 protocols with a TVL of $993.41M. On a chain-to-chain comparison, Ethereum controls approximately 60% of the total value locked in the decentralized universe. The polygon dominates about 2.5% of the space.

TVL of Chains Chart by DeFiLlama
TVL of blockchain data by DeFiLlama

BeInCrypto recently reported that Solana has maintained a high NFT sales volume on its ecosystem despite a weak market. In fact, according to CryptoSlam data, it is second only to Ethereum. According to the December data, the ranking is behind.

Solana outage still a concern for the industry

In a recent podcast, Solana co-founder Anatoly Yakovenko addressed the issue of Solana outages. While Yakovenko said that the network shutdown is the biggest challenge and priority for developers, the industry is worried about how 2023 will play out.

Outages that have caused transaction settlement delays have affected the network more than once in 2022. Eight times since its launch in March 2020, Solana has crashed either due to memory overflows, glitches or power outages. Back in May, Solana was taken offline for several hours. Another defect reported in June. Another validator issue brought down the network in October. Ethereum and Polygon have yet to report similar problems with their chains.

However, the team behind Solana promised that its new validator would improve the network’s reliability for the coming year. Something that would put Solana on par with Ethereum. While questions about the network’s sustainability remain, Solana has released its 2023 roadmap.

In its release, Solana explained that with the launch of Firedancer, the second validator client from Jump Crypto, the network is expected to get even better. If adopted, a new validator client would make it highly impossible for any single issue to bring down the Solana network, increasing its security and stability. It also noted, “Firedancer will make Solana the only other blockchain network besides Ethereum to have more than one validator client.”

This will be a significant upgrade for the network as NFTs are expected to fuel the next phase of consumer-brand interactions in 2023.

In terms of price action, the market is down after the FTX collapse. The market capitalization of Ethereum, Polygon and Solana places the chains in second, tenth and eighteenth place, respectively.

disclaimer

BeInCrypto has reached out to the company or the person involved in the story for an official statement regarding the recent development, but has yet to hear back.





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