- Solana-based non-fungible tokens y00ts and DeGods are leaving the platform.
- The NFT projects confirmed they will switch to Polygon and Ethereum in Q1 2023.
- They are the top-ranking Solana-based collections on OpenSea.
y00ts and DeGods confirmed (in separate statements) plans to switch homes early in 2023 following testing. Meanwhile, the NFTs will issue an official roadmap in January next year. Meantime, a Reddit post suggests y00ts and DeGods asked millions from the Solana Foundation to stay on the blockchain. Also, the user alleged that Polygon paid about $5M to bridge y00ts. He added that Ethereum’s pay remained unknown.
DeGods & y00ts Top the Chats
The two NFT collections are in the top three SOL NFTs on OpenSea by volume. The previous day had DeGods hitting around 2.2 million SOL in volume, whereas y00ts registered 1.7 million SOL. Thus, the migration will mean a massive hit for Solana.
DeFiLlama shows Solana has disappeared from the top ten list. It boasts 91 protocols with $218.4M TVL, standing in the eleventh rank. Contrarily, Polygon and Ethereum control the top five positions. Ethereum houses more than 600 protocols with a $23.38 billion total value locked, and it’s the leading DeFi chain.
Polygon ranks 5th, homing 352 protocols with $993.41 million TVL. On the on-chain side, Ethereum dominates about 60% of the TVL within the decentralized universe. Meanwhile, Polygon controls nearly 2.5% of the sector.
Recent BeInCrypto reports indicated that Solana exhibited high non-fungible token sales volume regardless of deteriorated markets. It ranked 2nd after Ethereum (according to Cryptoslam stats). December figures place Polygon behind SOL.
Solana Outages Remain a Concern
Anatoly Yakovenko, Solana’s co-founder, recently highlighted the problem of outages on the network. While the co-founder confirmed that developers prioritize the network stalling challenges, the industry remains worried about 2023’s events.
The blockchain has experienced outages that have led to delays in transactions more than once this year. Since in March 2020 introductions, Solana has seen downtimes because of power outages, glitches, and memory overflow.
For instance, the platform went offline for multiple hours in May. Another outage emerged in June before a validator problem crashed the network in October. Meanwhile, Polygon and Ethereum are yet to experience similar issues.
Nonetheless, the Solana team had promised that the new validator would enhance the blockchain’s reliability in 2023. Though questions about the platform’s stability persist, Solana has unveiled its next year roadmap.
Solana highlighted that the Firedancer validator from Jump Crypto would improve the crypto project. Adopting this validator client will prevent any issue from crashing the Solana platform, strengthening its stability and security.
Firedancer will be an important update for the platform as analysts expect NFTs to transform consumer brand collaboration in 2023. Meanwhile, the market’s price action stays subdued following FTX’s fall
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