- Y00topia, with 15,000 NFT collections, is bridging to the Polygon blockchain.
- DeGods, with 10,000 gods NFT, can be migrating to the Ethereum ecosystem.
- Earlier than the FTX fiasco, Solana had a $13.5B market cap and traded above $37.5.
For the reason that information of FTX’s impending collapse broke, the Solana (SOL) blockchain has been in bother. Its predicament is worsening as its supposed last-standing hopes in NFT bow out.
Within the final 24 hours, two of the main tasks within the Solana ecosystem introduced their departures to new chains efficient early subsequent 12 months. Y00topia, a challenge comprising 15,000 NFT collections, posted on its official Twitter web page that it might be bridging to the Polygon blockchain within the first quarter of 2023.
Equally, DeGods, a deflationary Solana NFT challenge that includes a digital artwork assortment of 10,000 colourful digital gods, mentioned it might be migrating to the Ethereum ecosystem within the 2023 Q1. Nonetheless, DeGods famous that Ethereum shouldn’t be its desired vacation spot however a step in the precise route.
Earlier than the FTX fiasco, Solana was once one of many high ten largest cryptos by market cap, competing with Binance Coin (BNB), Cardano (ADA), and Ripple (XRP). Now SOL ranks sixteenth with barely a $5 billion market worth.
In response to a report from final month, SOL ranked the ninth largest cryptocurrency on November 5, with a market cap of over $13.5 billion, whereas it traded above $37.5. Nonetheless, FTX’s collapse worn out over $8 billion of Solana’s market worth.
Stefan Rust, CEO of blockchain pockets firm Laguna Labs, mentioned essentially the most unlucky harmless sufferer is the Solana ecosystem within the present crypto shakeout. Beforehand, Solana raised about $300 million in an Preliminary Coin Providing (ICO) from some corporations, together with FTX’s accomplice, Alameda Analysis, incomes it a stake in SOL.