Will Degods And y00ts Break Through When Moving Into New Homes?

DeGods, the Solana ecological NFT project, announced that it would bridge to Ethereum in the first quarter of next year, and its second-generation project y00ts will also bridge to Polygon in the first quarter of next year and will release a more formal y00ts.

DeGods is a blue-chip project of Solana NFT. Its innovative mechanism of gameplay has brought it more than ten times the increase, and it has also made DeGods one of the strongest communities in the entire Solana NFT ecosystem.

However, due to the close relationship between the Solana ecosystem and FTX, the entire Solana ecology is now affected, and DeGods has not been spared. Since the FTX incident, its floor price has dropped by more than 70%, and “escape” from Solana to other public chains has become an important step in its planning.

Regardless of the number of users, transaction volume, or liquidity, Ethereum has always occupied a dominant advantage, and it is also the first choice for NFT developers. Therefore, it is not surprising that DeGods migrated to Ethereum.

However, its second-generation project y00ts did not follow in the footsteps of DeGods, but chose Polygon, which is somewhat unexpected. Because compared to Ethereum, Polygon does not have a really strong NFT ecosystem, and its security is not as mature as Ethereum. Why did y00ts make such a decision?

Polygon’s approach to NFT layout

In terms of laying out NFT, Polygon is quite farsighted.

First, it became one of the first integrated public chains of Opensea besides Ethereum. With its cheap cost and fast transaction experience, it attracted many NFT users. The transaction volume once approached or even surpassed Ethereum and became the second-largest number of NFT users. ecology.

Later, Polygon Studios was established, determined to expand the chain game and NFT territory. So far, more than 36 projects have been invested. These projects are almost always deployed on the Polygon chain.

Although in the bear market, Polygon’s data in all aspects fell, and the NFT market was not so active. But Polygon also sees new breakthroughs, and hastened partnerships with Web 2 and traditional businesses. In the past few months, Polygon has attracted a large number of well-known brands and has already cooperated with top brands such as Coca-Cola, Starbucks, Draftkings, Meta, and so on.

Among them, Reddit’s NFT series Reddit Collectible Avatar issued by Polygon ushered in a peak transaction volume in a short period of time and once reached 25% of the entire mainstream market transaction volume. At present, the total number of Reddit Collectible Avatars has exceeded 7 million, and the total number of holding addresses exceeds 5 million.

As a major Web2 online site, Reddit has more than 1.5 billion registered users, 430 million monthly active users, and 52 million daily active users. Although the number of addresses held by Reddit NFT is small compared to its daily active users, this attempt will not only allow many Web 2 companies that are holding a wait-and-see attitude towards NFT to follow suit, creating new narratives about NFT but also for Polygon expand user scale and improve liquidity.

Vora, the founder of DeGods, also said that Polygon’s active cooperation with well-known brands is one of the reasons for their choice.

Beyond that, Polygon captures star power

In the last round of NFT bull market, we witnessed the power of the star effect not only brought real traffic to NFT but also profoundly affected the price of NFT. Since NFT has its own cultural and entertainment attributes, star effects are mostly concentrated in its celebrities in entertainment media and other fields. This time, Polygon launched a collection of NFTs of former US President Trump.

It is not without precedent to cooperate with political and business celebrities to deploy NFT, such as Twitter founder Jack Dorsey’s tweet NFT, Musk’s ELONGATE, etc. Although the sales of these NFTs are not entirely ideal.

However, the Trump NFT was sold out within 6 hours of its release and once topped the Opensea 24-hour trading list. According to Nansen data, more than 332,000 users minted NFT on Polygon in the week of the NFT launch, or driven by this, the average daily transaction volume of Polygon has surpassed that of BNB Chain.

Polygon took advantage of exactly these advantages, gaining traction in the early hype cycles. Data shows that the number of transactions on the Polygon chain has exceeded 960 million, and 234,000 contract creators have deployed 778,000 smart contracts. As of December 26, the number of unique addresses on the Polygon blockchain exceeds 202 million.

Major projects on Solana announce Support for Polygon

Prior to y00ts, major projects in the Solana ecosystem had announced support for Polygon. For example, Phantom, a single-chain wallet originally dedicated to Solana, announced support for Ethereum and Polygon to expand its service scope and officially upgraded from a single-chain wallet to a multi-chain wallet.

In addition, Magic Eden, the largest NFT market in the Solana ecosystem, also announced that it will integrate with Polygon and will first launch Launchpad and Marketplace on Polygon to provide support for the ecosystem of game developers and creators on the Polygon chain.

These announcements were all made a month ago, which makes us feel like y00ts had been planning for at least a month. Going from wallets accepting Polygon NFTs to integrating Polygon’s NFT marketplace seems to be paving the way for the y00ts to migrate.

Is Polygon the best choice?

Although Polygon has performed well recently, y00ts still faces many doubts about migrating to Polygon.

First of all, Polygon is facing technical problems, such as the 11-hour network interruption due to node failure in March and the loss of user funds due to loopholes in the Polygon PoS creation contract.

Whether it is an ideal bottom layer in terms of security. However, the final stage of the Polygon zkEVM public test network launched by Polygon in October this year has also been launched. According to the official statement, this technology can significantly increase the transaction volume per second of Polygon, and the main network will be launched soon. It can also be regarded as a technical breakthrough for Polygon.

Second, there are rumors that y00ts decided to move to Polygon because they asked for $5 million from the Solana Foundation, which was rejected, and therefore accepted funding from Polygon. Polygon is paying with a grant from its partners’ fund, which is expected to last for a year. But Degod founder Frank III has denied claims of asking for funds.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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