- DeLabs, the team behind the popular DeGods and y00ts NFT projects on the Solana blockchain, has announced that it is moving its projects over to Ethereum and Polygon
- Given that DeLabs had larger-scale ambitions for DeGods, the team knew that the project would likely move to Ethereum at some point.
- DeLabs has not revealed many concrete details about the migration process.
the migration is just the beginning of a new phase for DeLabs, as it looks to expand the DeGods and y00ts ecosystems and explore new opportunities for growth and innovation.
Time to hit the road
DeLabs, the team behind the popular DeGods and y00ts NFT projects on the Solana blockchain, has announced that it is moving its projects over to Ethereum and Polygon. While DeGods will migrate to Ethereum, y00ts will be moving to Polygon. DUST, the ecosystem token tied to both projects, will also be bridged to both Ethereum and Polygon. DeLabs co-founders Rohun “Frank” Vora and Kevin Henrikson recently discussed the move with Decrypt, offering insight into the motivations behind the decision and the upcoming process.
DeGods is the most valuable NFT project on Solana, having generated nearly $150 million worth of trading volume. However, SOL, the native cryptocurrency of the Solana blockchain, lost considerable value since DeGods launched in late 2021. When the project became Solana’s most valuable large-scale NFT project last summer, SOL had already fallen about 97% from its peak price, and the wider NFT market was in freefall.
Given that DeLabs had larger-scale ambitions for DeGods, the team knew that the project would likely move to Ethereum at some point. Ethereum is the largest and most valuable NFT market, with popular projects such as Bored Ape Yacht Club and CryptoPunks. Henrikson said that Solana was “a great place” to start, given the tooling on the network and the fact that its NFT community wasn’t as established as Ethereum’s. But if DeGods wants to be the biggest and most popular NFT collection in the world, it has to be on Ethereum, he said.
Frans reaffirms goals
DeLabs co-founder Frank reaffirmed his goal of making DeGods the “number-one luxury NFT in the world.” Currently, a DeGods NFT on Solana starts at about $11,500 worth of SOL on the Magic Eden marketplace, but Yuga Labs’ Bored Ape Yacht Club PFPs on Ethereum start at 10 times that amount. It will be a new challenge for DeLabs to try and outshine ETH’s heavyweights, but that’s a big part of the appeal for the team.
Meanwhile, y00ts will be moving to Polygon, an Ethereum scaling network that’s recently gained traction with brands like Starbucks, Meta, and Nike. Last summer, when y00ts started making waves, DeLabs received outreach from various blockchain networks about launching the NFT collection elsewhere. While it ultimately rolled out on Solana, DeLabs sought an eventual destination that could help that collection reach a broader audience and collaborate with sizable brands. Henrikson cited last year’s litany of brand announcements around Polygon, including NFT initiatives from Reddit, Meta, Starbucks, DraftKings, Disney, and beyond, and described it as an opportunity.
Polygon is an Ethereum scaling network that offers faster and cheaper transactions than Ethereum. The Polygon ecosystem is growing, with many developers building decentralized applications (dApps) and games on the network. The network is also compatible with Ethereum, which makes it easier for developers to port existing dApps and NFT projects to Polygon. Frank added that in addition to consumer brand deals, Polygon offers access to a growing slate of metaverse game platforms. Many y00ts visual traits were even left blank “so brands can imprint their logos on there,” Frank said.
DeLabs has not revealed many concrete details about the migration process. However, the team has promised to provide more information as the process develops. According to Henrikson, the migration process will be done via a smart contract. He said that the team has been working on developing a smart contract that will transfer DeGods and y00ts NFTs to Ethereum and Polygon.
Henrikson also shared that DeLabs is considering using other scaling networks in the future, such as Arbitrum or Optimism, which are also Ethereum-based. However, he emphasized that DeLabs’ priority is building a great product that can benefit from network effects, and not necessarily being married to any particular blockchain or platform.
The bridging process
According to Frank, the DeGods and y00ts migration to Ethereum and Polygon will be carried out through a bridge that’s being developed by DeLabs in-house. He described the process as “pretty straightforward,” where users will be able to swap their SOL-based NFTs for Ethereum-based NFTs in a simple and seamless manner.
While DeLabs is developing the bridge, it is also receiving support from the Ethereum and Polygon communities, who are excited about welcoming such a high-profile NFT project onto their respective platforms.
Henrikson emphasized that DeLabs is taking the migration process very seriously, and is doing everything possible to ensure a smooth transition for its users. This includes offering detailed guidance and support, as well as making sure that users will not experience any loss of functionality or other issues when using the new platforms.
In addition to the NFTs themselves, the DUST ecosystem token tied to both DeGods and y00ts will also be bridged to Ethereum and Polygon. According to Henrikson, this will give DUST holders more flexibility and liquidity, as well as greater access to the broader cryptocurrency and NFT markets.
Despite the controversy and backlash that followed the announcement of the migration, Frank and Henrikson are confident that DeGods and y00ts will thrive on their new platforms.
According to Henrikson, the migration is just the beginning of a new phase for DeLabs, as it looks to expand the DeGods and y00ts ecosystems and explore new opportunities for growth and innovation.
Frank also emphasized that DeLabs is committed to building a sustainable and long-term business that can continue to provide value to its users and investors. He noted that while the migration may be a risky move, it is necessary in order to achieve the team’s ambitious goals.
“We’re trying to build a brand and a community that is here to stay,” he said. “We’re not trying to just make a quick buck.”
DeGods and y00ts are two of the most popular and valuable NFT projects on Solana, generating millions of dollars in trading volume and attracting a dedicated fanbase of collectors and investors.
However, in December 2022, DeLabs founder Rohun “Frank” Vora announced that both projects would be leaving Solana and migrating to Ethereum and Polygon, respectively. The move was motivated by a desire to reach a broader audience and collaborate with major consumer brands.
While the migration has been controversial and faced considerable backlash from the Solana community, Frank and Dust Labs CEO Kevin Henrikson are confident that it will ultimately benefit DeGods and y00ts and help them achieve their ambitious goals.
The bridging process is being developed in-house by DeLabs and is expected to be simple and seamless for users. The DUST ecosystem token tied to both projects will also be bridged to Ethereum and Polygon, offering greater flexibility and liquidity for DUST holders.
Overall, the move of DeGods and y00ts from Solana to Ethereum and Polygon is a significant development in the fast-evolving world of NFTs. It highlights the importance of flexibility and adaptability in the blockchain industry, as well as the growing competition between different platforms and networks.