In a separate announcement on their Twitter accounts, DeGods and y00ts NFT announced that they are bridging their NFT collections to Ethereum and Polygon, respectively. The bridge will happen in Q1 of 2023, with both projects planning to release an updated roadmap after they have completed the process. $DUST, the official token of the DeGods ecosystem, will also bridge to the new chains. These announcements come following weeks of speculation on whether or not the DeGods ecosystem will move on from the Solana network.
DeGods and y00ts founder Frank DeGods also released a statement confirming this move. He was quick to point out the risks involved in this move as “nothing is promised” in reference to whether or not both NFT collections will enjoy the same success it currently does on Solana. He further went to show support for the Solana ecosystem. “I will not support any negativity/condescending behavior towards the Solana ecosystem,” Frank wrote. “The Solana NFT ecosystem is incredible. We owe everything to the people here.”
Is Solana in Trouble?
DeGods and Y00ts proposed bridge to Ethereum and Polygon is undoubtedly a huge loss to the Solana network. For context, these NFT collections are the top two most popular projects on Solana by trading volume, according to data from DappRadar. As such, Solana’s overall trading volume could dwindle significantly.
Solana was already facing some crisis following FTX’s collapse, with the token collapsing by about 57% following the incident. FTX’s former CEO, alongside his companies FTX and Alameda Research, was one of Solana’s biggest backers. SBF’s companies owned over 50 million SOL on their books
The Solana network also faced multiple outages this year; a cumulative 18-hour outage between January 6th and 12th, followed by a seven-hour-long outage in May. The nand network encountered two outages in June, with one lasting for over four hours, and another in October. These outages have occurred due to various reasons but it has highlighted the instability of the network and its limitations.
It has no doubt been a rocky year for the Solana ecosystem and it’s sad to see a network that was once considered as Ethereum’s competitor, fade out this way. Hopefully, Solana can resolve the issues plaguing it and get back in the game.
For the DeGods ecosystem, this move could be great for them as Ethereum and Polygon are superior blockchain networks. However, there is no assurance that it will enjoy the same success it did on Solana. Ethereum’s NFT community is “bigger” than Solana’s in every sense of the word, and DeGods will face more competition for the top spot.
What Makes Ethereum and Polygon Superior?
Ethereum and Polygon share a familial relationship, with both of them making the other better. Ethereum is the foremost layer-1 blockchain and can rightly be said to be the poster network of decentralization. Polygon, a layer-2 blockchain, is built on Ethereum to solve the latter’s scalability issues. This relationship has worked well, as Polygon has acted as a side-kick that has helped Ethereum maintain its popularity. Meanwhile, Polygon has also attracted users to its platform because of the perks it affords crypto projects. Let’s take a look at what makes these networks stand out from the rest.
Ethereum’s Decentralization and Smart Contracts
Despite its transition to Proof-of-Stake, Ethereum remains one of the most decentralized blockchains. Ethereum is said to have over 400,000 node validators, meaning the network is as decentralized and secure as it can be. While Ethereum’s validators have had to sacrifice decentralization and security to provide users with cheaper gas fees, Ethereum’s community has developed various off-chain scaling solutions to help the network survive the surge in transactions.
Furthermore, Ethereum is the go-to blockchain for developers in the DeFi space because it is essentially a “world computer” that one can use to create almost any decentralized application or implement smart contracts. Ethereum is the face of a multi-billion dollar blockchain-based economy that includes several virtual financial systems. It has contributed to the success of various businesses, with its adaptability and flexibility paving the way for several web3 platforms to come to life (It is currently home to over 2700 dApps).
Ethereum is simply every builder’s dream “tool.” No other platform or blockchain comes close in terms of functionality and utility, which is likely what has kept builders and users on the network despite complaints about its high gas fees. The Polygon network exists to solve this issue of gas fees and scalability.
Polygon’s Low Gas Fees and Speedy Transactions
Those who use the Polygon network enjoy the security and structural benefits that Ethereum provides since Polygon is compatible with the former while also enjoying low gas fees and speedy transactions on Polygon. Polygon has an average transaction fee of 1 cent and takes about 2.1 seconds to confirm each new block.
If you enjoyed this article, you may also enjoy…
Check out the home page of Exploring Digital Assets for additional insights, reports and news!
For media, content or writing inquiries please contact Patrick Hagerty at PatrickJHags@gmail.com