DeGods, y00ts Volume Jumps After Switching to Ethereum and Polygon

After popular NFT collections DeGods and y00ts announced that they had switched from Solana Blockchain to Ethereum and Polygon Blockchain respectively, both the collections have seen a massive jump in their volume.

The daily volume of the DeGods collection has increased by 187%. The average price has seen a jump from 426 SOL to 566 SOL which is equivalent to an increase of 33%.

As for y00ts, which would be switching to Polygon, its daily volume rose by 442%. The average price of the collection fell from 167 SOL to 155 SOL before rising again to 171 SOL.

As per reports, the DeGods team asked the Solana foundation for $5 Million to stay on Solana. However, Polygon paid the sum with a grant from its partnership fund.

The crypto analysis firm Nansen said:

We see a lot of different reactions here, as some holders have sold all of their DeGods while others are accumulating more.

DeGod’s project’s leader Rohun Vora, recently revealed in his Twitter Space that the move was hard to accept, but it’s been tough for the project to grow at the expected rate. Thus, if Ethereum is where the project would have to go to keep growing, then the project would have to do it, added Vora.

The departure of DeGods and y00ts major NFT projects have added to Solana’s already existing miseries. With FTX’s collapse, things have gone downhill for Solana. In fact, many have started wondering if Solana too will lose its relevance like Block.one’s EOS.