DeGods, a major Solana-powered NFT project, is now switching to Ethereum in Q1 of 2023, the team revealed via Twitter.
The bridge is not the destination. It is on the path to get there.The details of the bridge will be released when it’s ready & tested. This has never been done before at this scale. We want to make sure that it’s airtight. In the meantime, we will be releasing the Season III roadmap in January (for real this time).
Another leading project announcing its departure is the community-first NFT collection y00ts which would be migrating to the Polygon network.
The news has dealt a heavy blow to the SOL’s network as both DeGods and y00ts were in the top 20 volumes according to data from cryptoslam.
Solana’s market capitalization was hit the hardest in the onslaught of both FTX and Alameda Research.
In particular, the DeFi on the network was impacted the most. Since the year’s start, the total value locked on Solana has decreased by 96%. According to DeFiLlama, the current value of TVL is a pitiful $218 million.
Additionally, on-chain activity has completely dropped. Over the past several months, all three metrics—transactions, active addresses, and wallets—have drastically fallen.
The Solana network’s nonfungible token activity has been strong overall despite the recent FTX scandal and the exit of two projects. Per Data from Cryptoslam, the 30-day sales volume metric topped $50 million.
Ethereum Rules The Roost But Solana Is Not Far Behind
Other NFT networks such as ImmutableX, Cardano, Polygon, Flow, and BNB Chain are way behind. As of Dec. 8, Sol NFTs had $60 million in 30-day sales volume, which is more than 4x the next ecosystem, ImmutableX.
However, Ethereum still continues to dominate the NFT market by a huge margin. The data shows that the 30-day NFT sales volume on Ethereum was close to $400 million.
For web3 game developers, compressed NFT minting could be quite important. This implies that they can easily produce a large number of in-game NFTs on the Sol network.
Furthermore, a number of game titles are set to be released on Solana next year. The launch of the Saga Solana-based phone will also be a pivotal moment for the ecosystem, said Solana Ventures investor Justin Barlow.
