- Y00topia, with 15,000 NFT collections, is bridging to the Polygon blockchain.
- DeGods, with 10,000 gods NFT, would be migrating to the Ethereum ecosystem.
- Before the FTX fiasco, Solana had a $13.5B market cap and traded above $37.5.
Since the news of FTX’s impending collapse broke, the Solana (SOL) blockchain has been in trouble. Its predicament is worsening as its supposed last-standing hopes in NFT bow out.
In the last 24 hours, two of the leading projects in the Solana ecosystem announced their departures to new chains effective early next year. Y00topia, a project comprising 15,000 NFT collections, posted on its official Twitter page that it would be bridging to the Polygon blockchain in the first quarter of 2023.
Similarly, DeGods, a deflationary Solana NFT project featuring a digital art collection of 10,000 colorful virtual gods, said it would be migrating to the Ethereum ecosystem in the 2023 Q1. However, DeGods noted that Ethereum is not its desired destination but a step in the right direction.
Before the FTX fiasco, Solana used to be one of the top ten largest cryptos by market cap, competing with Binance Coin (BNB), Cardano (ADA), and Ripple (XRP). Now SOL ranks 16th with barely a $5 billion market value.
According to a report from last month, SOL ranked the 9th largest cryptocurrency on November 5, with a market cap of over $13.5 billion, while it traded above $37.5. However, FTX’s collapse wiped out over $8 billion of Solana’s market value.
Stefan Rust, CEO of blockchain wallet company Laguna Labs, said the most unfortunate innocent victim is the Solana ecosystem in the current crypto shakeout. Previously, Solana raised about $300 million in an Initial Coin Offering (ICO) from some firms, including FTX’s partner, Alameda Research, earning it a stake in SOL.