Degods -> ETH, y00ts -> Polygon, Will $SOL going down more?

[janggernaut]

Today, both Degods & y00ts (NFT) the nft project with biggest volume trade Solana chain on Magic Eden (ME), have decided to bridging to $ETH & $Polygon chain.



What will happen with Solana later? Going down more?

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[bbc.reporter]

What will happen with Solana later? Going down more?

Similar to what I have said in another thread, there are problems. Some developers are leaving for Aptos and Sui. Solana also shuts down when there is too much load, this appears to be a recurring problem. Also, the founders, do they remain commited to the project? I reckon if they do something similar to what Dan Larimer's team did with EOS, where they said they will leave the project to the community, I am certain this is a signal that they are leaving a sinking ship.

[Pierre 2]

Yeah. This is what happens when you need to compete with greater coin projects. Ethereum competitors are always like "I solve these issues" or "I solve those issues". But eventually Ethereum is the most superior chain. Solana has issues because it has less support especially under Bear market. NFTs were influencing chains like Solana heavily. I wouldn't buy Solana at this point even if it hits very low values.

[asriloni]

What will happen with Solana later? Going down more?

It doesn't seem to happen. Solane is likely stable at this moment. Those NFT migrated to the another blockchain didn't mean if the owner will be dumping all of their NFT. I see nothing happened even if they were having some versions of NFT. The migration from those NFT might be decreasing the traffic a little bit but it doesn't mean those migrations were creating panic sell for SOL. It seems like that the dump happened caused by bad news.
I saw that solana was in a critical situation at this moment.

[blockman]

I am familiar with Degods and having a bridge to ETH and Matic is a good idea. I guess they're now having the idea that it's no longer good to stay in solana.
But those that have invested and bought these NFTs of degods are really into solana but anyway, having a lot of bridges is going to bring them in more investors and holders.

[hugeblack]

The move to the $SOL network was mainly due to the fee issue, so when the fees return to stability, it is better to work on the Ethereum and Polygon rather than risk a central network that can shut down if the load is high.
Solana chain has started to lose a lot of momentum recently, and many currencies are looking for rapid development, so a decrease in revenue means a lack of investors, which means a slow network means its death.

I do not think that the Solana chain has reached the stage of death, and therefore things will move slowly, and if the platform does not develop quickly, losing all liquidity is a matter of time.

[doomloop]

The move to the $SOL network was mainly due to the fee issue, so when the fees return to stability, it is better to work on the Ethereum and Polygon rather than risk a central network that can shut down if the load is high.
Solana chain has started to lose a lot of momentum recently, and many currencies are looking for rapid development, so a decrease in revenue means a lack of investors, which means a slow network means its death.

I do not think that the Solana chain has reached the stage of death, and therefore things will move slowly, and if the platform does not develop quickly, losing all liquidity is a matter of time.

I think they didn't move to SOL. They started from it but now the dev's have implemented a bridge to ETH and Polygon. I don't think the reason for it is about the fees as I never heard SOL before experience an increase in fees like on what we see in ETH and maybe in polygon but that's because they got a lot of traffic but I still think that the increase in fees in matic is not that much as compared to ETH, so it was still a good alternative.

It's reported before that Solana is undergoing some issues but it's still far from dying as it's devs are still looking for a way to fix it's issues. I don't think it's devs will let that happen. So people or it's supporters should keep the same faith for the coin.

[posi]

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It's reported before that Solana is undergoing some issues but it's still far from dying as it's devs are still looking for a way to fix it's issues. I don't think it's devs will let that happen. So people or it's supporters should keep the same faith for the coin.

I also do not believe that Sol will die but investing or continuing to hold Sol needs to be carefully considered, investing in sol at this time is too risky. One thing we should know is that even though Sol has dropped from $230 and its current price is $16, angel investors like FTX or Alameda only buy it for $0.50 in private round. So even if it drops further, they still make huge profits, so I wouldn't be surprised if it falls further. But also retail investors like us who buy at high prices should consider cutting losses.

[el kaka22]

I honestly do not think that these were what kept SOL be high, nor they are not the ones that made it good neither. If SOL drops, it will be totally unrelated to this, and if it ever goes up it will be unrelated to this as well.

I believe that we are going to have some sort of trouble in the long run if we just trust SOL to be good based on the projects it has, because those projects could leave at any moment, if you want to trust SOL then trust it directly and invest into it because SOL is good and not because of any other project. I personally do not like it that much, but do not dislike it more because of this at all, unrelated.

[klidex]

Yeah. This is what happens when you need to compete with greater coin projects. Ethereum competitors are always like "I solve these issues" or "I solve those issues". But eventually Ethereum is the most superior chain. Solana has issues because it has less support especially under Bear market. NFTs were influencing chains like Solana heavily. I wouldn't buy Solana at this point even if it hits very low values.

I agree with you, maybe Degods is moving the network from $SOL to ETH and Matic in the hope that the development will be more rapid and progress from Degods himself.
This can happen because more and more investors no longer trust Solana. Constraints in costs that are too expensive can also be the cause of this move.
But we also don't know the real reason.

[yhiaali3]

I agree with you, maybe Degods is moving the network from $SOL to ETH and Matic in the hope that the development will be more rapid and progress from Degods himself.
This can happen because more and more investors no longer trust Solana. Constraints in costs that are too expensive can also be the cause of this move.
But we also don't know the real reason.

ETH No, Matic Yes, I don't think moving the Solana network to Ethereum would be a good option because users are still suffering from high gas fees on Ethereum despite upgrading to POS.

This issue has not gone away so it is probably best to move to Matic as things are looking good there so far.

As for the investors, yes, they no longer trust Solana, and I read the news on Twitter that the major investors in Solana are selling their sol coins. Therefore, in order for Solana to regain confidence again, new investments must be entered, and this seems unlikely at the present time.

[dbshck]

Ironically Solana went 2x after DeGods and Y00ts announced their migration

Yeah. This is what happens when you need to compete with greater coin projects. Ethereum competitors are always like "I solve these issues" or "I solve those issues". But eventually Ethereum is the most superior chain. Solana has issues because it has less support especially under Bear market. NFTs were influencing chains like Solana heavily. I wouldn't buy Solana at this point even if it hits very low values.

I agree with you, maybe Degods is moving the network from $SOL to ETH and Matic in the hope that the development will be more rapid and progress from Degods himself.
This can happen because more and more investors no longer trust Solana. Constraints in costs that are too expensive can also be the cause of this move.
But we also don't know the real reason.

The main incentive is the $3m grant from Polygon that DeLabs (the team behind DeGods and Y00ts) will receive for moving to Polygon chain.

[o48o]

Ironically Solana went 2x after DeGods and Y00ts announced their migration
-cut-

Funny enough i haven't heard anyone saying this. I only saw people blaming meme token BONK for it.
I had to google DeGods because you mentioned it and as i've seen that word around but never looked it up. I have followed NFTs from the sidelines i am constantly missing out free mints.




Now this brings me 2 questions.

1: Why an earth people think NFTs have died when some of them have outperformed every altcoin out there in the bear market?
2: Where do i find new free or interesting mints of PFP art?

[dbshck]

Funny enough i haven't heard anyone saying this. I only saw people blaming meme token BONK for it.

Yeah, the SOL price pump probably had nothing to do with DeGods/Y00ts leaving, it's just a funny coincidence.

Now this brings be 2 questions.

1: Why an earth people think NFTs have died when some of them have outperformed every altcoin out there in the bear market?
2: Where do i find new free or interesting mints of PFP art?

1. Can't blame them though, nearly every collection's floor price tanked and volume kept declining. But just like altcoins, NFTs likely will follow the broader crypto trend.
2. Yes it can be tough. You gotta be involved in some communities, which are mostly active on Twitter and Discord. Join some top collection's Discord/Twitter groups and see where it leads you