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Potential benefits and risks of DeGods and y00ts migrating across chains from Solana

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Is the best solution to Solana's ecological decline?

co Research Analyst Tom Wan

This is 0xJamesX

Solana 上交易量最大两个 NFT 项目 DeGods 和 y00ts 正在推动自己的多链方案，以应对 Solana 生态的衰退。从 Solana 跨链迁移:

DeGodsNFT-> Ethereum

y00tsNFT-> Polygon

21.co Research analyst Tom Wan shared some interesting statistics and his analysis of the potential advantages/risks of this move in a post on social media. Data from CryptoSlam! .

Trading volume in the last 30 days

Degods + y00ts accounted for 33% of the NFT trading volume on Solana over the past 30 days. Aside from DeGods and y00ts, these four NFT projects had the highest 30-day volume on Solana: Okay Bears, Claynosaurz, ABC, and Lily.

After crossing the chain, Degods is currently trading at 1.6% of Ethereum's total volume. DeGods floor is currently priced at 505 SOL, converting to ETH would be ~4.64 ETH. NFT projects that have PFP classes similar to floor prices on Ethereum are VeeFriends, cloneX, Pudgy Penguins, and Meebits.

y00ts will account for 41.4% of Polygon's total NFT trading volume. Some notable NFT items on Polygon include Reddit's collectible avatar and CollectTrump.

Key potential upside for Degods

Degods 的关键潜在利好--向上的价格探索。Degods 将能够利用 Ethereum 生态的庞大资金量，因此存在一个向上的市场定价空间。一个快速的对比：

- Ethereum's DeFi TVL is over 100 times higher than Solana's.

- Ethereum's average NFT transaction size in December was 5 times higher than Solana's

y00ts migrates key advantages of Polygon

The key advantage of y00ts' migration to Polygon is a large pool of potential partners.

-- Polygon is used by many agencies/brands for NFT publishing, such as JPM, Reddit, Starbucks, Adidas, NFL, Disney, Meta, etc.

- Polygon Also on some days in December, NFT volume surpassed Solana.

There are more advantages, such as:

- Cutting FTX/Alameda's negative impact on Solana's ecology

- a more mature, secure and stable underlying blockchain.

- Better Dapp/ marketplace support, such as NFT lending and various NFT trading platforms

Etc......

risk

But there are still some risks in these schemes.

1/ Cross-chain risk

Chain Bridges have long been a playground for hackers. According toDefiLlamaIn total, $2.53 billion was hacked into the bridge, accounting for about 50 percent of the total value lost by the hack. Some notable bridge hacks include: Ronin, Horizon, Wormhole, Nomad, and Binance's bridge hacks.

2/ NFT cross-chain solution

Existing solutions include Wormhole's NFT cross-chain bridge, which allows you to cross-chain to more than 10 chains. Sandbox is also relocating their plot NFT to Polygon via a cross-chain contract.

Reference: https://etherscan.io/address/0x03c545163bd114D756c65DDA1D97D37b89dA2236