A leak to Ethereum. For several months, many projects have chosen to migrate to layer 2 ofEthereum. However, in some cases the reverse maneuver is performed. Thus, the y00ts protocol is considering leaving Polygon in favor of Ethereum.
y00ts wants to migrate to Ethereum
NFT y00ts is an NFT project launched in December 2022 and currently evolving on the Polygon blockchain. This collection was developed by DeLabs and is currently trading around 1.75 ETH on the Opensea platform.
Initially, the project had opted for Polygon because of its quick and inexpensive transactions. Nevertheless, these delighted-looking monkeys, unlike the famous Bored Apes, are now considering leaving Polygon.
Indeed, on August 10, the protocol teams announced on Twitter that it will migrate to Ethereum. However, the exact date has not yet been communicated and should be announced in the days or weeks to come.
In practice, y00ts decided to migrate its protocol to Ethereum after seeing that the majority of its users were on this network. Moreover, the recent drop in activity as well as volumes on Polygon probably also motivated the migration.
Finally, the Twitter post reveals y00ts’ desire to unite its community with that of DeGods, another important NFT community operating on Ethereum.
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Return of grants
In practice, this migration will be the second of y00ts since the beginning of the year. In fact, the protocol initially launched on Solana had migrated to Polygon last January.
For this, the y00ts team had perceived $3 million from Polygon to migrate over the network. A sum which, according to the founder, did not play in favor of Polygon, as explained at the time of the facts:
“We did not accept this contract for the money. It’s just a nice bounty and we’ll use it effectively. We did it because it’s the most exciting direction for y00ts as a project. On the other hand, if you’re really upset, all I ask of you is to channel that energy by asking real questions instead of automatically assuming the worst. »
However, in parallel with the announcement of migration to Ethereum, the y00ts teams have also announced that they will fully reimburse the grant distributed by Polygon.
“ We return 100% of the grant awarded by Polygon. The funds will be redeployed for the growth of the NFT ecosystem to empower builders and creators. We still love Polygon. It’s just time to unite the DeGods & y00ts communities. »
A refund accepted by Polygon, which has maintained its support for the y00ts protocol.
Unfortunately, the NFT ecosystem is not looking good. Indeed, most collections, including the famous BAYC, have seen their prices fall since the last bull run.
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