Bitboy Crypto: "More projects will leave the Solana ecosystem"

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NFT platform DeGods and the y00ts project announced the transition from the Solana blockchain to alternative networks. The owner of the YouTube channel Bitboy Crypto believes that the Solana ecosystem is already dead.

The DeGods platform team, launched in October 2021,
confirmed plans to switch from Solana to the Ethereum blockchain. Side project y00ts too
will switch to another network, Polygon. The migration of both projects should take place in the first quarter of 2023.

The decision to move DeGods and y00ts from onenetworks came at a turbulent time for Solana, as the network was backed by FTX founder Sam Bankman-Fried, now accused of fraud. Since the beginning of the year, the SOL coin rate has fallen by more than 94%, and over the past 30 days, SOL has lost about 19.7% of its value and is trading at $11.16. Just a few months ago, SOL was among the top 5 crypto assets by market capitalization, but now the coin is trying to stay in 16th place.

Owner of a YouTube channel with 1.45 million subscribersBitboy Crypto Ben Armstrong suggested that more cryptocurrency projects will leave the Solana ecosystem in the near future. Thus, he responded to a Twitter user who wrote that the Solana network is dead, and Ethereum and Polygon create more opportunities for growth. In general, user sentiment towards Solana remains negative, as evidenced by
survey published by Bitboy Crypto. According to the survey, 70% of respondents believe that the Solana network is lifeless.

Solana Labs co-founder Anatoly Yakovenko expressed regret about this. He
wrote that it would be great ifNFT projects have focused specifically on this blockchain. However, Yakovenko believes that the desire of Solana developers to conquer new frontiers can attract many other curious users to the ecosystem.

In November, Tether moved $1 billion worth of USDT stablecoins from the Solana blockchain to Ethereum. The reason was the difficulties faced by Solana after the collapse of FTX.