DeLabs took $3m to move y00ts from Solana to Polygon

DeLabs took $3m to move y00ts from Solana to Polygon

According to reports, DeLabs has accepted $3 million in funding to switch operations from Solana to Polygon, dealing a severe blow to the faltering fourth-generation blockchain.

It was on the official y00ts Discord channel where word of the migration was first shared, followed by a tweet from Frank III.

Earlier this month, it was reported that DeLabs had approached Solana for $5 million to keep running on the blockchain. DeLabs announced their intention to switch blockchains on December 27th, prompting much discussion about how this would affect Solana. After exposure to FTX, SOL prices plummeted, and the fourth-generation blockchain is already showing signs of strain. In the original announcement, the team failed to mention any funding incentives used to facilitate migration and development.

Given this new information, it would appear that Polygon has secured the necessary funding to complete its departure from Solana. While this change has been widely speculated, Polygon has not yet commented on the matter. Ben Armstrong conducted a Twitter poll on Christmas Eve. Throughout the poll, 69.5% of the over 16,000 voters were less optimistic about Solana. Only 30.5% of the population had faith in Solana. However, Vitalik was confident that Solana would fully recover despite the group's consensus to the contrary.

According to Frankie III, there is a severe lack of personnel at DeLabs. Hiring “high-level talent” in business development, graphic design, content creation, and event coordination would be an integral part of the move to Polygon. Onboarding new team members will facilitate DeLabs' ability to launch new projects and expand successfully. DeLabs reportedly received even higher bids than Polygon from other industry players. Frank III insisted, however, that developing on Ethereum's sidechain is more exciting for the y00ts and other projects.

Many projects have felt the effects of the crypto winter, Solana included. FTX holders dumped their coins in a panic sale after the exchange went bankrupt. After plunging more than 90% from 2021 highs, Solana now shows signs of stabilizing. The price of SOL increased by 12% in less than 24 hours after the release of its first meme token, BONK.

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