Bitboy believes there will be a mass exodus of projects from Solana.
In a tweet today, Ben Armstrong, AKA Bitboy Crypto, said that more projects would leave the Solana ecosystem.
It comes as Dust Labs migrate DeGods and y00ts, two of Solana’s top-performing NFTs, to Ethereum and Polygon.
“I’m sorry if this hurts your feelings… but this is facts,” Bitboy tweeted, supporting a claim by a user that Solana is dead. “More NFT and crypto projects will leave Solana.”
I’m sorry if this hurts your feelings… but this is facts. More NFT and crypto projects will leave Solana. https://t.co/3GgI4PYO6A
— Ben Armstrong (@Bitboy_Crypto) December 27, 2022
DeGods and y00ts on Monday confirmed their migration plans yesterday via their official Twitter channels. Notably, DeGods will migrate to Ethereum, while y00ts will migrate to Polygon. Dust Labs say they plan to bridge both projects in Q1 2023.
Rohun Vora, also known as Frank, who created the projects in a Twitter space on Monday, expressed the belief that the projects have achieved all they can on the Solana network. According to the project lead, Ethereum and Polygon are the places to be to drive more growth.
Notably, holders of the NFT can decide whether or not they want to migrate.
Solana Labs co-founder Anatoly Yakovenko responding to news on Monday, expressed mixed feelings, noting that he would prefer it if they focused on Solana alone. However, he expressed optimism that their quest to conquer new frontiers will also attract curious users to the Solana ecosystem.
Despite the Solana co-founder’s assertions, it bears mentioning that the move could hardly come at a worse time. Notably, Solana has taken a heavy beating following the collapse of FTX and charges against FTX founder Sam Bankman-Fried who was heavily linked with the project.
Consequently, investor sentiment remains broadly negative, as evidenced in a poll by Bitboy yesterday, where 70% of users say Solana is dead.
Is Solana dead?
— Ben Armstrong (@Bitboy_Crypto) December 26, 2022