•DeLabs, the startup behind top Solana NFT collections DeGods and y00ts, has revealed that it received a $3 million grant to move y00ts to the Ethereum sidechain Polygon.
• According to a statement published on Discord by founder Frank, aka Rohun Vora, DeLabs will put the funds toward hiring efforts and launch a crypto incubator to support its NFT ecosystem.
• Y00ts are a spinoff profile picture NFT collection from the DeLabs team, which first found success with its DeGods PFP collection on Solana.
• The money seems to come with no strings attached besides the promised move to the new blockchain. Frank said the funds are coming in as a “non-equity grant,” meaning Polygon is not receiving a stake in DeLabs in exchange.
Delabs’ latest announcement is sure to pique the interest of Ethereum and NFT enthusiasts alike. Not only is the startup behind some of Solana’s top digital collections — DeGods and y00ts — but they have now been granted a $3 million grant to move y00ts to the incredibly popular Ethereum sidechain Polygon.
This grant serves as further confirmation that Ethereum is a go-to spot for artists, developers, and innovators alike when it comes to NFTs. Of course, Ethereum isn’t the only contender in this field — with more and more blockchains becoming increasingly accessible it will be interesting to see which ones gain traction among both developers and fans.
Founded by Frank, aka Rohun Vora, DeLabs seeks to enable the biggest decentralized tech infrastructure launches yet with the goal of creating cohesive NFT ecosystems — and they recently announced plans to put their funding towards hiring efforts and launch a crypto incubator.
This innovative project aims to provide young companies with the support and resources needed to jumpstart success in the cryptocurrency space. Frank believes that with the help of experts in the blockchain industry and access to technology, as well as legal and financial advisors, these emerging startups will have an increased chance of achieving success. Ultimately, Revon is focusing on giving these projects the tools necessary for them to reach new heights in the ever-evolving world of cryptocurrency.
What Is Polygon?
Polygon is an Ethereum-compatible sidechain designed to allow users to make transactions on Ethereum at a fraction of the cost of gas fees. It is an important part of the Ethereum ecosystem, as it allows developers and users to interact with blockchain technology without having to pay high transaction fees associated with using the Ethereum mainnet.
Aim of Moving Y00ts To Polygon
The aim behind moving Y00ts, DeGods’ popular NFT collection, over to Polygon is twofold. Firstly, it reduces the number of gas fees associated with each transaction — allowing users to buy and sell their Y00ts without having to pay too much in fees. Secondly, by moving over to Polygon’s sidechain network, more people are able to access DeGods’ services — as Polygon works faster than Ethereum main net and can process more transactions per second.
Benefits of Moving Y00ts To Polygon Sidechain
By moving over to the Polygon sidechain network, DeGods are able to provide their users with lower gas fees and faster transaction times — without compromising on security or functionality. This move also opens up avenues for more collaborations between DeGods and other projects on the Ethereum platform. Furthermore, as mentioned above, more people will be able to access DeGods services due to the increase in transactions per second that can be processed on the Polygon sidechain network compared with the Ethereum mainnet.
Technical Challenges Faced in Moving Y00ts To Polygon
It is no small task moving an entire NFT collection over from one blockchain platform onto another — especially when both platforms have different protocols and standards in place for data storage and transfer. The team at DeGods had numerous technical challenges along the way, such as ensuring that all existing tokens were properly transferred over and that any new ones created after this transition were also compatible with both blockchains’ systems. However, thanks in part to the $3 million grant from Polygon they were able to secure that they have managed this feat successfully.
How The $3 Million Grant Will Help With This Transition
The grant money will be used towards furthering development efforts for both blockchains involved in this project — namely Ethereum main net and its’ compatible sidechain –Polygon; as well as towards creating new tools required for successful asset transfers between them both — such as smart contracts, etc. Additionally, some funds have been allocated towards marketing initiatives aimed at increasing user adoption once everything has been successfully transferred across platforms.
The Rise of DeFi
The rise of Defi projects has begun to see the emergence of new sources of funding, such as the recent non-equity grant that Frank announced that DeLabs has received. The money itself comes at a great opportunity for DeLabs, as it enables them to quickly make the move across to their own blockchain. This grant isn’t attached with many strings besides commitment from DeLabs towards moving to their own blockchain, making it ideal for accelerating their progress in a nurturing environment.
Source : Polygon Medium