In a surprising twist, the Y00ts non-fungible token (NFT) collection has revealed its decision to migrate from Polygon to Ethereum. This strategic move has a clear objective: to foster a stronger connection between the Y00ts and DeGods NFT communities.
Simultaneously, Coinbase has made a significant announcement regarding the launch of Base, its Layer-2 solution for Ethereum. The mainnet for Base has been officially unveiled, and the response has been remarkable, with over $142 million already locked within the Base ecosystem.
Despite these encouraging advancements within the Ethereum sphere, there has been a recent dip in the market capitalization of the Ethereum ecosystem. However, the migration of Y00ts from Polygon to Ethereum is poised to inject positivity into the Ethereum network. This migration not only aligns two substantial NFT communities but also amplifies the potential for increased activity and transactions within the Ethereum ecosystem.
Y00ts and DeGods Reunite on Ethereum
In the past few days, the Y00ts NFT collection has announced its departure from Polygon, along with the decision to return a substantial $3 million grant it had received from the Ethereum layer 2 earlier this year. The project's move comes as it aims to forge stronger ties between the Y00ts and DeGods communities, both of which are set to reunite on the Ethereum blockchain.
The Y00ts NFT collection, once a prominent player in the Solana ecosystem, has undergone a strategic shift that will undoubtedly reshape its trajectory. By making the strategic choice to migrate from Polygon to Ethereum, the Y00ts team aims to bring together its community with that of DeGods, another project created by Los Angeles-based startup DeLabs, which made its migration to Ethereum in April this year.
Although the exact migration date has not been disclosed yet, Y00ts enthusiasts and the DeGods community eagerly await the upcoming announcement. This migration also coincides with DeGods' announcement of an imminent Season III collection release, creating a sense of anticipation within the NFT community.
The decision to migrate away from Solana was initially unveiled by both Y00ts and DeGods in December. Rohun Vora, better known as Frank and the project leader behind DeGods, clarified the motive behind the shift during a Twitter Spaces session. Vora explained that the collection had reached its capacity on the Solana blockchain.
Y00ts had previously undergone a successful migration to Polygon earlier in the year, utilizing the grant funds to expand its team and bolster the development of its project. In light of the recent migration decision, Polygon has shared its intention to redeploy $1 million from the refunded grant towards empowering its native network of creators and builders.
Frank (Rohun Vora) conveyed his sentiments regarding the decision through a tweet, highlighting that despite the changes, there remains a sense of camaraderie among the parties involved. He emphasized that both projects had endeavored to make the partnership fruitful, but ultimately, the move was deemed necessary to consolidate the two communities.
In an official statement, Vora praised Polygon Labs as a remarkable partner for Y00ts. He expressed gratitude for the collaboration with the dedicated individuals at Polygon Labs and conveyed his excitement for the future chapter that lies ahead. Vora's optimism about the transition echoed the sentiment of both communities, who are eager to see how this migration will shape the collective future of Y00ts and DeGods.
Sandeep Nailwal, co-founder of Polygon, voiced his support for the decision. Nailwal commended Vora and his team for their contributions in fostering the expansion of Polygon's NFT ecosystem. This show of support demonstrates the underlying unity within the NFT space, where projects can evolve and pivot without causing a fracture in the broader blockchain community.
The migration of Y00ts to Ethereum signifies a crucial step toward consolidation, where the synergy of communities becomes the driving force behind the decision-making process. As the NFT landscape continues to evolve, such moves reflect the fluid nature of blockchain projects, where adaptability and community dynamics play a pivotal role.
In the grand tapestry of blockchain technology and NFTs, the migration of Y00ts to Ethereum serves as a testament to the importance of community cohesiveness. The move speaks volumes about the willingness of projects to adjust their paths to ensure a stronger and more vibrant collective future. As the migration unfolds in the near future, the NFT and blockchain communities eagerly await the next chapter in the intertwined story of Y00ts and DeGods.
Coinbase Builds a Layer-2 Solution for ETH
In related news, Coinbase - a leading cryptocurrency exchange - has taken a significant step in the blockchain ecosystem with the launch of their mainnet for Base, its Ethereum layer-2 network. This strategic move is aimed at catalyzing the growth of a multitude of decentralized applications (dapps) and expanding Coibase’s user base for blockchain technology.
The unveiling of Base's mainnet marks the culmination of months of meticulous development by Coinbase's team. The launch is being commemorated through a month-long event called Onchain Summer, which not only showcases the platform's capabilities but also highlights its potential impact on the broader blockchain landscape.
Since its announcement, Base has garnered substantial attention, with over $142 million locked in the ecosystem. This impressive figure signifies an almost 52% surge in total value locked in the week leading up to the launch, as reported by Dune Analytics. The surge underscores the anticipation and enthusiasm within the community for Base and its capabilities.
Jesse Pollak, Coinbase’s senior director of engineering, contextualized the launch of Base within a larger framework of expanding blockchain adoption. The goal is to introduce a broader audience to the potential of blockchain beyond just cryptocurrencies. Base aims to demonstrate the multifaceted applications of blockchain technology that go beyond conventional financial use cases.
One of the most remarkable aspects of Base's launch is the availability of more than 100 decentralized apps, which will be accessible to users. This impressive array of dapps has been developed by a diverse group of developers, some of whom were granted early access to the blockchain last month. This diversity in dapps reflects the versatility of Base and its potential to cater to a wide range of user interests and needs.
Diverging from the strategy of other layer-2 networks like Arbitrum and Optimism, Coinbase has decided not to introduce native tokens to the Base network. This decision is rooted in the belief that tokens can potentially distort the objectives and activities of the network. By refraining from introducing native tokens, Coinbase aims to provide a fertile environment for nurturing developers and fostering their creations.
Jesse Pollak elaborated on this approach, stating, "We want folks to see Base as kind of an opportunity for growth and expansion. But we also think it's really important that we incubate and curate a Base native community where folks who are really building base first, and creating for this new kind of world."
This strategic decision might also serve a regulatory purpose. In light of the legal pressure that Coinbase is currently facing, especially the lawsuit filed by the Securities and Exchange Commission (SEC), abstaining from introducing native tokens could potentially avoid regulatory complications. The SEC's lawsuit, which alleges Coinbase of operating as an unlicensed securities exchange and dealing in unregistered securities, emphasizes the importance of regulatory compliance in the cryptocurrency and blockchain space.
Ethereum Ecosystem Weakens Slightly
CoinMarketCap indicated that the collective market capitalization for cryptocurrencies in the Ethereum ecosystem dropped 0.55% over the past 24 hours. Consequently, the total stood at $242,232,202,351 at press time. Alongside the drop in market cap, the Ethereum ecosystem also experienced a 34.44% drop in its 24-hour trading volume - bringing the total volume down to $5,543,647,505.
Most notably, the leading altcoin Ethereum (ETH) was changing hands at $1,852.97 after its price dropped 0.41% throughout the past day of trading. This negative daily performance was unable to bring ETH’s weekly performance into the red zone, however, as the cryptocurrency was still up 1% for the week.
Similarly, the second largest Ethereum ecosystem cryptocurrency and popular meme coin Shiba Inu (SHIB) suffered a 24-hour loss of 0.56%. This daily drop in SHIB’s price comes after a remarkable performance during the past week, which saw it rise more than 20%.
Mantle (MNT) also experienced a 24-hour price drop, and was down 0.85%. This negative daily performance dragged the altcoin’s price to $0.4643 at press time. Meanwhile, Arbitrum (ARB), the 5th biggest cryptocurrency in the Ethereum ecosystem, was one of the handful of Ethereum-based altcoins that achieved a 24-hour gain, and was able to climb 0.04% - boosting its price to $1.18.
There were only two other top 10 altcoin in the Ethereum ecosystem that posted 24-hour price increases, and they were Render (RNDR) and Enjin Coin (ENJ). RNDR was the biggest gainer in the top 10 list with its standout performance of +2.15%. Subsequently, RNDR’s price stood at $1.72. ENJ on the other hand was changing hands at $0.291 after its price rose 0.26% in the past day of trading.