DeLabs Receive $3 Million for Y00ts NFT Collection to Exit Solana
DeLabs confirmed a $3 million receipt to allow y00ts NFT collections to shift from Solana to Polygon. The startup behind DeGods and y00ts admitted receiving $3 million as the Y00ts swapped Solana for the Ethereum chain Polygon.
DeLabs Lauds Non-Equity Grant from Polygon
DeLabs intends to allocate the proceeds to reinforce its hiring efforts. Besides, the startup seeks to fund the introduction of a crypto incubator to bolster its NFT ecosystem. Y00ts involves a spinoff profile NFT collection that leveraged the DeGods PFP collection founded upon Solana.
DeLabds indicated that the funds are unconditional, besides the swap for the new blockchain. In particular, DeLabs founder Rohun Vora affirmed the $3 million non-equity grant, thereby dismissing speculations that Polygon would, in return, earn ownership in the exchange.
Vora welcomed the receipt of non-dilutive funds admitting that DeLabs has been facing understaffing challenges for several months. The founder observed that securing the payment is a huge achievement since DeLabs will optimize its monthly burn.
DeLabs Restates Commitment to Transparency
Polygon is yet to acknowledge the y00ts grant via its social channels. Nonetheless, the Ethereum sidechain supports Vora’s decision and commitment to transparency in the firm’s transactions. In support, a Polygon spokesperson confessed plans to utilize the DeLabs launchpad for the forthcoming projects.
DeLabs’ shift from the Solana ecosystem to embrace Polygon and Ethereum network is hot on the heels of FTX’s catastrophic collapse.
FTX Collapse Triggers Exodus from Solana
The downfall hampered Solana, given the huge investment by the embattled FTX former chief executive Bankman-Fried to support various projects. In particular, Bankman-Fried’s pet project, decentralized exchange Serum, was considered the backbone of DeFi activity within the Solana network. The FTX collapse brought down Solana’s backbone, a reason for the exodus from the network.
Vora dismissed the assertions that Polygon was the sole option that DeLabs considered for y00ts. He confessed overlooking larger offers since Polygon choice offered an exciting direction for project y00ts.
DeLabs’ executive acknowledged that Polygon has recently partnered with leading brands, including Disney, Starbucks, and Coca-Cola. Vora teased that their inclusion within the Polygon network will enable y00ts to actively contribute to the big-brand partnerships in the future.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
