Top Solana startup DeLabs admits to receiving a $3 million grant to move its y00ts NFT projects from Solana over to Ethereum sidechain Polygon. Project founder Rohun Vora, aka Frank DeGods first announced the funding via the official DeGods/y00ts discord channel. Read on to learn more about the investment and what it means for one of the most exciting projects on the blockchain.
What Does The Polygon $3 Million Funding Mean For DeGods & y00ts?
Earlier this week, Frank DeGods announced that DeLabs received a $3 million non-equity grant from Polygon to expand the team and scale an upcoming incubator project. He adds that there were other chains offering more money to the team as well. But clarifies his decision to choose Polygon, describing it to be the best direction for the y00ts project overall.
Vora also states that the company will expand its business with growing teams. The teams include business development, graphic design, content creation, and event coordination personnel. The revelation of the investment comes a week after the DeGods team announced its plans to shift blockchains. According to DeLabs, the DeGods project will bridge to Ethereum, whereas the y00ts project shifts to Polygon.
In the ongoing crypto winter, the Solana cryptocurrency is down 91% from last year’s valuation. For context, SOL continues to drop since its November 2021 high of $258. As of the time of writing, SOL hovers around a value of ~$13.
y00ts is a top NFT project built by DeLabs, the founders of (former) leading Solana project DeGods. y00ts is a 15,000 unit profile picture (PFP) NFT project. And DeGods is a 10,000 digital art collection. Frank also added that with the funds and the expanded team, he aims to achieve even more quality projects. The goals are to dominate the attention economy, provide cool partnerships and deals with businesses, and overall create magical experiences. He has further announced that the company will be posting up a job board shortly.