Crypto News
NFT Projects DeGods, y00ts to Leave Solana for Ethereum and Polygon
DeGods and y00ts – have announced their departure from Solana and revealed that they would be migrating to Ethereum and Polygon.
The two top NFT projects on Solana anticipate moving to new chains in the first quarter of 2023, according to their respective updates on Twitter. The duo stated,
“The details of the bridge will be released when it’s ready & tested. This has never been done before at this scale. We want to make sure that it’s airtight.”
- Despite a rocky launch in late 2021, NFT profile-picture project DeGods transformed into a true titan across all NFT networks this year. Its digital collectibles went on to become some of the most valuable on Solana.
- DeGods acquired a team in the professional basketball league BIG3 – founded by rapper and actor Ice Cube. The launch of the much-anticipated y00ts project this fall further increased its popularity.
- According to Messari’s recent report, Solana recorded over 19% quarter-over-quarter growth in NFTs and is now second, trailing only Ethereum with respect to terms of transaction volume and activity.
- The network’s cheap gas and efficiency made it a popular choice among NFT developers, which stimulated the growth of numerous successful projects on the platform.
- The departures come amidst a rather disastrous year for Solana, especially after being caught up in the drama surrounding the failed crypto exchange FTX, which prompted its exit from the top ten on DeFiLlama’s dashboard.
- The total value locked (TVL) across Solana protocols fell to $218.16 million.
- Repeated encounters with network outages further added to the skepticism.
- Meanwhile, a Reddit post claims that the two projects asked the Solana Foundation for millions to remain on the network. While Polygon reportedly coughed up $5 million to bridge y00ts, the amount Ethereum paid is unknown.
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BitPay and MoonPay, leading bitcoin and cryptocurrency payments infrastructure providers, have partnered “to provide BitPay users with significantly increased ways to buy cryptocurrency instantly, and at great rates.”
“BitPay’s unique marketplace experience also presents multiple rates for buyers, ensuring they receive the best possible price for their cryptocurrency purchases,” the press release states. “Additional benefits of the integration include fast delivery to any owned wallet address, as well as the ability for buyers to pay with their preferred method, including credit card, debit card, Apple Pay, Google Pay or a variety of local bank transfer methods.”
The announcement also states that for a limited time, BitPay users will be able to purchase bitcoin with no fees. Those seeking to access the MoonPay integration can do so at BitPay.com or on the BitPay Wallet app.
Bill Zielke, CMO of BitPay, said in the press release that, “BitPay’s partnership with MoonPay brings together two leaders of the crypto payments space to give BitPay users near-instant access to cryptocurrency.”
Echoing that statement, Harry Peatson, partner account manager at MoonPay, explained that, “This partnership will provide users with a greater variety of ways to buy cryptocurrencies, allowing them to use their preferred buying methods, and with much greater speed of delivery than previously.”
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Legislators need to educate themselves on Web3 if they care about protecting consumers, Steven Eisenhauer, chief risk and compliance officer at Ramp, writes.
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The Ministry of Justice in South Korea announced plans to introduce a crypto-tracking system to counter money laundering initiatives and recover funds linked to criminal activities.
The “Virtual Currency Tracking System” will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittance, according to local media outlet khgames.
The South Korean Ministry of Justice will introduce a “cryptocurrency tracking system” in the first half of this year to strengthen the tracking of money laundering and recovery of criminal proceeds using cryptocurrencies. https://t.co/2CLkaLUrX6
— Wu Blockchain (@WuBlockchain) January 29, 2023
While the system is slated to be deployed in the first half of 2023, the South Korean ministry shared plans to develop an independent tracking and analysis system in the second half of the year. A rough translation of the ministry’s statement reads:
“In response to the sophistication of crime, we will improve the forensic infrastructure (infrastructure). We will build a criminal justice system that meets international standards (global standards).”
The South Korean police previously established an agreement with five local crypto exchanges to cooperate in criminal investigations and ultimately create a safe trading environment for crypto investors.
Related: South Korean prosecutors request arrest warrant for Bithumb owner: Report
The South Korean Supreme Court ruled that crypto exchange Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017.
The finalized ruling from the supreme court ordered damages ranging from as little as $6 to around $6,400 be paid to the 132 investors involved.
“The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service,” the court stated.
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