DeLabs Receives $3 Million for Y00ts NFT Collection to Exit Solana

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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. 


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