- DeLabs has shared receiving a $3 million grant to move y00ts projects from Solana to Polygon.
- Other chains besides Polygon also offered money to DeLabs but Polygon has been chosen as the best direction for y00ts.
- The funds will be used to expand the team of DeLabs.
In December end, Today NFT News reported that Solana NFT Projects DeGods & y00ts will shift blockchains. The next day, we also shared that DeGods, Phantom, and y00ts are moving to multi-blockchains.
Looks like the time has come along with lots of funds.According to recent news, DeLabs has disclosed that the startup has got a $3 million grant to transfer y00ts to Polygon.
Based on a statement on Discord by Frank (Rohun Vora), founder of y00ts, DeLabs will use the funds to expand the DeLabs team throughout departments like graphic design, event coordination, business development, and content creation.
The startup will also launch high quality projects and move towards collaborations, deals and other perks with established businesses.
y00ts, a spinoff PNP NFT collection from DeLabs, earned success on Solana with its DeGods PFP collection.
According to Frank, the funds are coming in the form of a “non-equity grant,” which means that Polygon does not have a stake in DeLabs in exchange.
Here is a screenshot of our latest @y00tsNFT Discord announcement. pic.twitter.com/qWxjBsexv6— Frank III (@frankdegods) January 6, 2023
DeLabs has been understaffed for some time. Frank mentioned:
Securing extended runway with non-dilutive capital is huge for us, because it means we can be a little less conservative in our monthly burn.
Though Polygon has not announced the y00ts grant sum on its social media platforms, Frank’s decision has been supported by the company.
A spokesperson at Polygon said that they support the determination of both Frank and team of y00ts. Also, they are excited about the projects that will be established on Polygon through their launchpad.
y00ts will officially bridge to @0xPolygon in Q1 2023. pic.twitter.com/Mnz25dJko1— y00ts (@y00tsNFT) December 25, 2022
DeLabs moving away from Ethereum and Polygon and approaching Solana has happened a month after the collision of FTX.
Sam Bankman-Fried, former CEO, was a key investor in Solana as well as many other projects on the network, which also includes Serum, the now-defunct decentralized exchange.
Serum was built by Bankman-Fried and FTX and it was the support system of DeFi activities on Solana.
For DeLabs, Polygon was not the only option in terms of y00ts. Frank shared that the major efforts were being considered; however, DeLabs picked Polygon for y00ts owing to it being the most exciting direction for y00ts.
Polygon has entered into deals with popular brands like Disney, Starbucks and Coca-Cola. Frank
Frank has teased that in future, y00ts will have a major part in such big-brand collaborations on Polygon.