y00ts Moves to Ethereum and Repays Polygon Funding

The PFP project by DeLabs, y00ts, is making another move, this time from Polygon to Ethereum, aligning with the DeGods collection and company.

y00ts Moves to Ethereum and Repays Polygon Funding

The news was announced early on August 10 (Vietnam time) as part of the “Season 3” reveal for the project. y00ts previously migrated from Solana to Polygon earlier this year, with DeGods, its sister project, also transitioning to Ethereum. At that time, Polygon provided $3 million in funding to DeLabs in exchange for the company’s commitment to the layer-2 network and support for other projects in the ecosystem.

Today, DeLabs confirmed that it will fully repay the funding. Polygon Labs will allocate $1 million from the returned funds to support "creators and contributors to the network," with further details to be announced later.

In a tweet, DeLabs founder Rohun "Frank" Vora said:

"We tried our best, but we need to bring the two communities closer together. I would appreciate it if everyone could respect this decision."

In a statement, Polygon co-founder Sandeep Nailwal emphasized DeLabs' significant role in the growth of the Polygon PFP ecosystem. Nailwal stated:

"We will continue to build on this threefold growth of our community this year by reallocating the budget initially earmarked for y00ts. Furthermore, we will support creators and projects we believe have vision and potential."

Following this announcement, the floor price of y00ts increased by over 6%, hovering around 1.9969 ETH per NFT. Trading volume in the same timeframe also saw an impressive growth of nearly 60%.

y00ts Floor Price and Trading Volume Over the Last 3 Months, Screenshot from CoinGecko at 09:20 AM on August 10, 2023