Solana Ecological PFP DeGods Project Migrates to Ethereum Network: Benefits for Holders

On April 1st, it was reported that the Solana Ecological PFP project DeGods has opened its migration to the Ethereum network to DeGods NFT holders, and DeGods will pay the migration gas fee within the first 24 hours. DeGods will waive the DUST pledge/cancellation fee on ETH within the first 48 hours. In addition, the Paper Hands Bridge Tax will become effective from April 3. All remaining DeGods and y00ts on Solana will be updated with a mandatory royalty of 33.3%. T00bs will remain on Solana and receive a 3.33% royalty. DeGods on Ethereum will receive a royalty of 0.33%.

DeGods is open for migration to the Ethereum network, where DeGods will charge a royalty of 0.33%

The Solana Ecological PFP DeGods project has announced the opening of its migration to the Ethereum network for DeGods NFT holders. The project will pay migration gas fee for holders within the first 24 hours, while waiving the DUST pledge/cancellation fee on ETH within the first 48 hours. As of April 3, the Paper Hands Bridge Tax will become effective, affecting all remaining DeGods and y00ts on Solana, who will be updated with a mandatory royalty of 33.3%. T00bs will remain on Solana and receive a 3.33% royalty, while DeGods on Ethereum will receive a royalty of 0.33%.

Introduction

In recent months, blockchain technology has continued to gain popularity, inspiring new innovations in different sectors of the economy. One of the latest trends in blockchain technology is PFP (profile picture) projects built on Solana, a high-speed and low-fee network known for its scalability and efficiency. One of the most prominent PFP projects on Solana is the DeGods project, which has announced plans to migrate to the Ethereum network. This article will explore the benefits of this migration for DeGods NFT holders and the implications of the Paper Hands Bridge Tax.

Benefits for DeGods NFT Holders

DeGods NFT holders can benefit significantly from the migration of the project to the Ethereum network. For one, the Ethereum network is more established and widely used than Solana, thus enabling more significant exposure and liquidity for DeGods NFTs. Also, the fee and gas requirements for transactions on the Ethereum network are relatively low, making them more accessible to a wider audience.
Furthermore, DeGods project is offering incentives for holders who migrate their tokens to the Ethereum network. They will waive the Dust pledge/cancellation fee on ETH within the first 48 hours and will pay the migration gas fee for holders within the first 24 hours. These incentives encourage holders to migrate their tokens quickly, ensuring a smooth and efficient transition to the Ethereum network.

The Paper Hands Bridge Tax

As of April 3, the Paper Hands Bridge Tax will become effective, affecting all remaining DeGods and y00ts on Solana. This implementation will update them to include a mandatory royalty of 33.3%. However, T00bs will remain on Solana and receive a lower royalty of 3.33%. DeGods on Ethereum will receive a royalty of 0.33%.
The Paper Hands Bridge Tax is a fee imposed on users who migrate from Solana to Ethereum. It is an effort to discourage users who are not committed to holding their tokens from selling them immediately after migration. As a result, this tax aims to stabilize the price of DeGods NFTs on the Ethereum network, as well as to increase the resale value of tokens for holders.

Implications for the PFP Projects

The migration of the DeGods project to the Ethereum network has implications for other PFP projects built on Solana. More specifically, it creates a precedent that could inspire other projects to migrate to Ethereum, a more established network with diverse users and increased liquidity.
Furthermore, the implementation of the Paper Hands Bridge Tax shows the effort to stabilize and secure the Ethereum network for DeGods NFT holders. Other PFP projects may also adopt similar strategies to protect their community members from drastic price fluctuations and create a more sustainable market for their tokens.

Conclusion

In summary, the Solana Ecological PFP DeGods project’s migration to the Ethereum network is beneficial for DeGods NFT holders, providing them with more exposure, liquidity and incentives to migrate their tokens. The Paper Hands Bridge Tax implementation aims to stabilize the price of DeGods NFTs and to secure the Ethereum network for holders. While this migration may inspire other PFP projects to follow suit, it also has implications for the PFP market, ensuring a more sustainable and secure market for PFP projects in the long run.

FAQs

1. Why is the DeGods project migrating to the Ethereum network?
– The migration is aimed at providing more exposure and liquidity for DeGods NFT holders and to take advantage of the established network that Ethereum offers.
2. What is the Paper Hands Bridge Tax and why is it being implemented?
– The Paper Hands Bridge Tax is a fee imposed on users who migrate from Solana to Ethereum, aimed at discouraging users who are not committed to holding their tokens from selling them immediately after migration, thereby stabilizing prices on the Ethereum network.
3. What are the implications of the migration for other PFP projects built on Solana?
– The migration creates a precedent that could inspire other projects to migrate to Ethereum and to adopt similar strategies to secure and stabilize their tokens, ensuring a more sustainable market for PFP projects in the long run.