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Fantasy sports crypto platform Sorare is set to migrate its operations from Ethereum to Solana, a move CEO Nicolas Julia describes as an "upgrade" rather than a replacement. Despite this strategic shift to leverage Solana's scalability and user base, Julia maintains a strong bullish outlook on the Ethereum ecosystem.
Key Takeaways
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Sorare is migrating its 10+ sports games and digital trading cards from Ethereum to Solana.
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CEO Nicolas Julia calls the move an "upgrade," citing Solana's scalability and consumer focus.
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Despite the migration, Sorare remains "very bullish" on Ethereum and will continue supporting its users.
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The platform plans to integrate with the Base network and continue accepting Ether deposits.
Strategic Migration to Solana
Sorare, a platform boasting 5 million users and a $4.3 billion valuation in 2021, announced its decision to move from Ethereum after six years. The company aims to capitalize on Solana's enhanced scalability and its strong consumer-focused user base. Julia explained that Solana was chosen as the most viable chain for the fantasy sports vertical due to its leading metrics in revenue, daily active addresses, active developers, and total value locked. While acknowledging Solana's more centralized nature compared to Ethereum, he highlighted its prioritization of scalability and security, noting its rapid growth and adoption.
The migration, which is expected to be completed by the end of the current month, follows similar transitions by other prominent crypto protocols like decentralized exchange aggregator 1inch and crypto indexing protocol The Graph, who have also moved from Ethereum to Solana to facilitate growth.
Continued Support for Ethereum
Despite the platform's move to Solana, Sorare's CEO emphasized that the company has not lost confidence in the Ethereum ecosystem. "We remain very bullish on it," Julia stated. Sorare plans to continue supporting its existing Ethereum users through an integration with the Base network and will still permit Ether (ETH) deposits. This approach underscores Sorare's strategy to become increasingly chain-agnostic, leveraging the strengths of multiple blockchain ecosystems.
Market Context and Future Outlook
Sorare's migration occurs amidst a broader downturn in the NFT market, with Sorare NFTs experiencing a significant drop in floor price from a peak of $91.25 in April 2022 to $2.21 as of October 12. However, daily NFT sales on the platform have remained relatively steady. Julia also indicated that Sorare is exploring other high-performance chains like Sui and Aptos for future scaling possibilities, while currently confident in Solana's trajectory. The company is also implementing Layer0 to ensure seamless marketplace payments across Solana and Base.
Regarding concerns about Solana's network outages, Julia expressed minimal worry, citing his team's experience in managing blockchain infrastructure imperfections. He noted improvements in Solana's stability and swift resolution of issues, expressing reassurance in the technology and the team behind it.
Sorare CEO Remains Bullish on Ethereum Even After Platform Upgrades to Solana Blockchain
SOURCE
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Sorare CEO still bullish on Ethereum despite ‘upgrade’ to Solana — TradingView News, TradingView.
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Sorare CEO still bullish on Ethereum despite ‘upgrade’ to Solana, ADVFN Ltd.
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Sorare CEO Hypes Ethereum Despite Upgrading to Solana, Cointelegraph.
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