NFT Project y00ts to Return $3M Grant, Switching from Polygon to Ethereum

NFT project y00ts shifts from Solana to Ethereum, reuniting its community with DeGods NFT collection. The move prompts DeLabs to return a $3 million grant from Polygon Labs, reflecting a dynamic landscape in the NFT space.

Timeline of Ethereum, Polygon

The technology behind the controversial Worldcoin digital identification project that runs on Ethereum could become a major gas guzzler. Industry observers have predicted that if it takes off, it could be a major boost for the Ethereum network.

The number of addresses on the Ethereum ($ETH) network with a balance has recently hit a new all-time high of 104,076,868, meaning that these addresses now hold at least one wei, the smallest unit of ETH, in a figure that represents a significant rise from figures in previous years.

Data from the XRP Ledger has revealed that it has been seeing over 1.2 million transactions per day since the beginning of August, surpassing the number of daily transactions seen on the second most popular network in the cryptocurrency space, Ethereum ($ETH), which has recorded 1.09 million a day.

DeGods project leader Rohun Vora, known as Frank, said that the move aims to "unite the DeGods and y00ts communities" on the same blockchain. Polygon said it would re-deploy some of the returned funds to support its native builders and creators.

Coinbase, a leading U.S. crypto exchange, officially launched Base, its Ethereum layer 2 network, to the general public on August 9, 2023. The Base testnet launched in February, followed by a developer-specific release in July.

On August 2nd, the Ethereum price gave a bearish breakdown from the support trendline of the megaphone pattern. This breakdown was supposed to extend the prevailing correction phase but instead, the price action went sideways indicating a lack of conviction from the sellers.

Renowned analyst Josh Olszewicz has shared some compelling insights on Ethereum's price trajectory. Drawing parallels from historical patterns, Olszewicz's analysis suggests that Ethereum might be gearing up for a significant rally in the coming months.

PayPal has long been interested in the evolving crypto landscape, but with its recent stablecoin announcement, the payments giant is taking its involvement to the next level. PayPal, one of the world's largest online payment systems, has introduced its own stablecoin, called PayPal USD (PYUSD).

In recent weeks, Ethereum has demonstrated a downtrend in shorter timeframes, where the bulls struggled to maintain the critical $1900 support zone. This allowed the bears to gain dominance.

This announcement marks a significant milestone in the digital landscape as NexeraID in collaboration with PolygonID unveil their Web3 Compliance initiative. This project sets a standard for privacy protection while “ensuring strict adherence to regulatory requirements in the ever-evolving realm of Web3 compliance.