- The founder of DeLabs admitted that the firm has been understaffed for some time.
- According to Frank, the money is being provided as a “non-equity grant.”
With the help of a $3 million grant, DeLabs, the company behind the popular Solana NFT collections DeGods and y00ts, migrated y00ts to the Ethereum sidechain Polygon. Frank (aka Rohun Vora), the company’s founder, said in a Discord post that the money will be used for recruiting and the establishment of a cryptocurrency incubator to back the company’s NFT ecosystem.
After the success of their DeGods profile photo NFT collection on Solana, the DeLabs team decided to branch out and create a new collection, Y00ts.
No Ownership in Return
Besides the planned transition to the new blockchain, the money seems to arrive with no strings attached. According to Frank, the money is being provided as a “non-equity grant,” thus Polygon isn’t getting any ownership in DeLabs in return.
The founder of DeLabs admitted that the firm has been understaffed for some time. As per the founder, the firm can be less cautious about its monthly burn rate now that it has secured more runway with non-dilutive cash.
Polygon is supportive of Frank’s choice, although the company has not yet announced the y00ts donation amount via its own social channels.
Exactly one month after the FTX meltdown, DeLabs abandoned Solana in favor of Polygon and Ethereum. Sam Bankman-Fried, FTX’s ex-CEO, was a big investor in Solana and other ventures that built on the network, such as the decentralized exchange Serum, which has since shut down. Serum was developed by Bankman-Fried and FTX, and it served as the backbone of all DeFi activities on Solana during its peak.
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