Sorare CEO still bullish on Ethereum despite ‘upgrade’ to Solana

Nicolas Julia, CEO of phantasy sports crypto level Sorare, said helium hasn’t mislaid religion successful Ethereum contempt its program to migrate to Solana — a determination helium has described arsenic an “upgrade.”

Last Thursday, Sorare announced that it would migrate from Ethereum aft six years, capitalizing connected Solana’s scalability and consumer-focused idiosyncratic base. The institution volition determination implicit 10 sports games and their trading cards to Solana. 

“It’s not a replacement, it’s an upgrade,” Sorare said astatine the time. Julia aboriginal explained to Cointelegraph that Solana is the astir viable concatenation arsenic it leads the phantasy sports crypto vertical successful revenue, regular progressive addresses, progressive developers and full worth locked. And that, portion it is much centralized than Ethereum, the blockchain has prioritized scalability and security. 

“[Solana’s] increasing adoption shows that this stake was the close one,” Julia said, noting that it has covered a batch of crushed connected Ethereum, fixed it launched 5 years later.

The migration is expected to beryllium implicit by the extremity of this month.

Source: Sorare

Despite the migration, Sorare’s Julia said they haven’t mislaid assurance successful the Ethereum ecosystem.

“We stay precise bullish connected it,” Julia said, noting that it would proceed supporting Ethereum users done an integration connected the Base web and that it would inactive let Ether (ETH) deposits.

Sorare, which has amassed 5 cardinal users and was valued astatine $4.3 billion successful October 2021, is 1 of respective blue-chip crypto protocols that person made pugnacious calls to migrate from the concatenation they launched connected to support growing.

Decentralized exchange aggregator 1inch and crypto indexing protocol The Graph are 2 different notable crypto applications that person transitioned from Ethereum to Solana successful caller years.

Source: Sorare

Sorare is simply a phantasy sports level chiefly focused connected football, but besides features hoops and baseball, wherever users buy, sell, and commercialized officially licensed integer subordinate cards arsenic non-fungible tokens. They tin make teams with these cards and vie successful play tournaments, earning rewards based connected real-world subordinate performance.

Sports tokens person lagged down this bull cycle

Other competitors successful the abstraction see Flow, Chiliz and the Dapper Labs-backed NBA Top Shot. The DraftKings Marketplace was besides salient earlier it shut down successful July 2024. 

The marketplace headdress for sports crypto tokens presently sits astatine $1.17 billion, a sizeable autumn from the 2021-2021 bull cycle, CoinGecko data shows.

Sorare NFTs person besides struggled amid the broader NFT marketplace downturn, with their level terms plunging from a highest of $91.25 successful aboriginal April 2022 to $2.21 arsenic of Oct. 12, DappRadar data shows.

Daily Sorare NFT income person remained steady, with anyplace betwixt 5,000 and 30,000 income connected astir days — a akin level to that seen successful 2022. 

Sorare to follow a multichain approach

Despite the migration, Julia said helium is considering different high-speed chains that tin assistance it standard Sorare’s sports trading cards arsenic acold arsenic possible.

“We’ve considered galore options and volition proceed to support a adjacent oculus connected the improvement of high-performance ecosystems similar Sui and Aptos, portion remaining assured successful Solana’s trajectory for now.”

Related: Investors people ‘fun-first’ crypto games arsenic backing jumps 94% successful July

It is besides integrating Layer0 to run marketplace payments seamlessly crossed Solana and Base arsenic portion of its program to go chain-agnostic and leverage the strengths of aggregate ecosystems.

Sorare is not acrophobic with Solana’s web outages

Julia said helium isn’t overly acrophobic astir Sorare falling unfortunate to a Solana web outage, noting that implicit the years, his squad has go “well accustomed to moving done the inevitable imperfections that travel with blockchain infrastructure.”

“We’ve been much than reassured by the prime of Solana’s technology, the squad down it, and the network’s caller way grounds of stability,” Julia said.

He noted the web outages person go less frequent implicit clip and are addressed swiftly, showing the Solana ecosystem’s quality to amended astatine “remarkable speed.”

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