The CEO of the virtual sports crypto platform Sorare, Nicolas Julia, stated that despite the company preparing to migrate to Solana, he remains confident in Ethereum, referring to the migration as an "upgrade."
Last Thursday, Sorare announced that it would migrate from Ethereum after six years, leveraging Solana's scalability and consumer-oriented user base. The company will move 10 sports games and their trading cards to Solana.
According to Julia, Solana is the most viable chain because it leads in revenue, daily active addresses, active developers, and total locked value in the virtual sports crypto space. Although it is more centralized than Ethereum, this blockchain prioritizes scalability and security.
Julia pointed out that although Solana launched five years after Ethereum, it has made significant progress in the Ethereum space.
The company expects to complete the migration by the end of this month.
Julia stated that Sorare remains confident in the Ethereum ecosystem.
He said, "We are still very optimistic about Ethereum." The company will continue to support Ethereum users through integration with the Base network and will still allow Ether deposits.
Sorare has 5 million users and was valued at $4.3 billion in October 2021, making it one of the many blue-chip crypto protocols that have chosen to migrate from their original chains to achieve sustained growth.
Decentralized exchange aggregator 1inch and crypto index protocol The Graph are also well-known crypto applications that have migrated from Ethereum to Solana in recent years.
Sorare is a football-focused virtual sports platform that also covers basketball and baseball, allowing users to buy, sell, and trade officially licensed digital player cards (NFTs). Users can build teams with these cards, participate in weekly tournaments, and earn rewards based on real player performances.
Other competitors in the field include Flow, Chiliz, and NBA Top Shot supported by Dapper Labs. DraftKings Marketplace also performed well but closed in July 2024.
According to CoinGecko data, the market capitalization of sports crypto tokens is currently $1.17 billion, significantly down from the 2021 bull market cycle.
According to DappRadar data, Sorare NFTs have also faced difficulties during the overall NFT market downturn, with their floor price dropping from a peak of $91.25 in early April 2022 to $2.21 on October 12.
Daily sales of Sorare NFTs have remained stable, mostly maintaining between 5,000 and 30,000 transactions, comparable to 2022 levels.
Although migrating, Julia stated that he is still considering other high-performance chains to maximize the scale of Sorare's sports card trading.
The company is also integrating Layer0 to enable seamless cross-chain market payments between Solana and Base as part of its multi-chain strategy, fully leveraging the advantages of multiple ecosystems.
Julia expressed that he is not worried about Sorare being affected by Solana network outages, noting that the team has become "very accustomed to the inevitable imperfections of blockchain infrastructure" over the years.
He stated, "We are very confident in the quality of Solana's technology, the team, and the recent stability of the network."
He pointed out that the frequency of network outages has gradually decreased and can be resolved quickly, demonstrating the rapid improvement capabilities of the Solana ecosystem.
Related: Analysts say "Uptober" is still expected to materialize after last week's significant liquidation event.
Original article: “Despite the 'upgrade' to Solana (SOL), Sorare CEO remains optimistic about Ethereum (ETH) prospects”
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