Nicolas Julia, CEO of fantasy sports crypto platform Sorare, said he remains confident in Ethereum even as the company prepares to migrate to Solana — a transition he has called an “upgrade.”
Last Thursday, Sorare announced that it would migrate from Ethereum after six years, capitalizing on Solana’s scalability and consumer-focused user base. The company will move over 10 sports games and their trading cards to Solana.
“It’s not a replacement, it’s an upgrade,” Sorare said at the time. Julia later explained to Cointelegraph that Solana is the most viable chain, as it leads the fantasy sports crypto vertical in revenue, daily active addresses, active developers and total value locked. While it is more centralized than Ethereum, the blockchain has prioritized scalability and security.
“[Solana’s] growing adoption shows that this bet was the right one,” Julia said, noting that it has covered a lot of ground on Ethereum, given it launched five years later.
The migration is expected to be complete by the end of this month.
Despite the migration, Julia said Sorare hasn’t lost confidence in the Ethereum ecosystem.
“We remain very bullish on it,” Julia said, noting that it would continue supporting Ethereum users through an integration on the Base network and that it would still allow Ether deposits.
Sorare, which has amassed 5 million users and was valued at $4.3 billion in October 2021, is one of several blue-chip crypto protocols that have made tough calls to migrate from the chain they launched on to keep growing.
Decentralized exchange aggregator 1inch and crypto indexing protocol The Graph are two other notable crypto applications that have transitioned from Ethereum to Solana in recent years.
Sorare is a fantasy sports platform primarily focused on football, but also features basketball and baseball, where users buy, sell, and trade officially licensed digital player cards as non-fungible tokens. They can create teams with these cards and compete in weekly tournaments, earning rewards based on real-world player performance.