Sorare Migrates 5M Users to Solana in Major Web3 Shift
Sorare, a fantasy sports platform, is transitioning its entire NFT card collection to Solana by the end of October. This move involves 5 million users and is one of the largest migrations in Web3 history.
- The migration will be automatic, converting all Sorare cards to Solana NFTs.
- This enables trading on external marketplaces and storage in wallets like Phantom.
- User ETH balances will shift from StarkEx to Coinbase's Base L2.
Sorare chose Solana for its speed, scalability, and public blockchain openness, which supports more than 3,500 transactions per second and 3.7 million daily active wallets.
Solana Adoption
- Public companies are increasingly accumulating SOL, with more than nine firms holding over 13 million SOL collectively.
- Solana Company reported holdings exceeding $525 million, contributing to a 190% stock surge.
- The strategy leverages SOL's 7% native staking yield, differentiating it from non-yielding assets like Bitcoin.
Institutional interest extends beyond cryptocurrency treasuries, as shown by NYSE owner ICE's $2 billion investment in Polymarket, indicating Wall Street's growing interest in blockchain platforms with real user adoption.
Sorare may explore introducing a utility token for rewarding trading and gaming activity, but specific timelines are yet to be announced.