Today, renowned rapper and internet celebrity Kanye West announced the launch of YZY MONEY and the token YZY on social media.
https://bbzx2018.feishu.cn/sync/D4BRdgDigs01HObtJJzcpZRDns5
After Kanye West released the contract address for $YZY on his official Twitter, the market cap of $YZY briefly surpassed $3 billion within half an hour, before starting to decline. The current market cap is approximately $1.7 billion.
Token Economics
According to the information on the official YZY MONEY website, the token economics for YZY is as follows:
· Public Offering: 20%
· Liquidity Pool: 10%
· Yeezy Investments LLC (Issuer): 30% (locked for 3 months, released linearly over 24 months)
· Team: 20% (locked for 6 months, released linearly over 24 months)
· Ecosystem Development Fund: 20% (locked for 12 months, released linearly over 24 months)
Ye Pay and YZY Card
In addition, "Ye Pay" and "YZY Card" were launched alongside the YZY token. According to the information on the YZY MONEY website, "Ye Pay" is a cryptocurrency payment processor that allows merchants to accept credit card and cryptocurrency payments, with fees lower than the typical 3.5% charged by traditional platforms. Merchants can seamlessly integrate Ye Pay into their websites or applications, providing consumers with a simple and fast checkout experience.
Currently, yeezy.com supports cryptocurrency payments, and the option to pay directly with $YZY is also marked as "COMING SOON."
The "YZY Card" is a debit card for using YZY and USDC at millions of merchants worldwide. It is a non-custodial card that allows direct use of cryptocurrency without the need to manually convert to fiat or rely on intermediaries. Currently, users can submit their email addresses on the YZY MONEY website to join the waiting list.
Insider Concerns and Concentration Risks
Lookonchain posted on social media stating that although Kanye West officially announced YZY, currently only YZY has been added to the liquidity pool, with no USDC. Developers can sell YZY by adding/removing liquidity, similar to LIBRA.
Multiple insider wallets had funds prepared in advance and immediately bought YZY after the announcement. The insider wallet 6MNWV8 had prior knowledge of the contract address and even attempted to purchase it yesterday.
Today, 6MNWV8 spent 450,611 USDC to buy 1.29 million YZY at a price of $0.35 and sold 1.04 million YZY for $1.39 million, leaving 249,907 YZY (approximately $600,000), with profits exceeding $1.5 million.
Two days ago, speculation about Kanye West's token issuance began when his official Twitter account followed @YZY_MNY. A token $YzY deployed in February of this year saw its market cap rise from over $5 million to nearly $15 million on August 19, with a significant single purchase of 4207.9 SOL (approximately $767,000).
However, according to the information on the YZY Money website, to prevent sniping, they deployed 25 YZY contract addresses and randomly selected one as the final announcement address. They claim, "This move reduces the probability of selecting the correct CA to 1/25, thereby preventing sniper attacks and returning power to real traders."
Coinbase executive Conor Grogan posted on social media stating, "I estimate that at least 94% of YZY tokens are held by insiders; 87% of the tokens are held by a single multi-signature wallet (which has now been distributed to multiple wallets); over 3% of the tokens were purchased at market opening by multiple (pre-prepared) wallets through large single transactions; over 7% of the tokens are in the liquidity pool."
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