Today, renowned rapper and influencer Kanye West announced the launch of YZY MONEY and the token YZY on social media.
https://bbzx2018.feishu.cn/sync/D4BRdgDigs01HObtJJzcpZRDns5
After Kayne West's official Twitter account released the $YZY contract address, $YZY's market value briefly exceeded $3 billion within half an hour, then began to decline, currently around $1.7 billion.
Token Economics
According to information from the YZY MONEY official website launched by Kanye West, the YZY token economics are 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
Additionally, alongside the YZY token, 'Ye Pay' and 'YZY Card' were also launched. According to YZY MONEY's official 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 to provide 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'.
'YZY Card' is a debit card used to spend YZY and USDC at millions of merchants worldwide. It is a non-custodial card that allows direct use of cryptocurrency without manual conversion to fiat currency or reliance on intermediaries. Currently, you can submit your email address on the YZY MONEY website to join the waiting list.
Insider Suspicion and Concentration of Chips Risks
Lookonchain stated on social media that although Kanye West officially announced the launch of YZY, currently only YZY has been added to the liquidity pool, not USDC. Developers can sell YZY by adding/removing liquidity, similar to LIBRA.
Multiple insider wallets prepared funds in advance and immediately bought YZY after the announcement. Insider wallet 6MNWV8 knew the contract address in advance and even attempted to buy it yesterday.
6MNWV8 spent 450,611 USDC today to purchase 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 value rise from over $5 million to nearly $15 million on August 19, with a large single buy of 4207.9 SOL (approximately $767,000).
However, according to information from the YZY Money official website, to prevent sniping, they deployed 25 YZY contract addresses and randomly selected one as the final announcement address. They claim that '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 stated on social media, '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 (now dispersed into multiple wallets); over 3% of tokens were purchased by multiple (pre-prepared) wallets through a single large transaction at market opening; over 7% of tokens are in the liquidity pool.'
