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 Kanye West's official Twitter account released the $YZY contract address, $YZY briefly surpassed a market value of $3 billion within half an hour, then began to decline, with the current market value around $1.7 billion.
Token Economics
According to the 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)
· Ecological 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 information from the YZY MONEY 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 quick checkout experience.
Currently, yeezy.com supports cryptocurrency payments, and the option to pay directly with $YZY also shows '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 or reliance on intermediaries. Currently, individuals can submit their email addresses on the YZY MONEY website to join the waiting list.
Insider Suspicion and Concentration Risk
Lookonchain posted on social media stating that although Kanye West officially announced the launch of 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 prepared funds in advance, immediately buying YZY after the announcement was made. Insider wallet 6MNWV8 knew the contract address in advance and even attempted to purchase it yesterday.
6MNWV8 Today 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 a profit of over $1.5 million.
Two days ago, after Kanye West's official Twitter account followed @YZY_MNY, the market began to speculate about Kanye West's token launch. 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, and there was a large single purchase of 4207.9 SOL (approximately $767,000).
However, according to information from the YZY Money official website, in order to prevent sniping, they deployed 25 YZY contract addresses and randomly selected one of them as the final announced address. They claim, "This action reduces the probability of selecting the correct CA to 1/25, thereby preventing attacks from snipers 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 tokens are held by a single multi-signature wallet (now distributed to multiple wallets); over 3% of tokens were purchased in large single transactions by multiple (pre-prepared) wallets at market opening; over 7% of tokens are in the liquidity pool.'
