Author: Cookie
Today, renowned rapper and influencer Kanye West announced the launch of YZY MONEY and the token YZY on social media.
After Kanye West's official Twitter account released the contract address for $YZY, its market value temporarily surpassed $3 billion within half an hour, before beginning to decline, and is currently around $1.7 billion.
Tokenomics
According to information from the official YZY MONEY website launched by Kanye West, the tokenomics of 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)
· Ecological Development Fund: 20% (locked for 12 months, released linearly over 24 months)
Ye Pay and YZY Card
In addition, along with the launch of the YZY token, there are also 'Ye Pay' and 'YZY Card'. 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 3.5% typically 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 using $YZY also shows 'COMING SOON'.
'YZY Card' is a debit card for use with YZY and USDC at millions of merchants worldwide. It is a non-custodial card that allows direct use of cryptocurrencies without manual conversion to fiat or reliance on intermediaries. Currently, users can submit their email addresses on the YZY MONEY website to join a waiting list.
Insider doubts and concentration of risk
Lookonchain posted on social media that although Kanye West officially announced 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. The insider wallet 6MNWV8 had prior knowledge of the contract address and even attempted to buy 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 a profit exceeding $1.5 million.
Two days ago, when Kanye West's official Twitter account followed @YZY_MNY, the market began speculating about Kanye West's token issuance actions. A token $YzY deployed in February of this year surged from over $5 million in market value to nearly $15 million on August 19, along with a large single purchase 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 genuine traders.'
Conor Grogan, a Coinbase executive, 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 (now dispersed 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.'
