De Labs, the parent company of the popular DeGods and y00ts NFT collections, has launched a new crypto token, ‘DEGOD’.
Powered by Solana, $DEGOD will add all digital items within the Dust Labs NFT ecosystem into a single purposeful crypto coin.
It has a limited supply of 10 billion. The new $DEGOD can be converted for anyone holding $Dust, DeGods and y00ts NFT collections. Interestingly, $DeGods has been distributed organically for the last 3 years without anyone knowing it. Between DeGods, y00ts, and $dust, there are 41,241 unique holders on 4 different chains, with the top 10 holding only 9.3% of $DeGods.
During the launch, the DeGods team sold 3% of the token on a discounted bonding curve to seed liquidity. It is said that after the bonding curve fills, the Liquidity Provider will be seeded on Raydium, and $DEGOD will be tradable. Surprisingly, all the allocated 3% sold out in minutes shortly after the launch.
As for its tokenomics, 85% of the tokens is issued to NFT holders, 10% belongs to the foundation, 3% will be used for Bonding Curve, 1% will be used for initial liquidity, and 1% will belong to the partner Solana network NFT market Sniper.
Whenever there is a new launch with liquidity, it gets sniped. I always hate when this happens because it makes the chart look bad.
In the $DEGOD situation, ~1% of the supply was paired at 66M. It got sniped & the sniper is out.
The $DEGOD wick is $330M. Time to fill it. pic.twitter.com/wexKkzYW7v
— Frank (degod mode) (@frankdegods) September 15, 2024
NFT holders can convert their NFTs into the $DeGods token at 1 DeGod for 550,000 $Degods, 1 y00t for 120,000 $Degods, and 1 $Dust for 36 $Degods.
DeGods are now available for purchase on @MEXC_Official. pic.twitter.com/gyrF7uUD0y
— DeGods (@DeGodsNFT) September 16, 2024
The move has garnered all kinds of respect, and one of them came from Yuga Labs co-founder Wylie Arnow (Gordon Goner) . He said that while he does not know if DeGods’ move will work in the long run, BAYC will not follow the suit. He appreciated DeGods trying out these moves. In the meantime, the new $DeGods is available on crypto exchanges including MEXC.
Also Read: SUI Token Grows as Grayscale Launches its Trust
Source: https://www.cryptonewsz.com/delabs-of-degods-y00ts-nfts-launches-degod/