Kanye West, also referred to as Ye, launched a brand new token known as YZY on the Solana
$201.13
community.
The coin climbed to a market worth of $3 billion inside 40 minutes of launch, however dropped again to about $1.05 billion, based on Nansen.
The token was promoted by Ye on X, the place he posted the contract handle and linked to the Yeezy Cash web site. The positioning calls YZY “a brand new financial system, constructed on chain” and presents it because the forex for transactions inside its system, “YZY Cash”.
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The launch got here with a number of warnings. The web site says customers in restricted international locations can not entry it and highlights the chance of shedding all invested funds. In February, Ye had warned that he as soon as turned down $2 million to again a rip-off.
Builders used an uncommon setup by creating 25 contract addresses and randomly selecting one because the official token. The purpose was to make it more durable for bots to seize cash immediately at launch.
Nonetheless, Lookonchain reported that solely YZY tokens have been added to the liquidity pool, which implies the crew may modify provide and promote at will.
Coinbase’s
$4.22B
Conor Grogan famous that insiders initially held about 94% of the provision, with one multisig pockets alone controlling 87% earlier than funds have been unfold to different wallets.
Just lately, Wyoming formally launched its personal state-issued stablecoin, the Frontier Secure Token (FRNT). What did the federal government say in regards to the launch? Learn the complete story.
