The Labs, parent company of the popular DeGods and y00ts NFT collections, has launched a new crypto token, ‘DEGOD’.
Powered by Solana, $DEGOD will bring all digital assets within the Dust Labs NFT ecosystem into a single targeted cryptocurrency.
The new $DEGOD has a limited supply of 10 billion. It is convertible for anyone who owns $Dust, DeGods, and y00ts NFT collections. Interestingly, $DeGods has been distributed organically for the past three years without anyone knowing. Between DeGods, y00ts and $dust there are 41,241 unique holders across 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 bond curve to increase liquidity. After the bonding curve is filled, the Liquidity Provider is placed on Raydium and $DEGOD is tradable. Surprisingly, all 3% allocated were sold out within minutes of launch.
In terms of tokenomics, 85% of tokens are issued to NFT holders, 10% are owned by the foundation. 3% of the tokens 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.
Every time there is a new launch with liquidity, it gets crushed. I always hate it when this happens because it makes the graph look bad.
In the $DEGOD situation, ~1% of the supply was pegged at 66 million. It was shot at and the sniper is out.
The $DEGOD fuse is $330 million. 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 for sale at @MEXC_Official. pic.twitter.com/gyrF7uUD0y
— DeGods (@DeGodsNFT) September 16, 2024
The move has drawn a variety of reactions, including one from Yuga Labs co-founder Wylie Arnow (Gordon Goner). He said that while he doesn’t know if DeGods’ move will work in the long run, BAYC won’t follow suit. However, he appreciated DeGod trying these moves. In the meantime, the new $DeGods is available on crypto exchanges including MEXC and is currently trading on $0.008154, after jumping 22.2% in the last 24 hours.