De Labs Launches $DEGOD Token for DeGods, y00ts

 
Ritu Lavania
Written By 
Ritu Lavania
September 16, 2024

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.

The new $DEGOD has a limited supply of 10 billion. It 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. After the bonding curve fills, the Liquidity Provider will be seeded on Raydium, and $DEGOD will be tradable. Surprisingly, all the allocated 3% were sold out in minutes  after the launch.

As for its tokenomics, 85% of the tokens is issued to NFT holders, 10% belongs to 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.

NFT holders can convert their NFTs into the $DEGOD tokens at 1 DeGod for 550,000 $DEGODS, 1 y00t for 120,000 $DEGODS, and 1 $Dust for 36 $DEGODS.

The move has garnered all kinds of reactions, and one 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, however, appreciated DeGods trying out these moves. In the meantime, the new $DeGods is available on crypto exchanges including MEXC, and is currently trading at $0.008154, after a jump of 22.2% in the last 24 hours.

Also Read: SUI Token Grows as Grayscale Launches its Trust

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Ritu Lavania
Written by Ritu Lavania

Ritu Lavania is a versatile Web3 content creator with over three years of experience in the crypto space. She is part of the team at CryptoNewsZ, where she writes insightful and engaging content. She has also contributed to TheCryptoTimes and The Coin Edition, where her work has been well received by the crypto community. Skilled in research, creative writing, SEO, and cross-functional collaboration, she creates content tailored to diverse audiences. ionate about education, she dedicates time to teaching kids and expressing herself through poetry. Always eager to learn, she continuously explores new trends in blockchain and digital assets. She believes in the power of storytelling to make complex crypto topics more accessible and engaging for readers worldwide.