Will Ye, formerly known as Kanye West, finally launch his own memecoin? According to a publication by CoinDesk, the American rapper will indeed have his own crypto, and it will be called “YZY”. However, the stated tokenomics suggest yet another disaster.
Ye, formerly known as Kanye West, is reportedly set to launch his own memecoin . This is information revealed by CoinDesk, which reportedly obtained the information via email from Hussein Lalani, who allegedly introduced himself as the CFO of the Yeezy brand.
The latter allegedly forwarded the tokenomics to CoinDesk, asking them to respect an embargo, which the media outlet refused to do.
CoinDesk specifies that three sources close to the project were able to authenticate the document presented about Ye's token, called "YZY" .
The YZY token is said to be a way for the rapper to bypass traditional platforms such as Shopify , which cut ties with Ye after the American star put up for sale t-shirts featuring a swastika.
By allowing his fans to use the YZY token to purchase derivative products, Ye would be aligning himself with the model of Donald Trump, who also offers to buy products with his eponymous token, which recently earned an airdrop for some of its holders.
Also according to CoinDesk, Ye will hold 70% of the YZY token supply - it is specified that he initially wanted 80%, but that negotiations led to lowering this threshold.
Ye's U-turn? The rapper recently declared that he would not be launching a token, adding that they were "preying on fans through hype" and that he was "too rich to do anything else" other than what he was passionate about. However, the initial tweet has since been deleted.
In a post on X that was also deleted, Ye revealed, with a screenshot, that he had been approached to promote a memecoin in exchange for $2 million, which he declined.
The person who approached him specified for information purposes that in order not to offend his community, the rapper could freely say later that his account had been hacked.
The YZY token is said to be a way for the rapper to bypass traditional platforms such as Shopify , which cut ties with Ye after the American star put up for sale t-shirts featuring a swastika.
By allowing his fans to use the YZY token to purchase derivative products, Ye would be aligning himself with the model of Donald Trump, who also offers to buy products with his eponymous token, which recently earned an airdrop for some of its holders.
Also according to CoinDesk, Ye will hold 70% of the YZY token supply - it is specified that he initially wanted 80%, but that negotiations led to lowering this threshold.
Tokenomics specifies that the American rapper's allocation will be released through a progressive unlock of 12 months.
The YZY memecoin was supposed to be deployed yesterday afternoon, but the launch has been pushed back to today, according to CoinDesk's source.
The YZY memecoin was supposed to be deployed yesterday afternoon, but the launch has been pushed back to today, according to CoinDesk's source.
The project team reportedly feared that the barrage of criticism surrounding the Libra and Argentinian president affair would hurt the launch of the YZY token.
A decision that raises questions
Ye's U-turn? The rapper recently declared that he would not be launching a token, adding that they were "preying on fans through hype" and that he was "too rich to do anything else" other than what he was passionate about. However, the initial tweet has since been deleted.
In a post on X that was also deleted, Ye revealed, with a screenshot, that he had been approached to promote a memecoin in exchange for $2 million, which he declined.
The person who approached him specified for information purposes that in order not to offend his community, the rapper could freely say later that his account had been hacked.
An approach that also explains the multitude of accounts of personalities who have previously promoted a memecoin before backtracking using this pretext.
Earlier this month, in a post that has since been deleted, Ye posted a screenshot of a conversation in which he sought to contact Brian Armstrong , the CEO of Coinbase , one of the world's largest cryptocurrency exchanges. In other words, Ye's interest in crypto isn't zero .
On crypto betting platform Polymarket, a poll betting on Ye launching a crypto soared 20% following the publication of the CoinDesk article, from 40% to 62%.
Earlier this month, in a post that has since been deleted, Ye posted a screenshot of a conversation in which he sought to contact Brian Armstrong , the CEO of Coinbase , one of the world's largest cryptocurrency exchanges. In other words, Ye's interest in crypto isn't zero .
On crypto betting platform Polymarket, a poll betting on Ye launching a crypto soared 20% following the publication of the CoinDesk article, from 40% to 62%.
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Cryptos