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Key Takeaways
- Kanye West launched the $YZY meme coin and payment ecosystem on Solana.
- $YZY token offers anti-sniping features, vesting via Jupiter Lock, and is tradable on Meteora.
Rapper and fashion designer Kanye West announced late Thursday that he has released $YZY, a new crypto token on the Solana blockchain, joining a number of celebrities who previously ventured into the crypto space with mixed success.
West also revealed plans for a payment ecosystem called $YZY Money.
The project includes $YZY token, Ye Pay payment processor, and $YZY Card for spending digital assets. The token operates with a total supply distributed across public allocation (20%), liquidity (10%), and vested tranches for Yeezy Investments LLC (70%).
The system employs an anti-sniping mechanism that deployed 25 contract addresses, with only one selected as the official $YZY token.
“This dissuades snipers by making it a 1/25 chance for selection of the right CA, putting power back into the hands of real traders,” according to the project documentation.
$YZY Money is described as “a concept for a new financial system, built on crypto rails,” while Ye Pay aims to reduce merchant fees by “accepting credit card and crypto.” The $YZY Card will enable users to spend $YZY and USDC globally.
The token’s vesting schedule uses Jupiter Lock, an open-sourced and audited protocol, with three tranches featuring different cliff periods and 24-month vesting terms. Trading is available through Meteora on Solana, with the official liquidity pool address published.
This is a developing story. Please come back for further updates.