Kanye West drops YZY meme coin on Solana
Ye’s X account is suspected to have been hacked.
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.
Share this article
Kanye West, now known as Ye Ye, officially released YZY, a new crypto token on the Solana blockchain, joining celebrities who have previously ventured into digital assets with mixed success, the rapper mogul announced late Wednesday on X, sharing a self-filmed video confirming the launch.
The YZY token briefly hit a $3 billion market value following Ye’s announcement, GeckoTerminal data shows.
The YZY token is part of a payment ecosystem called YZY Money, designed as a new financial system “built on crypto rails,” according to the project’s official website. Other puzzles are the Ye Pay payment processor and the YZY Card.
The YZY token has a total supply distributed across public allocation (20%), liquidity (10%), and vested tranches for Yeezy Investments LLC (70%). As noted, to prevent sniping, the system deployed 25 contract addresses, selecting only one 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.
Vested tokens are managed through Jupiter Lock, an open-sourced and audited protocol, with three tranches featuring different cliff periods and 24-month vesting terms. Trading is available on Meteora via Solana, with the official liquidity pool address publicly provided.
Ye’s controversial step into crypto
Earlier this year, Ye signaled interest in launching a crypto token, revealing he had turned down a $2 million offer to promote a fraudulent project and dismissing rumors of a meme coin, insisting he only pursues ventures he truly understands.
Despite criticizing meme coins as hype-driven, fan-exploiting trends, Ye reportedly planned to release a token called YZY, named after his Yeezy brand, in late February.
Sources told CoinDesk that YZY is designed to bypass platforms like Shopify, which cut ties with Ye after antisemitic and hateful posts. He also intends for YZY to serve as the official currency on his website.
Ye’s strategy appears inspired by the TRUMP meme coin, which had a similarly centralized structure. He initially sought an 80% stake in YZY but settled for 70%.
Days after the YZY token surfaced, Ye stirred controversy again with references to “Swasticoin” and plans for his blockchain. Despite all the crypto chatter, no coins came out at the time.
Crypto community members previously speculated that control of Ye’s X account might have been transferred to a group intending a meme coin launch.
Share this article
