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.

Whenever there is a new launch with liquidity, it gets sniped. I always hate when this happens because it makes the chart look bad.

In the $DEGOD situation, ~1% of the supply was paired at 66M. It got sniped & the sniper is out.

The $DEGOD wick is $330M. 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 available for purchase on @MEXC_Official. pic.twitter.com/gyrF7uUD0y

— DeGods (@DeGodsNFT) September 16, 2024

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.