Popular Solana-based NFT project DeGods has announced the release of its highly anticipated DEGOD tokens in collaboration with NFT marketplace Sniper.
DEGOD Token Launch and Integration
This launch aims to integrate the entire DeGods ecosystem, including y00ts and DUST, into a single unified entity.
New Token Economy
The new DEGOD token economy will allow users to convert their NFTs or tokens into DEGODs as follows: * Each DeGods NFT can be exchanged for 550,000 DEGOD tokens. * Each y00ts (Fuzzy DeGods) NFT can be burned to convert into 120,000 tokens. * Each DUST token can be burned and converted into 36 tokens. In terms of distribution, 85% of the total tokens will go to NFT holders, 10% will be allocated to the project's foundation, 3% will be reserved for Bonding Curve, 1% for initial liquidity, and 1% for the partner Solana-based NFT marketplace Sniper.
Market Impact
As part of the token launch, a Bonding Curve will be added on September 16th at approximately 6:33 AM. The Bonding Curve is typically used to create a supply-demand based price mechanism and adds a layer of complexity to the token’s price action. The announcement has already caused a significant market movement. According to data from Magic Eden, the news has led to a sharp increase in the base price of DeGods-related NFTs. DeGods base price increased by 36.23% in 24 hours, exceeding 34 SOL and is currently at 34.39 SOL. Y00ts (Fuzzy DeGods) base price increased by an even larger 50.78%, exceeding 7 SOL and is currently reported at 7.70 SOL.
The anticipated launch of DEGOD tokens has caused significant market movement, increasing the value of NFTs related to the DeGods project.
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