According to a report by CoinDesk citing three informed sources, American rapper Ye (formerly known as Kanye West) plans to launch his own token, YZY, aimed at helping Ye circumvent platform bans. Several companies, including Shopify, had previously severed ties with him due to his hate speech.
The YZY token, named after Ye’s fashion brand Yeezy, will serve as the official token for Yeezy and can be used for payments on its website. 70% of the tokens will be owned by Ye personally, with only 10% allocated for liquidity and 20% distributed to investors.
Sources indicated that Ye aims to emulate the meme coin TRUMP, which was issued by a company associated with Donald Trump, CIC Digital, that holds 80% of the token supply, sparking controversy. Informed sources revealed that Ye initially sought to acquire 80% of the YZY supply but reduced his demand to 70% after negotiations.
According to a press release for YZY obtained by CoinDesk, Ye’s 70% token ownership will be released according to a multi-stage unlocking schedule, with some tokens locked for up to 12 months. Some critics argue that this high insider ownership allocation still favors the founder over retail investors.
The YZY team had originally planned to conduct the token sale on Yeezy’s official website on Thursday afternoon; however, a team member, who requested anonymity due to fears of public association with the project, stated that the launch has been postponed to Friday. The delay is attributed to the team’s ongoing evaluation of whether the YZY launch is too closely related to the highly controversial LIBRA incident. The LIBRA token has recently embroiled Argentine President Javier Milei in a political storm.
Related report: “Kanye West Claims He Was Proposed to Promote a Scam Project, Later Alleging He Was Hacked to Earn $2 Million.”
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