Unveiling $degod: Solana Ecosystem NFT Mega Integration, Family Chain Reaction - Will it Burn or Ignite?

$degod is a new token in the Solana ecosystem that aims to combine assets from three major NFT projects, DeGods, y00ts, and $dust, to provide a simpler and more intuitive user experience. $degod attempts to bind the value of NFTs and tokens with the issuance of new tokens. Will this strategy be effective?

What is $degod?

$degod is a new token on the Solana blockchain with a total supply of 10 billion. NFT projects like DeGods, y00ts, and $dust and their token assets can be converted into $degod, providing users with a unified digital asset form.

How does the conversion mechanism work?

Each NFT or $dust can be converted into $degod at a fixed quantity. It is important to note that when converting DeGod NFT to $degod, a 3.33% royalty fee is required, which has become a key source of revenue for the project.

Token Distribution and Economics

The most natural token distribution ever?

$degod states that its distribution has naturally occurred over the past three years without people realizing it. The 41,241 holders from DeGods, y00ts, and $dust are spread across four different blockchains, with the top ten holders owning only about 9.3% of the total supply. This distribution method could make $degod one of the most naturally distributed tokens in history.

Of course, this is just a claim, and their holders indeed had a certain degree of decentralization before the collaboration.

Issuance and Trading of $degod

How will token issuance work?

$degod will sell 3% of $degod in a discounted curve to provide seed funding for liquidity. Once this discounted curve is filled, the liquidity pool will launch on Raydium, allowing free trading of $degod.

Participation and limits

During the initial issuance, users can purchase a maximum of 33.3 SOL (equivalent to 1 DeGod) of $degod, providing investors with an entry opportunity.

Can holders choose to convert: Do I have to convert to $degod?

Free choice: Conversion is not the only option

Holders are not required to convert their NFTs or $dust to $degod. In fact, refusing to convert is seen as a form of support for the community. Holding NFTs is equivalent to delisting tokens from the market, creating the basis for rarity and value appreciation.

Conversion process and future development of $degod

How is the conversion rate determined?

The conversion rate is determined based on the market value ratio of each asset over the past 6 months. Specifically, DeGods account for 65%, y00ts for 21%, and $dust for 14%. This design simplifies the conversion process, avoiding complex formula calculations and disputes.

Where do NFTs go after conversion?

y00ts and $dust tokens will be destroyed, while DeGods will enter a market called the "floor pool," where users can purchase DeGod NFTs in the pool with SOL, $degod, or even through exchanges with other DeGods. These DeGods will be dynamically priced based on the price of $degod.

$degod represents an innovative attempt to integrate three major asset projects, providing users with more flexible operational space. Whether choosing to hold NFTs or convert to $degod, this ecosystem offers investors diverse options.

Innovation or mutual heating?

Gordon Goner, co-founder of BAYC, commented here: "I don't know if what DeGods is doing will be effective in the long run, almost no one has, and I wouldn't do it for BAYC, but watching this project try crazy things is really interesting. It's obviously worth it."

This kind of bundling of interests and mutual future-seeking strategies is not unique to DeGods. After the success of ChatGPT in the cryptocurrency AI startups, SingularityNET, Fetch.ai, and Ocean have agreed to merge to focus on AI development and have promised the issuance of new tokens, but they still exist separately. However, the mergers of DeGods are family projects, which may be seen as an attempt to reduce circulation pressure and collectively boost the value of the new currency.