In a major development for the NFT ecosystem, De Labs, the creator behind the renowned DeGods and y00ts collections, has introduced its newest innovation.
A crypto token named $DeGods. This token aims to streamline the De Labs platform by consolidating its digital assets into a single, unified currency. By merging NFTs and other digital assets within its ecosystem, De Labs seeks to provide a more cohesive and user-friendly experience for its community, paving the way for greater utility and simplified asset management across its projects.
Degods Token :
The new token, $DeGods, operates on the Solana blockchain network, with a capped supply of 10 billion tokens. What sets this launch apart is its focus on consolidating the assets within the Dust Labs NFT ecosystem, which includes the highly acclaimed DeGods, y00ts, and $Dust collections. Through $DeGods, users holding any of these assets can now convert them into this single token, streamlining their holdings and bringing greater cohesion to the NFT community.
De Labs, which began in 2021 as Dust Labs, is open to innovation. With collections such as DeGods (10,000 NFTs) and y00ts (15,000 NFTs), the company has firmly established itself as a leader in the NFT space, matching giants like Bored Ape Yacht Club and CryptoPunks. Over the years, De Labs has grown into a global community of creators, developers, and artists, and this latest project aims to bring even more value to its holders.
The launch of $DeGods involves a bonding curve model, where 3% of the total token supply has been sold to seed liquidity. This sale was met with overwhelming demand, selling out within minutes. Once the bonding curve filled, liquidity was provided on the Raydium platform, making $DeGods tradable. The conversion rates are set at 1 DeGod for 550,000 $DeGods, 1 y00t for 120,000 $DeGods, and 1 $Dust for 36 $DeGods.
NFT Burn and Floor Pool :
When holders convert y00ts and $Dust into $DeGods, those assets are burned. Converted DeGods NFTs, however, enter a “floor pool” on Sniper.xyz, where they can be purchased with SOL, $DeGods, or swapped for another DeGod. Prices for NFTs in the pool will be dynamically adjusted based on the value of $DeGods.
For Ethereum users, any NFTs or $Dust must be bridged back to Solana for conversion to $DeGods.
Interestingly, the distribution of $DeGods has been happening organically for the past three years, without much public awareness. Between DeGods, y00ts, and $Dust, there are 41,241 unique holders spread across four different blockchain networks, with the top 10 holders controlling only around 9.3% of the total supply—a sign of its decentralization and wide-reaching community ownership.
While the token’s initial market cap briefly surged to $330 million, it has since stabilized around $70 million. Despite some users facing losses due to price volatility, $DeGods has been lauded for its innovative approach to merging NFTs and tokens under one umbrella.
In an effort to keep things simple, rarity is not factored into conversion rates—a decision De Labs intentionally made to streamline the process. While some might view this as controversial, the focus is on the intrinsic value of the NFTs rather than complex formulas. As DeGods gains popularity, the rarer NFTs will naturally command higher prices, serving as symbols of wealth.
Following this, liquidity was provided on the Raydium platform, allowing $DeGods to be traded freely. This innovative launch not only streamlines the De Labs ecosystem but also provides long-term value and flexibility to users while maintaining decentralized ownership and community participation.
As De Labs continues to evolve, $DeGods represents a bold step in unifying the various digital assets in its ecosystem, creating a stronger and more interconnected NFT experience for its growing global community.
For more detailed information on $DeGods tokenomics, you can review this Google Sheet.
