De Labs, the company behind the popular DeGods and y00ts NFT collections, has launched a new cryptocurrency called $DeGods. The launch marks a significant shift in how De Labs aims to streamline its digital assets into a single token, simplifying its ecosystem for users. This article provides an overview of the new memecoin and what it means for investors and NFT holders.

What is De Labs?

Founded in 2021, De Labs is a digital asset firm focused on building software for non-fungible token (NFT) communities. Initially known as Dust Labs, the company has become a key player in the NFT market with collections like DeGods and y00ts. These collections are hosted across multiple blockchains, including Solana, Ethereum, and Polygon.

De Labs has rapidly grown into a global community that includes creators, developers, and artists. The DeGods and y00ts NFT collections are among the top-selling in the NFT market, rivaling established names like the Bored Ape Yacht Club and CryptoPunks.

The Launch of $DeGods

On September 15, 2024, De Labs announced the launch of a new cryptocurrency token called $DeGods. The memecoin is built on the Solana blockchain and has a limited supply of 10 billion tokens. It is designed to unify all digital assets within the Dust Labs ecosystem, merging NFTs and existing tokens into a single, more purposeful currency.

$DeGods tokens are available to holders of DeGods, y00ts, and the existing $Dust token. Here’s how the conversion works:

• 1 DeGod NFT = 550,000 $DeGods
• 1 y00t NFT = 120,000 $DeGods
• 1 $Dust = 36 $DeGods

The tokens were distributed organically over the last three years to the 41,241 unique holders of DeGods, y00ts, and $Dust on four different blockchain networks. Only 9.3% of the total $DeGods supply is held by the top 10 holders.

Initial Market Reaction

During the launch, 3% of the $DeGods tokens were sold at a discount through a bonding curve to seed liquidity. The demand was so high that the entire allocation sold out within minutes. Following this, the token became available for trading on platforms like Raydium.

The token’s market cap surged briefly to $330 million before settling at around $70 million, leaving some traders with significant losses. One trader reportedly lost nearly $300,000 after buying $900,000 worth of $DeGods at launch, only to sell after the price dropped.

Community Reactions and Concerns

While the launch of $DeGods was met with excitement, not everyone is happy. Some traders criticized De Labs for converting its NFT collections into a memecoin, with one user on X (formerly Twitter) calling the move a “bad decision.” There have also been reports of scams, including a developer who rug-pulled a fake $DeGods coin, making over $150,000 in minutes.

The introduction of $DeGods marks a new chapter for De Labs as it looks to simplify its ecosystem by combining various digital assets into a single cryptocurrency. While the launch has seen mixed reactions, it is clear that De Labs continues to be a significant player in the world of NFTs and digital currencies.

However, investors should remain cautious. As with any high-risk investment, the value of $DeGods can fluctuate rapidly, and potential buyers should be prepared for the possibility of losing their investment.