Sep 12, 2021
The WEYU Token Launch Aftermath
Discover a breakdown of results and numbers from the WEYU token launch on PancakeSwap
Welcome to the aftermath of the WEYU launch — another proud milestone in our journey, and one that drives us with confidence towards our ultimate goal — to be the most accessible NFT ecosystem in the world and beyond. Today, we will take a look at some of the key figures and results that emerged from the WEYU token launch, which took place on PancakeSwap last week.
ADDRESSING ISSUES IN THE NFT INDUSTRY
At the start of 2021, core members of WEYU embarked on a journey to positively change the landscape of NFT’s forever with the aim of providing a solution to some of the problems that the NFT space has already, and would inevitably encounter. The enormous and rapid growth of NFT’s has been explosive. However, immense growth has created a major limitation that is commonly experienced by new industries — scalability. Although the growth of the NFT industry is stable, the space is not yet commercially viable for the masses and this will continue to be a pain point until user experience and accessibility is addressed.
A POWERFUL PLATFORM FOR THE NFT MARKETPLACE
Thankfully WEYU is here to do just that — to make NFT’s understandable and accessible to everyone with the world’s first multi-chain platform. Some of the features that are helping to turn our original dreams into reality are; multiple -blockchain integrations to encourage different ecosystems to interact together, multilingual accessibility that deconstruct language barriers and enable all global citizens to participate, and multiple currency options that simplify payments with crypto and fiat currency integrations.
The WEYU platform promises to be an ecosystem populated with simple yet powerful tools that welcome new users with ease to the wonderful world of NFT’s — and currently, it looks like we are heading in the right direction.
WEYU LAUNCH: PRE-LAUNCH
Now, let’s get onto the WEYU token launch, beginning with the pre-launch phase. In total, 4,822 people from 177 countries participated in the WEYU Token Sale. The total amount raised to kick-off the WEYU project was 4.3 million, meaning that just over 1 billion WEYU tokens were sold (1,060,000,000). Nearly half of all tokens sold have a 6 or 12 month lockup period which is visible on CoinMarketCap. In addition, the WEYU team held back 190 million tokens to be placed in what we call the ‘WEYU Diamond Hands Pool’ for all you early adopters and supporters. So when we sum it all up these seem to be pretty decent numbers, right?!
WEYU LAUNCH: TOKEN-LAUNCH
Moving onto the Token Launch, let’s take a look at some of the key figures: On August 31st, at precisely 4:03 pm UTC, the WEYU Token contract went live on PancakeSwap. In the first 24 hours, we experienced expected volatility, but we also saw incredible growth in the number of our token holders rising from under 5,000 to 10,000 holders. Today, just a few days later, we are sitting at over 25,000 token holders. The volume that was seen on PancakeSwap on day one was over $7 million and over $20 million all together within the first 6 days. Alongside these hugely positive numbers, it was equally as amazing to watch the incredibly complex token contract work its magic.
UNDERSTANDING THE WEYU TOKEN FEE
Curious about how the WEYU token fee works? The WEYU token has a fee that is taken out of every transaction. This embedded fee is set at 4% (so if you were to send 100 WEYU to a friend, they would receive 96 tokens). This 4% fee is actually captured by the WEYU token contract, performing some incredible automated actions. Firstly, 1% is redistributed back to all token holders, continually rewarding our Diamond Hands family. The next 1% goes to the $WEYU burn address every time a trade takes place.
But perhaps the most fascinating feature is how the WEYU token contract constantly adds never ending liquidity to PancakeSwap. After collecting a defined amount of the fees, it activates a trade that sells off a portion of WEYU in exchange for BNB and then takes the equal amount of WEYU left over, adding them both as additional liquidity in PancakeSwap. It’s amazing to see it in action and makes you ponder about how much liquidity WEYU will have as the future unfolds.
ALL ABOUT THE TOKEN CONTRACT NUMBERS
In the past 6 days, currently over 7 million $WEYU has been burned (roughly $350,000 worth). This same amount has been redistributed to WEYU token holders in rewards. Yes, that’s 7 million WEYU awarded to holders for simply hodling onto their WEYU! And lastly, there has been over 600 BNB and 7 million WEYU equaling $700,000 added as liquidity to PancakeSwap.
We would like to extend our thanks to everyone who has joined us through these exciting chapters so far. And for those who are yet to get familiar with WEYU, we welcome you to join us on our journey to revolutionise the NFT space — an adventure that is sure to be epic!
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