Between marketing promises and viral hype, it’s hard to know which cryptos are really worth your attention. With X-Ray, Kryll’s free analysis tool³, you can assess the financial strength, fundamentals, social signal, and security of a cryptocurrency at a glance. Case study: the YZY token launched by Kanye West. Several factors detected by X-Ray pointed to a negative outcome. Find out how X-Ray can help you with your investments.
Don’t miss out on this crypto gem! Although…
Whether you’re new to the world of crypto, have been involved for a few months, or have been around for several years, you’ve bound to have come across a “revolutionary” project that “no one has heard of yet” and that “you absolutely mustn’t miss out on.” Sometimes, social media gets excited: a celebrity or a company has just launched their own cryptocurrency. It would be foolish to pass up such an opportunity. Don’t be fooled: in reality, and this has never been more true than during the current cycle, a tiny minority of cryptocurrencies manage to maintain a sustainable rise… if there is one! The cryptocurrency market has never been so saturated with tokens that have no real use. Today, terms such as “decentralized,” “governance,” and others of the same ilk no longer appeal to investors. Even some of the iconic cryptocurrencies of the last cycle are now struggling.
That’s why it can be tempting to bet on the “next big thing” that you’ve heard about, seen on social media, or perhaps discovered yourself. But it’s crucial to keep a cool head, because in reality, crypto investors are just small fish struggling to swim in an ocean littered with hooks. Their greatest weakness is temptation—the temptation of easy money. And this is the biggest risk we all face.
Case study: Kanye West’s YZY crypto analyzed by X-Ray
Fortunately, there are solutions. Notably X-Ray, offered by Kryll³, which allows you to audit any crypto without any expertise!
Want to know everything about the crypto you’ve been eyeing for a while, in just a few seconds? Just enter its name or ticker symbol into Kryll³’s X-Ray tool and voilà: the project’s financial health, the strength of its fundamentals, its social score (an indicator that is sometimes underestimated), and even the structure of its smart contract… everything is detailed and, above all, understandable to everyone.
You don’t need to be a crypto market veteran to understand X-Ray’s results. Everything is clearly presented in English, and you can chat directly with Agent K, Kryll’s AI, for even greater simplicity.
Take, for example, the YZY crypto, recently launched by American rapper Kanye West. Mirage or opportunity? On paper, YZY crypto looks good: it serves as a utility token for a payment infrastructure (YZY Money) and allows users to purchase products from the rapper’s store. And yet, YZY crypto hides many secrets.
The X-Ray audit report gives it a score of only 5.2/10. The overall score is enough to attract attention. We quickly see that the YZY cryptocurrency has shortcomings in each of the four areas assessed by the tool: 48 for “Financial,” 68 for “Fundamental,” 38 for “Social,” 47 for “Security,” and finally 58 for “On-chain.”
Finance: the first red flags for the YZY cryptocurrency
The first part of X-Ray’s analysis of the YZY token is the financial aspect. First, one thing catches the eye: the price of the cryptocurrency is down 39% over 24 hours, which is a rather bad sign.
Although this may present a buying opportunity, with the price well below what it has been in the past, X-Ray is “Bearish.” In other words, at first glance, there is no reason for the price of the cryptocurrency to rise again in the near future.
Another worrying factor—and a less abstract one—is the token’s liquidity ratio. This ratio is critically low and is highlighted by a “warning” sign. What does this mean? The total supply of YZY tokens is 1 billion units, but only 130 million are currently issued. In other words, holders of undistributed tokens can manipulate the price of the cryptocurrency.
On-chain data: a more than worrying concentration
This is probably the biggest shadow hanging over the YZY crypto: 91% of the total supply is held in just five different addresses.
As we mentioned earlier, the supply of YZY tokens in circulation is currently only 130 million units, with the rest due to come onto the market later via a vesting system. The YZY remaining in these wallets therefore constitute significant selling pressure in the long term for the American rapper’s cryptocurrency.
Furthermore, each time new YZY tokens are unlocked, the few beneficiaries will certainly take profits, which will automatically weigh on the price if liquidity does not increase by then.
Fundamentals: a few gray areas
The fundamentals of the YZY cryptocurrency are not promising: X-Ray notes very low enthusiasm. The country of origin of the project remains unknown and, tellingly, the cryptocurrency has no white paper.
It should also be noted that the project is still in its infancy, which means we have no perspective from which to judge the resilience of the cryptocurrency.
Social: lack of interest on the main platforms
The social aspect of the YZY cryptocurrency is not the most worrying, but it is worth taking a look at:
As we can see, YZY crypto activity on X is average, which can be explained by the fact that the official page has only been active since August 21. The 13 or so posts on the YZY Money account reflect a glaring lack of concrete content. On CoinGecko, only 1,267 users follow the YZY cryptocurrency, a sign of a certain general lack of interest. Finally, the project’s Telegram channel shows low activity with only 2,166 subscribers.
Security: A website vulnerable to attacks
Here, we are not judging the cryptocurrency itself, but its website, which gives an insight into the project team’s commitment to the security of its users. And the findings are far from reassuring: the site has been given an F rating, the lowest possible score.
Several basic protections are missing, leaving visitors vulnerable to clickjacking, content injection, and unwanted data collection.
Email security is virtually non-existent: no effective SPF, no DKIM, and a weak DMARC policy. As a result, it is easy to spoof the domain’s identity to carry out phishing campaigns targeting visitors. Finally, the presence of open HTTP port 80 increases the risk of data interception in the event of misconfiguration. In summary, the YZY crypto site suffers from serious shortcomings, reflecting a lack of rigor in protecting users.
Audit of the YZY smart contract by X-Ray
This is the first point of failure for many cryptos launched on the fly: their smart contract displays numerous warning signs. In this regard, we advise you to pay particular attention to the “Can Mint” (allows the token supply to be inflated manually) and “Can Blacklist” (allows an address to be prevented from selling its tokens) indicators.
Surprisingly, there is little to complain about when it comes to the YZY crypto smart contract. However, we note that its code is not open source, and that an automatic “tax” is levied on all token transfers.
X-Ray, the reflex to have?
Once you have studied all these aspects, whether it’s Kanye West’s YZY crypto or another, you will now have all the information you need to judge the merits of a cryptocurrency before acquiring it, thanks to X-Ray. And it only takes a few seconds, so why not give it a try!
