The Solana community has launched a token called CZOLANA to show support for Changpeng Zhao (CZ), the founder of Binance, as he faces legal difficulties in the United States. The token is governed by a Decentralized Autonomous Organization (DAO) that controls 20 percent of the total token supply, currently valued at over $1,000,000.
CZOLANA aims to shed light on CZ’s invaluable work for the crypto community by creating memes with his face in a fun way, as he spends time in the U.S. after being banned from traveling by the Department of Justice. The community is also developing a trending bot called ‘CZOL Trending’ that will be given to other communities for a minimal fee. The fees earned will be used to buy back $CZOL and burn it, as per a proposal approved by the DAO.
According to a passionate community member, the DAO provides an opportunity for members to submit and vote on ideas, fostering a collaborative environment. The community expects to grow exponentially as CZ’s trial date on April 30th approaches, and they plan to support him in any way possible, including starting a hashtag trend named #cryptosupportCZ.
The $CZOL token, the heart of the ecosystem, is based on Solana’s blockchain and has a 0% buy-and-sell tax. The smart contract has been renounced, meaning no new tokens can be minted. CZOLANA is trending among the most visited tokens on CoinMarketCap and is now listed on Toobit and Lbank, increasing its accessibility.
Through initiatives like meme creation and the fee-generating trending bot, the CZOLANA community aims to celebrate CZ’s contributions to the cryptocurrency world while generating value for $CZOL token holders.
This news story relied on a press release distributed by BlockchainWire. Blockchain Registration, Verification & Enhancement provided by NewsRamp™. The source URL for this press release is Solana Community Rallies Behind Crypto Pioneer CZ with CZOLANA Token.