LIKE will be listed on Huobi Global on July 12th. Before end of July, users will be able to pay LIKE to launch their own Creator Staking Pool and start earning by being active on the Only1 platform (details coming soon 🚀). Users will also be able to create Memberpass NFTs for their fans to mint, and post exclusive content for holders. The platform revenues that comes with user growth will be used to buyback LIKE and burned to maintain a deflationary ecosystem. For more on roadmap, see here.
How does LIKE create value to the Only1 ecosystem? Let’s dive in.
Web3 apps routinely feature incentivising its users with an inflationary reward tokens to cash out. Most of these token economies are not sustainable because it relies on inflow of new investors —what some consider a Ponzi scheme. This is especially the case when the reward token has infinite supply and is separate from its native token. The key to creating a valuable token economy is to generate revenue, control reward emission, and consistently buyback and burn supply.
E.g. Only1 NFT launchpad Beta generated $2,500,000 revenue during Q4 2021 to buyback LIKE to provide reward emission for users, see here
Deflationary Tokenomics — Creating Value for LIKE
Only1 app is easy to use, any users who experienced social platforms such as Twitter can easily navigate the app. We are bridging users to web3 via decentralised social media through disintermediation of the creator economy. Users can post content and engage to earn LIKE. In order to start earning as a creator, user need to pay LIKE to launch their creator staking pools (details coming soon 🚀). Platform revenues are used to buyback and burn LIKE to maintain value for the ecosystem, here is how:
Utility & Revenue Model
- Marketplace 2% transaction fee on every NFT trade
- Launchpad 10% mint fee and 10% royalties for every drop (fee may vary)
- Staked LIKE has a 7-day unstake lockup period. To unstake instantly, users need to pay a 2% fee
- Users can pay LIKE to create their own creator staking pool to start earning as content creator
- Superfan NFT initial auction sale 20% fee
Buyback and Burn 🔥
- Fees can be in SOL, LIKE, and other tokens. There will be monthly LIKE buyback to convert treasury to 100% LIKE
- Monthly LIKE burn 20% of treasury, removing it from circulation to reduce supply
Reward Emission (Deflation Control)
- Deflationary tokenomics is created by burning tokens over time and a controlled reward mechanism
- There is a monthly treasury target as reward emission to incentivise users to stake and create content, this target scales with number of monthly active user
- If the treasury is more than the target, reward emission increases
- If the treasury is below the target, LIKE will be injected to satisfy minimum reward emission
Acquiring Users
- We are working with talent agencies and educating web2 creators to onboard more users
- Continued listing activities to increase liquidity into the ecosystem
- Partnerships with other projects to increase active users, such as the cross chain web3 messenger project partnering with Bonfida and Notifi Network. (detail coming soon)
- Referral system where referrer earns a % of the referred user’s earnings
About Only1
Only1 is a web3 social platform where users earn by engaging, and can launch memberpass NFTs and post exclusive content for members. Only1 offers a web 3.0 solution to creator economy and fan engagement, decentralisation is coming to social media.
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