LIKE Token Burn & Rewards Updates
We are building web3 social, and Web3 is all about ownership. If web1 is a garden you can only look at, and web2 is a garden owned by someone else where you can grow crops, then web3 is a garden you can own.
In centralized web2 social media, advertisers pay the platform for the user’s attention. But in a decentralized web3 social media, the platform pays users for their attention. That means you are in charge of your data and are rewarded appropriately when value is being generated.
We need to create a platform where platform fees are shared with users fairly for the value they create. This is why we need to have sustainable tokenomics. Note: whitepaper is under renovation, stay updated on our socials.
1. Token Burn 🔥
There will be a monthly token burn event starting from the official public launch. Here is how it works:
- Monthly platform token inflows announced at end of month
- 50% (calculated in USD value) monthly inflows in LIKE will be burnt or removed from circulation reducing the total supply of LIKE permanently
- If any of the 50% to be burnt is not in LIKE, then it will be first used to buyback LIKE
Example: Only1 generates 50,000 SOL and 1,000,000 LIKE in May 2022. By the end of month, SOL is $200 and LIKE is $2, giving a total of $12,000,000. 50% of that is $6,000,000, and since $2,000,000 was already in LIKE, 20,000 SOL would be used to buy $4,000,000 worth of 2,000,000 LIKE. A total of 3,000,000 LIKE will be burnt.
*Token burn event to be reviewed quarterly to adjust for optimum platform performance
2. Platform Token Inflow💰
DAPPs need token inflow, a tokenomics model that only relies on growing number of buyers is unsustainable. The token inflow streams of Only1 includes but are not limited to:
- NFT Marketplace — 2% Platform fee per transaction
- Genesis NFT (to be renamed as Superfan NFT) — 20% Platform fee per primary sale
- Unlockable Content — 20% Platform fee per unlock
- NFT Launchpad — To be announced
Superfan NFT Example: SolLadyx joins Only1, her Superfan NFT is listed on the marketplace for English auction. Ivan wins with a 10,000 SOL bid, 2,000 SOL is added to Only1 treasury and SolLadyx receives 8,000 SOL. Ivan now earns monthly approximately 0.2% of TVL of SolLadyx’s creator staking pool.
Unlockable Content Example: Trader69 uploads an unlockable image titled “My recent crypto purchases”, each unlock would cost 1 LIKE and the NFT is listed for 500 SOL. Leon purchased the NFT for 500 SOL, Trader69 earns 490 SOL and 10 SOL goes to Only1 treasury. Joey then pays 1 LIKE to unlock the content to view, 0.4 LIKE goes to Leon, 0.4 LIKE goes to Trader69, and 0.2 LIKE goes to Only1 Treasury.
3. Reward Updates 🚀
Only1 shares the token inflows from platform fees back to our users through creator staking pools. At its completed form, the Annual Percentage Yield (APY) per creator staking pool would correspond to how active the creator is across social platforms.
Starting 18th March, 2022
- Improved Compound feature for OG status users (The Ones NFT Holder)
- Introducing staking lock up for 7 days, and instant unstake fee of 10%
- Reward for creators reduced by 60%
Starting after Official Public Launch (Date TBC)
- Only1 treasury program will introduce automation to reward distribution to optimize for both incentivizing users and platform treasury balance.
- There will be a base amount of rewards to be distributed to our stakers irrespective of the platform token inflow to incentivize our supporters
- The current monthly reward emission has a max at 3,000,000 LIKE, this includes the staking pool APY and creator rewards. This max will be adjusted as the platform develops.
- The reward distributed to our stakers will increase as token inflow increases until the reward threshold. When platform token inflow exceeds the threshold, the surplus tokens will no longer contribute to the reward distribution but instead added to the Only1 Treasury.
- The APY per creator will be dependent on the social media activity scores in real-time, therefore, hard-working creators will have a higher APY, their higher TVL will earn them more rewards, and they deserve it!
About Only1
Only1 is an NFT-powered social platform built on Solana. We help creators monetize and allow fans to connect with the creators they love in a unique way, similar to a decentralized Patreon — read more on Create-to-Earn (C2E) here. Mixing social media, NFTs, DeFi and the native token LIKE, Only1 offers a Web 3.0 solution to creator economy and fan engagement.
The new world of decentralized social media is here, and it’s being built on Solana. Follow us to learn more.
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