LIKE Token Burn & Rewards Updates
https://ift.tt/usPidwy
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.
There will be a monthly token burn event starting from the official public launch. Here is how it works:
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
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:
Genesis NFT Example: SolLadyx joins Only1, her Superfan NFT is listed on the marketplace for English auction. Ivan wins with a 10,000 SOL bid, 500 SOL is added to Only1 treasury and SolLadyx receives 9,500 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 SOL and the NFT is listed for 500 SOL. Leon purchased the NFT for 500 SOL, Trader69 earns 475 SOL and 25 SOL goes to Only1 treasury. Joey then pays 1 SOL to unlock the content to view, 0.4 SOL goes to Leon, 0.4 SOL goes to Trader69, and 0.2 SOL goes to Only1 Treasury.
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
Starting after Official Public Launch (Date TBC)
Cryptocurrency
