If web1 is a backyard that end users can only see and web2 is a backyard owned by other people, then web3 is a backyard that is wholly owned by the consumer.
As with the web2 centralized social network, advertisers pay out the platform to grab users’ awareness. However, for the decentralized web3, it is the platform itself that grabs users’ awareness. This usually means that end users will get complete duty for their information and will be duly rewarded for making worth.
Only1 requires to develop a web3 platform the place the platform costs are shared with end users in a way that is honest to the worth they develop. That is why it is now essential to design and style a sustainable tokenomics model.
Token burning mechanism
There will be a regular monthly token burn up occasion starting up with the official public launch.
- The platform’s regular monthly inflows are announced at the finish of the month.
- 50% (in USD worth) of the regular monthly LIKE will be burned or eliminated from circulation to lessen the complete provide completely.
- Buy back the LIKE mechanism if the burned tokens are in the type of other tokens this kind of as SOL.
Example: Only1 generates 50,000 SOL and one,000,000 LIKE in May 2022. At the finish of the month, the rate of SOL is $ 200 and LIKE is $ two, for a complete income movement worth of $ twelve,000,000. The 50% is six,000,000 USD and due to the fact two,000,000 USD is accessible as LIKE, the four,000,000 USD SOL tokens will be employed to repurchase two,000,000 LIKE. From there, the platform will burn up three,000,000 LIKES.
* Token burn up occasions can be regarded as quarterly based on real problems to optimize platform efficiency.
Cash movement only one
DAPP requires income flows, even so a tokenomic model primarily based solely on a increasing quantity of customers is not sustainable. Only1’s income movement comes from the following sources:
- NFT Marketplace – two% platform charge per transaction.
- Genesis NFT (renamed Superfan NFT): five% platform charge per major transaction and two.five% secondary transaction. Example: SolLadyx joins Only1, lists Superfan NFT on the marketplace. Ivan wins with a bid of SOL ten,000, SOL 500 goes to the Only1 treasure and SolLadyx will get SOL 9,500. Currently, Ivan earns close to .two% TVL regular monthly from the SolLadyx creators staking pool.
- Unlockable articles – twenty% platform commission for unlocking and two.five% secondary transaction. Example: Trader69 uploads an unlockable picture, just about every unlock expenses one SOL and the NFT is listed for 500 SOL. Leon purchased NFT for 500 SOL, Trader69 earned 475 SOL and 25 SOL went to the Only1 treasury. Joey then pays one SOL to unlock the articles for viewing, .four SOL to Leon, .four SOL to Trader69, and .two SOL to Treasury Only1.
- Launchpad NFT – To be announced later on.
Update on the distribution of prizes
Only1 shares the income from the platform costs to end users through the staking pool. In complete type, the percentage of yearly return (APY) per staking pool will correspond to the exercise degree of creators on social platforms.
Starting March 18, 2022
- Enable the Compound perform for owners of The Ones NFT.
- Start your staking freeze in seven days and apply an quick ten% staking cancellation charge.
- Rewards for creators are 60% off.
After the official public debut
- Introduced the automated distribution of rewards to optimize the two the incentive for end users and the treasury stability of the platform.
- There will be a standard quantity of rewards distributed to Only1 traders
- The existing regular monthly release reward is presently at a highest of three,000,000 LIKE, together with the staking pool APY and creator rewards. This restrict will be transformed in the potential.
- The rewards distributed to Only1 stakers will boost as the influx increases up to the reduce-off threshold. Once this threshold is exceeded, the extra tokens will no longer be deducted from the prize distribution but will be transferred to the Only1 treasury.
- The APY for just about every creator will be primarily based on the social media exercise score in genuine time, so individuals who perform really hard will get a larger APY, a larger TVL will earn additional rewards.
About Solo1
Only1 is the initially Solana-primarily based NFT social networking platform. Combination of social media, NFT marketplace, scalable blockchain and LIKE token. Only1 provides followers a one of a kind way to connect with the creators they adore.
More information and facts about Only1: Twitter | medium | White paper | Website | Telegram | Discord
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