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The key to creating a sustainable economy is to both generate revenue, keep token rewards under control, and prevent inflation. For that reason, Only1 has continuously bought back and burned LIKE.
From now until the end of July, users can lock LIKE to launch their own staking pool and start earning from activities on the platform. In addition, NFT Memberpass is also available on the app for creators. The revenue generated from the platform will be used to buy back and burn LIKE – the governance token of the Web3 social network, to maintain the deflationary ecosystem.
How does LIKE create value for the Only1 ecosystem?
Most projects today design a token economy that is unsustainable because it relies on capital inflows from new investors, which some refer to as a “Ponzi”. This is especially the case when the reward token has an infinite supply and is separate from the native token of the ecosystem. The key to creating a sustainable economy is to both generate revenue, keep reward tokens under control, and prevent inflation. For that reason, Only1 has continuously bought back and burned LIKE.
Deflationary Tokenomics Will Create Value for LIKE
Like some popular Web2 social networks like Twitter, Only1 is also designed to be easy to use for anyone. Users can post content and actively participate in activities on the platform to earn LIKE. To start making money as a creative artist, users need to lock in an amount of LIKEs to launch their own staking pool. The revenue from the platform is used to buy back and burn LIKE to maintain the value of the ecosystem, this is how the project will do it:
What activities does Only1’s revenue come from?
- 2% marketplace transaction fee from each NFT transaction.
- 10% mint fee (at/mint) NFT on Launchpad and 10% royalties.
- The number of LIKE staking has a lock time of 7 days. To unstake instantly, users need to pay 2% fee.
- To become a content creator and start monetizing the platform, users need to lock an amount of LIKE to create their own staking pool.
- 20% NFt Superfan auction fee.
Buy back and burn LIKE
- Transaction fees can be in the form of SOL, LIKE and other tokens. The project will buy back LIKE monthly and transfer to the project treasury 100%.
- Every month, 20% of LIKE in the treasury will be burned, removed from circulation permanently to reduce the token supply.
Emissions Bonus (Deflation Control)
- Deflationary tokens are created by burning tokens over time and controlling the reward mechanism.
- There will be an emission bonus to incentivize users to staking and create content and will be scaled with the number of monthly active users.
Only1 is the first NFT social networking platform built on Solana. Combination of social media, NFT marketplace, scalable blockchain and LIKE token. Only1 offers fans a unique way to connect with the creators they love.
Learn more about Only1: Twitter | Medium | Website | Telegram | Discord
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