For over a decade, creators have valued likes on their posts as the currency of their social media presence. Now LIKE is more than just an engagement metric. LIKE is the platform utility token on the Solana blockchain and backbone of the future of the creator economy. Let's dive in.
Platform fee discount
Creator will be able to earn more from Passes with an upgraded account based LIKE staked in the creator's staking pool. For example:
Buyback & burn 🔥
The aim of the platform is to help content creators monetise while rewarding users with tokens that have a sustainable value appreciation mechanism. A key component to achieve this is to incorporate a robust buyback and burn mechanic using platform revenue. Only1 has generated over $4 million in sales using the NFT launchpad in 2022. Collectively, Patreon and OnlyFans generated over $3 billion in revenue in 2022. With our upcoming web3 infrastructure enabled features, Only1 can give creators a huge earning advantage over our competitors such as Patreon or OnlyFans.
Every quarter, Only1 will use 20% of platform profits to buyback LIKE token. Part of the bought back LIKE will be used as community reward emission depending on the projected reward token required. The remainder will be burnt by sending to a burn wallet. Token burn will continue until 50% of the token supply is permenantly destroyed. All buyback and burn transactions will be publicly announced and logged in this whitepaper.
If the platform quarterly spending is $100,000 and revenue is $400,000, then 20% of the $300,000 profit will be spent to buyback $LIKE. Assuming a $0.005 average $LIKE price, and a 6,000,000 $LIKE quarterly projected reward token emission, platform will buyback 12,000,000 $LIKE and burn 6,000,000.
Creator Staking Pool
Creators can launch a creator staking pool by paying LIKE, each launch is tentatively priced at $100 in LIKE. The staking pool APY will increase corresponding to the creator’s platform activity, encouraging fans to stake more LIKE, creator is rewarded with LIKE depending on the TVL (total value locked). The more creators there are, the more LIKE paid to launch staking pools, and more platform wide TVL from fans.
Users are rewarded on the platform through creator staking pools and other event-based airdrops to incentivise platform activity and adoption. The reward token will initially come from the community token pool (see token metrics). As platform develops and starts generating quarterly profit, the reward emission will come from quarterly buyback.
Decentralized platform moderation
Content moderation has long plagued user-generated content platforms like Facebook, YouTube, and Pornhub, who struggles with the inefficient removal of defamatory, violent, or illegal material. At Facebook for example, traditional moderation methods burden thousands of employees, some requiring therapy after prolonged exposure to such content. Only1 adopts a consensus-based moderation system similar to Proof-of-Stake blockchain validation. DAO members or $LIKE token stakers can participate in voting on flagged content, shaping a platform that is truly built and governed by its community.