Imagine a social platform where creators are rewarded for simply being active by posting content and engaging with other users. Besides selling memberships, the Only1 platform offers a new way for creator a new way to earn rewards by being active and fans to support their favorite creators.
How it works
Creators can launch a creator staking pool by spending LIKE token. Fans can stake LIKE in the creator staking pool to earn interest over time. The amount of interest earned by fans who staked depends on how active the creator is - the more active the creator, the more interest fans earn. The creator would earn a passive income depending on the total amount of LIKE staked in their pool. For more information on where the reward LIKE comes from, see Tokenomics.
Launching a staking pool
Creators can click 'Start Earning' on the app and select 'Launch Creator Staking Pool'. After paying $100 in LIKE, the creator staking pool would be launched and the Earn tab will appear in the creator user profile.
Creator reward accumulates for the creator every second and can be claimed at any time. The rate at which the creator reward accumulates depends on the total amount of LIKE staked in the pool.
Creator reward per month = 0.2% * total LIKE staked in the pool
Staker interest (APY)
Users who has LIKE token can choose to stake LIKE token in any creator staking pool on the Only1 platform. Each creator staking pool may have different reward rate, or APY. APY stands for annual percentage yield, so staking 100 LIKE tokens with 10% APY means after a year, the user will have 110 LIKE tokens. The reward token will not be automatically compounded, user must claim reward and stake. By staking LIKE in pools with higher APY, the staker would earn more over time. The APY increases or decreases based on the creator's activity on the platform. Some factors that affect creator staking pool APY includes number of Passes holders, engagements with other users, posting frequency, and direct message reply frequency.
To unstake, users can choose between instant unstake with 2% unstake fee or free unstake with a 7 day wait period. Claiming reward incurs no fee or wait period.