The currency of Web3 social
For over a decade, creators have seen Likes as their social media currency. Now, LIKE is the platform utility token on Solana, shaping the creator economy's future.
The platform's goal is to help creators monetize their content while rewarding users with tokens of sustainable value. It achieves this through a buyback and burn mechanism fueled by platform revenue. In 2022, Only1 generated over $4 million in sales through its NFT launchpad, while Patreon and OnlyFans collectively earned over $3 billion. With upcoming Web3 features, Only1 aims to give creators a competitive edge. Quarterly, 20% of platform profits will be used to buy back LIKE tokens, with a portion used for community rewards and the rest burned. This process will continue until 50% of the token supply is destroyed. For instance, if quarterly spending is $100,000 and revenue is $400,000, the platform will buy back LIKE tokens for $300,000 based on the profit margin and burn a portion accordingly.
Users are rewarded on the platform through creator staking pools and event-based airdrops to drive engagement and adoption. Initially, the reward token comes from the community token pool (More details on: Token Allocation). As the platform grows and generates quarterly profit, rewards will be funded through quarterly buyback.