What is Only1 (LIKE)?
Only1 is a social media platform created for the decentralized web commonly known as Web3. It is built on the Solana blockchain. The platform combines socialization, content creation, and decentralization into a social media application where users can get rewarded for various activities as well. It is also a project that aims to make fan engagements with content creators more seamless and rewarding.
Through its fair creator economy, the platform aims to encourage creators by redistributing revenue back to them for their social media and content creation activities. The platform strongly respects the privacy of its users and, as such, users can keep their real-world identities hidden.
The LIKE token is the native utility and governance token of the platform. On the price chart above, you can find the live LIKE price.
Use Cases of LIKE Tokens
On the Only1 platform, creators are rewarded with LIKE coins for creating content and engaging with followers. Remember that you can see the current Only1 price on the live price chart above.
Additionally, as a LIKE crypto token holder, you can choose to put together your creator staking pool and begin earning passive income. The amount of LIKE tokens you make depends on the content you post, as well as the engagements you have with other members of the ecosystem.
Creators can also create exclusive content only for their members. Access to this content can only be gained when they purchase MemberPass NFTs. To mint these NFTs, users have to utilize LIKE tokens.
On the Only1 NFT marketplace, you can list, buy, and sell NFTs using LIKE tokens. You can also participate in NFT auctions and use LIKE tokens to pay for your bids.
Moreover, there's the NFT launchpad that helps creators launch their NFT collections. Users can then subscribe to these launches by depositing LIKE tokens in exchange for tickets. Through a verified lottery system, winners of the NFTs get to claim them while losing tickets get a full refund after the launch.
Finally, the LIKE token serves as the governance token of the platform. By staking your tokens, you get to participate in all governance decisions to be made for the growth and development of the ecosystem. Some of these decisions include determining the rewards system, upgrades, and amendments to the platform.
Don’t forget that you can check the current LIKE price on the live price chart above.
Who Founded Only1?
The founder and CEO of Only1 is Leon Lee. Before starting Only1, he was a software engineer at an HK Science Park incubated company. Besides, he founded his first biotech startup during his student days at Imperial College London.
Tokenomics of LIKE
The maximum supply of LIKE tokens is 500 million. The community was allocated 35% of the total tokens available while the ecosystem was allocated 15%. The team and advisors got 10% and 15%, respectively, while 9.84% was supplied to the reserve. The remaining tokens were reserved for public and private sales.
The token has built-in deflationary measures to control and stabilize the LIKE price. A portion of the tokens gets burned and removed from circulation from time to time to maintain the ecosystem economy.