Creator Staking Pool V2 Launch

We’re excited for the upcoming public launch which will be happening in a few weeks! As part of a larger rollout plan, new creator staking pool program will first be shipped on 20 May 2022.

The creator staking pool V2 will increase locked liquidity for $LIKE to reduce circulating supply, it will favour long term stakers through the introduction of a lock up period. Details below:

The creator staking pool is how Only1 redistributes platform revenue back to the content creators who are making the platform fun and users who have staked $LIKE to increase the total value locked.

Creator Staking Pool V2 Updates:

  • After 20 May, 12:00 UTC, Unstake will require a waiting period of 7-days.
  • To unstake instantly, user will have to pay a fixed fee of 2%. Unstaking fee will be added to the Only1 treasury to be later distributed back to users as reward.
  • Each creator staking pool APY will be dynamic, increases when the respective creator is more active, and decreases when the creator is inactive.
  • Creator reward will be lowered to 0.4% of their pool’s TVL per month. Superfan NFT holder reward will be lowered to 0.2% of the creator’s pool per month.

How to migrate to creator staking pool V2:

  • Creator staking pool V2 upgrade: 20 May, 12:00 UTC
  • For users with staked tokens in V1, there will be an ‘Upgrade’ button at the staking page after the upgrade
  • To upgrade, click the ‘Upgrade’ button — This will automatically unstake and claim rewards from all staked pools, then stake them all in the new respective creator staking pools V2.
  • Any tokens staked in V1 after the upgrade will no longer accumulate APY rewards
  • There are no platform fees for unstaking or claiming rewards before the upgrade

Contact us by reaching out to our team in Discord if you have any difficulties with the creator staking pool upgrade or anything else.

What’s next?

The team is onboarding more new and talented content creators prior to the public launch, more staking pools will deploy in the coming weeks. NFT Marketplace, user profiles, content posting and more will soon be available. Stay tuned for the announcement!

About Only1

Only1 is an NFT access based social platform on Solana decentralising creator & fan relationships. We pay creator for their engagement and creators can create memberpass NFTs for their closest fans. Only1 offers a web 3.0 solution to creator economy and fan engagement, decentralisation is coming to social media.

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