Only1 Announces IDO Details

We’re excited to announce that on August 2nd, Only1 will be launching on AcceleRaytor!

Only1 is the first NFT-powered social platform built on Solana. Mixing social media, an NFT marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love.

This article will cover the two parts of an AcceleRaytor launch: 1) the Public Raise and 2) the IDO on Raydium.

1. $LIKE AcceleRaytor Public Raise Details:

Total tokens for the raise: 1,666,667 $LIKE (0.33% of total $LIKE supply), unlocked

Token fixed price: 0.06 $USDC for 1 $LIKE

Total raise: 100,000 $USDC

Model: Lottery for allocation

Allocation for winning ticket: 50 $USDC (833.33 $LIKE)

Total number of winning tickets: 2,000

Pool opens: August 2, 12:00 UTC

Pool closes: August 2, 16:00 UTC

Open period of the pools: 4 hours

Eligibility and Pool Details:

There will be one $RAY pool available for the $LIKE raise.

  • Allocation will be determined by a lottery system.
  • Allocation for one winning lottery ticket: 50 $USDC
  • There will be two snapshot deadlines to determine ticket allotment.

7-day deadline:

  • Eligibility: At least 100 $RAY staked in $RAY single-sided staking prior to the 7-day staking deadline below and successful $USDC deposit once the pool opens. $RAY must remain staked until the pool opens.
  • Lottery tickets: 1 ticket for every 100 $RAY staked — up to a maximum of 5 tickets. Staking more than 500 $RAY will still receive 5 tickets maximum.
  • 7-day staking deadline: July 26, 12:00 UTC

30-day deadline:

  • To reward longer term Raydium holders, users that are eligible for the 30-day deadline will receive additional tickets on top of any received for the 7-day deadline.
  • Eligibility: At least 50 $RAY staked 30 days prior to the 30-day staking deadline below and successful $USDC deposit once the pool opens. $RAY must remain staked until the pool opens.
  • Lottery tickets: 1 ticket for every 50 $RAY staked — up to a maximum of 5 tickets, and 1 additional ticket for every 1,000 $RAY staked.
  • Example: Alice has had 2,500 $RAY staked before the 30-day deadline. She will receive 12 tickets — 5 for the 7-day deadline 100 $RAY max allotment, 5 for the 30-day deadline 50 $RAY max allotment and 2 additional for each 1,000 $RAY staked.
  • 30-day staking deadline: July 3, 12:00 UTC (snapshot already taken)

How Does It Work?

Tickets: Users receive tickets according to the ticket allotments above. However, for a ticket to be counted in the lottery, users must deposit USDC for each ticket they wish to have entered.

  • Example: Alice has 12 tickets as the above example. Bob staked 300 $RAY before the 7-day deadline and will receive 3 tickets.

Deposit: When the pool opens, users will need to deposit 50 $USDC for each ticket in order for it to be counted in the lottery. Users can choose to deposit less than their total ticket allocation, however tickets without a matching deposit will not be entered in the lottery. Deposits must be in multiples of 50 $USDC.

  • Alice deposits 600 $USDC, her maximum, to ensure that all 12 of her tickets are entered in the lottery. Bob deposits 100 $USDC even though he has 3 tickets because he needs the extra 50 $USDC to buy Alice a cool NFT that is dropping that day. In Bob’s case, only 2 of his tickets will be entered in the lottery.

Lottery: Once the pool closes, the lottery will take place and winning tickets will receive a 50 $USDC allocation for $LIKE. Results of the lottery will be shown very shortly after the pool closes.

  • Example: Alice has 1 winning ticket and will receive a 50 $USDC allocation. Bob does not have any winning tickets, better luck next time, Bob.

Claim: Once the lottery is complete users will be able to remove their $USDC for any tickets that did not win. Claims for $LIKE from winning tickets will open once trading begins for the $LIKE IDO (details below).

  • Example: Alice claims her 550 $USDC and Bob claims his 100 $USDC after the lottery concludes. Alice must wait for the $LIKE IDO to claim her $LIKE.

Lottery Transparency

The lottery will be done on-chain, with lottery numbers assigned to tickets in the order that users deposit in the pool. After the pool closes, winning numbers will be determined by hashing a block, multiplying it by the timestamp, and matching the last 2 digits of that number with user ticket numbers. Any ticket number with the last 2 digits matching is designated a winning ticket. This process will be repeated until all the winners are determined.

2. $LIKE IDO on Raydium:

Token starting price: 0.06 $USDC for 1 $LIKE

IDO Launch time: August 3, 13:00 UTC

How does it work?

  • Raydium will launch a $LIKE-$USDC liquidity pool (LP), after which trading will be live on the Raydium Swap interface. The AMM will begin placing orders on Serum a short time after the LP launch.
  • Participants with winning tickets for the AcceleRaytor raise pool will also be able to claim their tokens at approximately the same time that the $LIKE-$USDC LP launches.

Fusion Pool — Provide liquidity to earn $LIKE rewards

  • Users will also be able to add liquidity to $LIKE-$USDC LP and then stake LP tokens to earn yield on the Fusion Pools page. Rewards will be in $LIKE tokens.
  • Reward emissions on the Fusion pool will begin shortly after the LP launches, to give users time to add liquidity and stake in the Fusion pool for yield farming.

About Only1

Only1 is the first NFT-powered social platform built on the Solana blockchain. Mixing social media, an NFT marketplace, a scalable blockchain, and the native token — $LIKE, Only1 offers fans a unique way of connecting with the creators they love. By using the Only1 platform, fans will have the ability to invest, access, and earn from the limited edition contents created by the world’s largest influencers/celebrities, all powered by NFTs. The new world of NFTs is here, and it’s being built on Solana. Welcome to Only1.

Twitter / Medium / Whitepaper / Website / Instagram / Telegram

About Raydium

Make sure to follow official Raydium accounts below for updates.

Persons located in or residents of the United States, North Korea, Iran, Venezuela or any other jurisdiction in which it is prohibited from using any of the services offered on the Raydium website, including AcceleRaytor, (the ”Prohibited Jurisdictions”) are not permitted to make use of these services. For the avoidance of doubt, the foregoing restrictions on any of the services offered on the Raydium website from Prohibited Jurisdictions applies equally to residents and citizens of other nations while located in a Prohibited Jurisdiction.

The First NFT-Powered Social Platform on Solana.