AMA Session with Leon LEE Tin Shing from Only1
Guest : Leon LEE Tin Shing, Founder and CEO of Only1
Host: Iris at MEXC Global
Iris: Today, we’re honored to Leon LEE Tin Shing, Founder and CEO of Only1, in our community to give us a more intuitive introduction to their unique project.
Leon, would you like to say hello and introduce yourselves?
Leon: Hello everyone. I’m Leon, founder and CEO of Only1. Pleasure to be here today!
I was trained as a genetic engineer, then worked in tech ever since. I participated in ICOs earlier in 2017, so as a builder I always wanted to build something in crypto. Earlier this year, NFT started to gain traction and I’ve been thinking what product I could build leveraging NFT as an application. After half a year’s time, here we are with Only1.
Questions about the project
Iris: What is Only1? Can you share with us more in detail?
Leon: Only1 is the first NFT-powered social platform built on Solana, the most scalable blockchain to date. Users and creators alike can earn tokens by staking in creator staking pools, engaging in social activities on the platform, and share passive income generated from the innovative Genesis-NFTs and Content-NFTs. Our platform has one native token, $LIKE; which can be used on transactions in our NFT marketplace; staking on creators’ pool which APY changes according to how active the creator is; governance; AND donation
Iris: What triggers you to launch Only1? What are some of the real-world problems/ pain points that Only1 aims to solve?
Leon: Social media users want to feel more connected with the creators on the platform. And in conventional social media, creators have to go through middle-man to sell merchandise, paid advertisements, shout-outs, or any form of partnerships. Our innovation through NFT aim to cut out the need for these middle-man, so creators can connect and engage with users freely and directly.
Iris: What are some of the challenges that Only1 currently faces? How do you aim to solve them?
Leon: Some of the challenges include developing our own native SPL programs for staking and marketplace. Other solutions such as Metaplex exist but they have seen issues recently as well, so we strive to develop our own and our team has been quite successful in tackling these issues so far!
We have seen a few projects with similar business models and features emerged in the past months. However, with a strong & experienced team; together with backing from prestigious VCs including Alameda Research, Liquefy, DuckDAO, Gate.io, Animoca Brands and many more; we aspire to provide best quality product, experience and rewards.
Iris: Are there any exciting news or updates with regards to Only1 that you would like to share with the users?
Leon: We are proud to announce that our Beta has been launched today [30th September]! Stake $LIKE in our creators staking pool to earn tickets for a chance to win unique Only1 NFTs in our Initial NFT Offering (INO) on 7 October. One thing I think will get you all excited is that we hired an animator who used to work at ToeiAnimation and did Dragon Ball Z & One Piece for our INO. Follow our twitter to get a sneak peak of our NFT!
Iris: If you were to summarize your project in ONE word, what would it be? Why?
Leon: Only. Social media has historically been plagued by centralization — giants like Facebook monetizing user data, Youtube demonetizing content creators, and recently, OnlyFans shutting down due to content regulation. We want to strip away creator’s need to rely on third parties, and make the platform ONLY about creators and fans.
Q1. Does your project support staking program? if yes. how is your stake system work, what is the requirement for user if they want to stake in your platform? Do you have a Token Burning plan to increase Token value and attract Investors to invest?
Each creator staking pool will have its own APY and TVL. By staking in them, you are supporting the creator who will be rewarded a percentage of the TVL over time.
How does the APY get calculated?
We want to prioritize rewarding creators that are producing quality content across social media. Currently, APY starts at 300% and decreases slowly in a logistic curve, the Sigmoid function, and the rate depends on how active the creator is. The secret ingredient, let’s call it the ‘Creator Factor,’ affects how much TVL it takes to reduce the APY by half, lengthening the curve.
Q2. What is your most ambitious goal of Project? We would appreciate it if you could share with us any Upcoming Updates?
Launch — Today!
Marketplace Live — Upcoming 2 weeks
Initial NFT Offering Launchpad — 7th Oct
Q3. Does Only1 plan to burn or buyback any tokens from the market in the future?
Yes, all SOL raised from upcoming INO will be used to buy back LIKE from the market. i.e. 10,000 SOL.
MEXC Global: https://www.mexc.com/