Only1

Only1 - NFT-powered social platform, the first scalable decentralized creator economy

Inspiration

On web2 social platforms, content creators are under-compensated, frequently censored and demonetized. What viewers get to see is vastly controlled by the algorithm that prioritizes monetization rather than human connection. We are in need of a scalable & decentralized social media where users get to decide how the contents are distributed, and creators are compensated without the need of third parties.

What it does

Only1 is a decentralized social media DAO where users help regulate content creators, and creators can monetize directly on the platform through creator staking pool and NFTs.

Creator Staking Pool - each creator has their own staking pool with APY that changes according to how active they are as creators, the more active they are, the higher the APY. The creator also earns 1% of their pool's TVL.

Only1 social DAO - Stakers on the platform also become regulators. They can vote down / up contents or contribute to the community guideline. When a creator gets downvoted enough times by the DAO, the creator's earnings gets 'slashed'.

Genesis NFT - Each creator has 1 genesis NFT. The holder will get special access to the creator, and displayed on the creator's profile.

Premium Content NFT - Premium contents such as trading tips can be minted as unlockable NFTs, where users cannot view until they've either purchased or paid to unlock the NFT. The unlock fee is split between the NFT holder, and original creator.

How we built it

We have built a beta product with few vital components of the complete product. Those include the creator staking pool program, genesis-NFT program, NFT generation script, NFT launchpad, marketplace, and the frontend.

Genesis-NFT & Creator staking pool program - Staking pool APYs are based off of a sigmoid function (logistic curve) that was transformed through various social media and platform variables. E.g. creator activity index (for beta, we only use follower count), platform wide staking pool reward upper limit, and maximum APY per staking pools. The genesis-NFT minting ID is bound to a creator staking pool program which is latter deployed, this allows the genesis-NFT holder to receive benefits from the creator staking pool.

NFT launchpad - The 10,000 NFTs were generated using basic png layering script, and then minted using Metaplex's NFT program. The launchpad functionalities include; lottery system (on-chain RNG coming soon), lottery raffle tickets, NFT & refund claim.

Challenges we ran into

When the Beta was first completed, while the APY reward number keeps going up, the actual reward when claiming is always zero. We have later found out it is due to a precision error, where because the reward is being calculated every second, and that means the actual absolute value of the tokens being rewarded is so near zero that it went below 10*-8 so its constantly zero.

Accomplishments that we're proud of

Beta product with over 6,500,000 LIKE tokens staked from organic users (eqv. $2.6 million dollars at time of writing), and that all 1000 beta access codes were used in first 24 hours.
We are able to get validations from both the creators and viewers that our value proposition is valid and are solving a real problem of social media.
Successful

What we learned

There is a steep learning curve for Solana programs even when we can already code in RUST.
Testnet exist for a reason and we should spend more time there before deploying on mainnet!
Low transaction fee of Solana is essential for microtransactions (e.g. frequent staking/unstaking, content unlock, social features)

What's next for Only1

Ship frequent! next feature to roll out: more social feature, more INO for other project, marketplace, user interface improvements, stablecoin/fiat payment gateway support (already in talks with Circle), native mobile app using Flutter.