Let’s start from the beginning… In the wake of the 2008 financial crisis, Bitcoin was born. Its intention was to be a form of digital money that can be sent without needing the permission of a third party. It is meant to be a type of money where the supply is a known and unchangeable number. From there, came the idea of smart-contracts, which unlocked virtually limitless ways to program money and create new tokens. While the original protocol had a limited supply, the newfound ability to create a token of any supply has brought us full-circle to the question:
What makes something valuable?
Is it the number of units of a currency? Or is it simply a matter of the demand compared against the scarcity of the asset?
So, what is O1T?
Only 1 Token (O1T) is a single token with 18 decimals, that is shared by each of its holders who are working together to make O1T the single most valuable asset in the world. Built into the code are features to provide sustainable benefits to every holder and powerful incentives for holders to provide trading liquidity. Built on this token will be an intuitive Binance Smart Chain (BSC) portfolio tracker and a fundraising platform for charity tokens on BSC.
Tokenomics and how it works:
Initially, every transfer of O1T incurs a 7% fee which is broken down into 3 parts: 4.9% is awarded to all holders, 1.9% is awarded to all PancakeSwap liquidity pool (LP) token holders, the remaining 0.2% is sent to the project evolution fund.
- Hold to earn: 4.9% of every transfer of O1T is distributed instantly to each O1T holder’s wallet. This is known as a “reflection fee”, and is achieved through a mechanism originally developed by Reflect Finance, which has been popularized by other projects such as SafeMoon.
- Hold to farm liquidity: Inspired by the way the reflection fee works, we set out to devise a way to incorporate the same type of hold-to-earn mechanics as a way to reward LP token holders. This is accomplished very simply by accumulating the 1.9% liquidity fees from every transfer in the token contract and sending them to the liquidity pool on every buy and sell. The amount of tokens awarded to LP token holders is 2.5% of every buy and sell, as long as there are sufficient tokens in the contract to pay the reward. On the release of O1T, 25% of the supply is initially sent to the contract to provide these rewards, and it is sustained by the liquidity fee on every transfer. Since 2.5% of every buy and sell is being rewarded to LP holders, and the liquidity fee is only 1.9% this results in a 0.6% deficit which allows the initial 25% of the supply that is in the contract to slowly enter circulation, until the contract is depleted and the liquidity fee can be reduced to 0%.
- Project evolution: The project evolution fund is how O1T finances project development and paid marketing. It is funded by a 0.2% fee on every transfer. Being a community based project, holders will have the opportunity to help decide what utilities and features are developed and where marketing funds are spent.
- Contract ownership/fee reduction: O1T aims to eventually become a fee-less token for maximum usability and transferability. The first fee to be reduced will be the liquidity fee. As liquidity grows and becomes more decentralized, this can be gradually reduced until there is no fee. As the O1T ecosystem grows, and more DAPPs and utilities are developed, the reflect and project evolution fees will also be reduced gradually to 0%.
In order to accomplish this, contract ownership must be retained. The ability to change these fees has been programmed in a way where the developer can never raise fees, only lower them, to prevent any risk of abuse.
Beyond the meme. O1T utilities:
- Portfolio tracker: The first project to provide utility for O1T will be a BSC portfolio tracker. This will allow anyone to connect to their Web3 wallet provider to view a list of all their tokens and current prices on PancakeSwap, and quickly trade them with the single press of a button. Shortly after the initial release, additional features such as viewing contents of other wallets, more detailed token information and sorting options will be unlocked automatically for people who hold at least $100 worth of O1T.
- $10k portfolio giveaway/fundraiser: Upon initial release of the portfolio tracker, O1T will have an ongoing $10k portfolio giveaway/fundraiser. The home page of our portfolio tracker (when there is no wallet connected) will feature the giveaway wallet which displays all the tokens that have been donated to it sorted by the BNB value of each token amount. We will encourage other token projects to partner with us and donate, and encourage their communities to donate their token. When more than $100 worth of a token is donated to the $10k portfolio giveaway, we will shout them out on our telegram/discord and twitter. The highest valued amount of tokens donated will be displayed the most prominently on the page which acts as advertising for the token with the option to trade right next to their token name and logo.
- Charity wallet fundraiser: Our $10k portfolio giveaway wallet will act as a prototype for our charity wallet fundraiser offering. O1T will partner with charity token projects by allowing them to create a custom themed UI to display their charity wallet holdings as well as a progress meter of their current charity fundraising goals. We will have a dropdown menu listing each charity that we partner with on the website so people can explore and find various charities that they may want to follow or donate to. We will also encourage our partners to display a link to their charity wallet page on their website and social channels. By utilizing our advertising model which incentivizes other token projects to donate, we will create a new type of advertising network which will help O1T become known as the official aggregator of charity tokens.
The utilities described above are our initial vision for O1T, but we are a project that intends to grow and expand our ecosystem. We intend to continually develop tools that provide a more user friendly environment in the world of cryptocurrency. We are excited to have you along for this journey; there will be many friends to be made and many milestones to be achieved along the way, but there’s Only 1 Token!