O1T: Migration and Token Upgrade
The Only 1 Token project has been an incredible journey so far in the 1 week it has been around! In this time we have seen massive growth and community participation and it has evolved to be a much bigger and more ambitious project. Our focus has shifted into long-term growth/utility rather than simply a fun experiment to become the most expensive asset in the world. Our tokenomics have included a 5% fee on sells which is meant to have 2.5% sold for BNB and then the other 2.5% paired with that BNB to add PancakeSwap Liquidity. This the definition for the max amount of tokens to add to liquidity on each sell:
What this does is set the max amount of tokens that will be added to the liquidity pool on a sell (0.0000001). This is why we are seeing these small sells of about $0.25 when they should be 2.5% of the sell that triggered them. As a result, we have experienced lower than expected liquidity growth and the remainder of the tokens being stored in the token contract. The contract currently holds about 25% of the total supply.
When V1 liquidity unlocks on 18 May 2021 and we will have the chance to migrate to PancakeSwap V2 and relock liquidity for an extended period. We are working with a talented web-developer to give O1T a full facelift with a beautiful new and fully custom website. The estimated timeline for the launch of the new site happens to coincide with when liquidity will be unlocked. The O1T team has discussed this thoroughly and we believe the best course of action is to upgrade the O1T token contract during liquidity migration.
Here are the benefits to the upgraded contract:
- Fix the liquidity tax issue
- Allow us time to organize and refocus our marketing efforts on the V2 release rather current price growth.
- Change the token name from t.me/only1token to Only1Token
- Exclude the Liquidity pool from transfer fees so people don’t pay the transfer fee for providing liquidity.
- Claim the tokens that have been stuck in the contract and use them for LP holder rewards (yield farming)
- Introduce a 0.2% transfer fee which goes towards project evolution and can scale with the project so we no longer ask for community donations to fund development and marketing. We can reduce each of the the two current transfer fees by 0.1% each so the total transfer fee is still 10%
The project evolution fund will be fully auditable with records kept of each expense for full transparency on the use of funds.
Here is how the contract upgrade would go:
*No action needed from holders, your holdings during the time the snapshot takes place will be airdropped 1:1 on migration day
- After V1 Liquidity unlocks, we will remove liquidity to halt trading. We will then a do snapshot of holders and then we will airdrop upgraded tokens 1:1 to all O1T holders.
- We will blacklist old contract address that holds 25% and send those to a yield farming contract which allows people to stake LP tokens to earn a share of daily LP holder rewards.
This solution will allow us to shift marketing efforts towards the V2 upgrade so that we can have a far healthier starting point for future growth. Improving liquidity will significantly reduce price volatility and allow large buyers/sellers to make a less significant impact on the price. We will be stronger than ever on the other side of this and there will still be Only 1 Token.