Overview

OnlyBags; The All-In-One Platform for Meme Coins

OnlyBags offers an all-in-one launch and trading platform for meme coins. OnlyBags aims to solve the issues of frequent rug pulls, difficulty in identifying trustworthy users, misaligned incentives that encourage short-term trading, and a lack of gamification beyond speculative PvP games that plague existing meme coin platforms.

We use pools to bootstrap trading of newly created tokens which simplifies the buying and selling process by eliminating the need for early market making or seed liquidity. We help prevent rugpulls of tokens created on the platform where each coin is a fair-launch with no presale and no team allocation. When enough users have bought the token and its market capitalization reaches a certain threshold, the liquidity is deposited in Raydium so the token can be more broadly distributed and exchanged.

OnlyBags has a particular focus on gamification making the memecoin experience more entertaining, community-driven and interactive that goes back to its roots: communities around internet native culture. For this purpose we have developed a platform that incorporates social reputation and badges together with traditional DeFi features including token rewards for user activity, staking and farming rewards. We believe that this approach incentivizes increased community-based participation while creating a more fun experience.

We aim to make OnlyBags a community-driven project where the $BAGS token provides native utility and governance. The token will be distributed to the community in multiple airdrops - based on reputation that can be earned by users - until full distribution and decentralization among the community is reached.