FAQ
Find the answers you seek.
What is Only Bags?
Only Bags simplifies meme coin launches as it bootstraps liquidity through a bonding curve for token sales, eliminating traditional liquidity pools and rugpull risks. Each fair-launch coin ensures safety and fairness, allowing users to instantly trade tokens without pre-sales or team allocations.
How Does OnlyBags Work?
OnlyBags allows to create a token where minted tokens are deposited in an AMM with a custom bonding curve to allow early trading and liquidity is transfered to Raydium when the market capitalization reaches a certain threshold.
Who Holds the Memecoins and Liquidity when Created and Transfered to Raydium?
The protocol is designed to be non-custodial and permissionless - your keys, your memes.
How Does OnlyBags Compare to Competitors?
What is the cost of creating a token?
Approximately $1.
How Many Tokens Are Created?
Approximately 1 billion tokens.
How Does The Pricing on the Bonding Curve Work?
We use the following bonding curve - the bonding curve prices the token (in SOL) in terms of supply of the memecoin that has been bought.
What Does It Mean when a project goes to Raydium?
When the market cap of a memecoin reaches a certain threshold, the liquidity (remaining memecoin and SOL) is moved to Raydium which is an established exchange (AMM) within the Solana ecosystem.
When does a project go to Raydium?
When the amount of SOL in the bonding curve reaches 89.9 SOL in the standard bonding curve and 248.4 SOL in the Anti-Rug bonding curve.
Which Wallets Do You Support?
We support Phantom, Solflare, Metamask, Ledger & WalletConnect.
How Do I Create a Coin?
Connect your Web3 wallet
Go to "Create Coin" tab
Select the bonding curve (standard or anti-rug)
Enter the necessary details (name, ticker, image, tax)
Click "Create New Coin."
How Do I Trade a Coin?
Connect your Web3 wallet.
Go to "Trade coins" tab for overview of coins
Click on coin you want to trade
Enter amount and click “Buy” or “Sell”
What Are The Fees?
1.5% trading fee and 1 Sol fee with liquidity transfer to Raydium.
What is Creator Tax?
Creator tax is a build-in transfer fee where creators automatically collect a fee from each transaction. We believe that creator taxes can provide better rewards for creators and provide improved incentive alignment so there is less rugpull risk. This is optional and will be clearly indicated if a memecoin includes creator tax.
In What Currency Can I Trade?
Trading on the platform happens in SOL.
How do I Reach Support?
Through the support Telegram group - we will try to get back to you as soon as possible.
What Token Standards do you support?
We support tokens that are in line with Solana's SPL token standards. We leverage the Token-2022 program which introduces new features to the standard SPL token and will allows to add creator tax on transactions.
What is Reputation Score?
Reputation is used as a point system that is non-transferable and serves to: 1) identify and reward the users who have contributed value to the platform (a form of signalling), 2) provide a form of compensation that enables contributors to liquefy some of the value they have created into an exchangeable currency.
Which Actions Earn Reputation?
These actions can change over time but as a general rule we reward active users who create, support and actively engage in memes coins, and earn badges and finish quests.
How are the token rewards decided?
Token rewards are based on an user's reputation and the precise conversion is not made public in order to discourage sybils.
When are the token rewards distributed?
The token rewards are distributed to the community in regular seasons.
What are Badges?
Each OnlyBags user has a personalized profile where users maintain a reputation score but can also be assigned a certain badge. Users earn badges for specific activities and contributions on the OnlyBags platform. These badges are non-transferable (linked to the wallet on the platform) on-chain social proof that one can use.
What is Pump Hour?
Pump Hour is a dynamic event that allows to set memecoins in a spotlight for a short time. Creators have the option to set a countdown timer on their memecoin page. When the timer hits zero, the Pump Hour begins where for the next 60 minutes after the countdown reaches zero, the memecoin is put in a spotlight and extra reputation rewards are given on user activity.
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