Token Rewards
$BAGS Rewards for OnlyBags Community
Last updated
$BAGS Rewards for OnlyBags Community
Last updated
OnlyBags rewards active users who create, support and actively engage in meme coins. We use retroactive airdrops in multiple waves where "value generation" is defined based on reputation scoring.
The token reward is a function of user reputation - the function is not made public to discourage sybils but it is an increasing function of reputation with a maximum cap in order to have a distribution that is not very heavily skewed towards whales. We allocate a fixed percentage of tokens in each airdrop where community token supply distributed among users until decentralization among the community is reached. Reputation scoring has been designed to align user behavior with the long-term goals of the platform, reducing the prevalence of short-term, zero-sum trading practices. Reputation is used as a point system that is non-transferable in addition to transferable tokens, and is used as a measure to distribute token rewards. Positive users are rewarded in a reputation score that is more social in nature which is also linked to rewards in transferable tokens which can be monetized. Reputation is rewarded on an ongoing basis. How reputation points are earned is continuously changing as we get feedback, and token rewards based on reputation points happen in retroactive airdrops in multiple waves. This approach is proactive in the sense that it incentivizes behavior for future rewards but retroactive in the sense that it distributes airdrops after the fact. The exact reputation-earning calculations are not made public to discourage sybils and users need to meaningfully interact with the platform to gain reputation. We do give users guidelines on positive actions that earn reputation:
reward creation of meme coins
criteria:
Create coin + minimum 3 SOL in bonding curve
reward trading of meme coins
criteria:
Trade coin + minimum 1 SOL traded
reward later supporters more than earlier supporters cause they take higher dump loss risk
criteria:
Trade coin + higher rewards if higher completion of bonding curve
reward daily activity in terms of creating memecoin or trading of memecoins
criteria:
daily activity with at least 1 SOL trading OR daily creation of memecoin with at least 1 SOL in bonding curve
reward users who hold badges
criteria:
Successfully secured a badge (see badges section for more information)
OnlyBags rewards early users with Bags. Referral is invite-only, and everyone who joins gets 5 invites to share with friends. You get Bags when you join, share invites, when others you have shared your invite with share their invite, and so on…
How it works
Initial Invites: As a part of our early community, you are provided with 5 exclusive invite codes.
Earning Bags: Bags are based on Solana holdings and the trading volume (For last 500 transactions) of your invitees. However, even if your invitees have no SOL balance or trading volume initially, you’ll still receive Bags for their future activities on Onlybags.
Layers of Invites: Every user you invite forms a new layer of users. The people they invite from another layer, and so on. While you earn full Bags from the users you directly invite, your new Bags are reduced by 20% for every subsequent layer of users invited by your direct invitees.
Referral Earning:.
Bags for joining: Enter your invite code and earn Bags based on your own Sol balance and trading volume.
Direct Invites: Earn Bags for Sol balance and trading volume of your invitees. If your direct invitees join within 24 hours, all Bags earned from them are doubled!
Subsequent Layers:For people invited by your direct invitees and so on, your Bags are reduced by 20% for each subsequent layer. However, the direct inviter will still earn Bags at the full rate as previously described. For instance, if Bob is invited by Alex (Layer 1 for Alex), and Bob then invites Carol, Carol forms Layer 2 for Alex. The Bags that Alex earns from Carol are reduced by 20%, but Bob earns his full Bags from Carol.
Bags Rewards: If your invitees do not have any SOL balance or trading volume at the time of joining, don’t worry - your bags are not lost! Post-launch, you’ll be rewarded based on their activity within the Onlybags app. This means even late bloomers can make you earn Bags! You will get rewarded with Bags your direct invites earn on the platform and of all subsequent layers.
Fair Play: Artificially inflating and gaming the system will not fetch any extra Bags, so being a good community member is the best policy for your bags
Badge for meme creation
Criteria
Based on Creator Points
Badge for meme trading
Criteria
Based on Trading Points
Badge for supporting memes
Criteria
Based on Risk Taker Points
More than 500 followers
Criteria
More than 500 followers
