Introducing the DATE token: Functions, Tokenomics and Project Roadmap
Obvious question is why a dating platform would ever need a token, this article explains and answers this question.
SolDate is built to reward platform users. As such, our first goal is to structure the tokenomics of the network to incentivize users.
Let’s dive in!
Overview of the DATE Token
The DATE token will be used to facilitate SolDate platform governance and boost engagement by users. The current token economy is shared below.
The DATE token metrics are structured to capture network participants who share our vision for the long-term success of the project.
Tokens will be rewarded to users as soon as the platform is live. However, a lockup is especially important for early investors and team members. Early users of the platform should be able to accumulate and hold DATE without worrying that investors or team members will sell large amounts of tokens all at once. As such, we propose a slow-release vesting schedule whereby the majority of the token supply is locked early on, then tokens are released quarterly.
UPDATE — The max supply of DATE tokens will be 1 billion.
Purpose of the DATE token
DATE will be used for the following:
1.Incentivizing users: rewarding users on finding a match.
2.Maintaining Governance: decisions to integrate new features and platform development.
3.Self-sustaining platform: Using DATE to self-sustain the platform.
4.Loyalty program: User reach based on the amount of tokens held.
5.Fuel for NFT marketplace: Minting and Trading NFTs.
6.Swipes and Invites: Controlling basic functions of the platform.
Let’s take a closer look at each aspect of the DATE token.
To ensure that the SolDate succeeds, our first priority will be onboarding a large number of users onto the platform. The problem is that most people have no crypto experience. As such, garnering interest may be challenging. To address this challenge, we propose a rewards program called the Matchrewards to incentivize users to join and use the platform.
When two users get matched with each other either by liking each other’s profiles or by accepting an invite, they can claim their reward. However both users need to claim their rewards separately, a single claim won’t trigger the smart contract to distribute any rewards.
2. Maintaining Governance:
The DATE token, awarded to the active users of the platform, will act as the governance instrument: it will enable users to vote on multiple upgrades and decide how the platform should develop further. This makes the governance of the platform directly responsive to our most active users and makes SolDate a community-owned public service company.
I. Voting on system upgrades
The key part of token holder rights is to have influence over the platform the development. If the community wants something — development team will deliver it.
DATE holders can submit and vote on proposals about:
● New features and platform upgrades
● Uses of DATE to further decentralize the governance and development of SolDate.
● Changes in the allocation of match rewards.
II. Moderating users on the platform
We think that moderating users as a platform is against the concept of decentralization, hence SolDate will use a community-based user moderation system. Establishing community-based moderation is a challenging task and we are currently working on finding a more efficient, fast and secure way to do it. More on this will be discussed in a separate medium article.
DATE will be used to make SolDate a self-sustaining platform so that our users don’t have to pay for any of the platform bills. Each Matchreward claim will be charged a fee of 3.33% which will be used to pay the platform bills.
Finding a match on an online dating platform is solely based on a user’s overall the reach on the platform. DATE will be used to determine reach of a user on SolDate, the more tokens you hold the more your reach will be and hence more users will see your profile.
5.Fuel for NFT marketplace:
An NFT is a far better way to express your feelings rather than the traditional GIFs and Stickers, hence SolDate will have an inbuilt an NFT marketplace in the app, so that users can mint an NFT or buy one, and send it to their loved one instantly without any fees. NFT will remain on the Blockchain forever and will make your gift immortal.
All tools for minting an NFT will be provided and minting will be free of cost (users will have to pay the gas fees only). DATE will be used as a currency to trade NFTs in the marketplace.
6. Determining basic functions like Swipes and Invites:
I. Determining Swipes:
Swipes are the backbone of a dating platform because that’s how users can navigate the platform and search for possible matches.
Every user will get 20 daily swipes for free, however for availing more swipes users need to hold at least 30 DATE in their wallets. For every 30 tokens, users can avail additional 50 swipes. Unlike membership for unlocking extra swipes, DATE tokens will never have an expiry date and can be used as long as a user hold them.
By introducing this feature SolDate has permanently eliminated recurring memberships and users will never have to pay for using a dating platform.
Users who hold DATE LP tokens don’t have to hold additional tokens and can avail all the DATE holding features like loyalty and swipes.
II. Sending Invites:
Has it ever happened to you that you see a profile on a dating site and immediately fall for it, but you are not sure whether this person will see your profile or not. Well, DATE solves this problem too.
Whenever something like this happens you can send a direct invite to a user and if they accept your invite, you will get matched and can avail your Matchrewards.
All you need to send an invite is one DATE token, as sending an invite burns one token from the inviter’s wallet.
Burning one DATE token makes an invite valuable and ensures that only those who are really interested will use it.
Also, it prevents misusing the function and protects users from unnecessary stalkers and spammers.
Proposed Issuance Structure and Vesting Schedule :
In Addition to the Matchrewards SolDate will allocate 5%(50,000,000)of the total supply to Liquidity mining. With a schedule of 5 million tokens per month, rewarding liquidity providers for 10 months.
40% (400,000,000) of the total supply is allocated to the Matchrewards. SolDate has no control over the issuance of match rewards as it depends on the user’s claims.
Proposed Vesting Schedule:
1.Team and Advisors tokens- 12% of total supply, initial lock of 3 years then a linear quarterly release over 2 years.
2.Seed sale: 5% of total supply, 10% unlock at TGE, linear quarterly release over next 1 year.
3. Private sale: 5% of total supply, 20% unlocked on listing, 50% release over next 6 months.
4. Public sale/ IDO: 50% unlocked on listing.
Deflationary Burn Mechanism :
Invite Burn: On every Invite sent, one DATE will be removed from the supply.
The goal of the burn is making DATE deflationary, creating price stability, and encouraging user network growth in the form of governance token holders.
**Roadmap is subjected to changes
Follow Along For Updates:
With SolDate, we are building an advanced dating platform with a focus on widespread adoption.
Thanks to everyone in Telegram and Discord who has provided feedback and suggestions thus far. We look forward to growing together.
Thanks for reading, happy to answer any questions through our social media handles.