Introducing Crypto Dating with SolDate

A new protocol aims to provide a unique user experience dating service run on the Solana Blockchain.

By
Solana News
on
May 27, 2021
Category:
Breaking News

Dating on the Blockchain 

On May 22nd, a new Solana protocol SolDate announced their brand new token, DATE. SolDate is a blockchain based dating site that was built in response to the vast dating applications that the SolDate team viewed as unethical, money seeking organizations. Their new token DATE will run on SolDate’s blockchain dating protocol. But why would a dating platform ever need their own digital currency? 

The reason is that SolDate token DATE hopes to provide user incentive and bring community driven governance to the SolDate protocol, among a list of other cool benefits. The DATE Token on Solana is a fixed supply, deflationary token with one of its functions involving a burn mechanism.

SolDate derived its name from “soulmate” and indicates its origin and function as a Solana-based dating application. There is no project quite like SolDate, and the team believes that this opening in the market could be filled by their project.


The 6 Benefits of the DATE Token

The purpose and use cases of DATE are incredibly interesting. Below are the reasons why SolDate believes their DATE token could bring tremendous value to their users and subsequently revolutionize the online dating world:

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The first benefit of DATE to users on SolDate, is the token aims to bring rewards to users for finding matches. Their Matchrewards program hopes to incentivize users to match rewarding them for matching. It is still a bit unclear what the reward is (most likely DATE tokens), but the hope is that this reward will also bring in more users, as SolDate will be the only dating app rewarding their users just for matching. The reward is given when 2 users get matched or accept an invite. What is cool about this feature is both users must accept it separately in order to claim the reward. This means that there is a workaround to stop people from abusing the platform to farm tokens, or from illegitimately influencing their profiles.

DATE will also be used as a governance instrument on the platform, influencing updates and new features. DATE holders can submit and vote on upcoming projects / proposals, thereby rewarding consistent users who get matches and earn DATE tokens.

Self sustainability of the platform will also be possible through DATE, so users don’t have to pay bills. Each Matchrewards claim will have a fee of 3.33% which will be used to pay the protocol’s bills, eliminating the cost associated with the tool. 

Source

DATE will also be used to create a loyalty program. The more DATE you hold, the farther outreach your profile gets, meaning more users will see your profile. DATE has been designed in a manner that rewards you for using the dApp, and this sets it apart from other dating sites that remain static no matter the amount of use.

Another benefit DATE brings is a way to transact via SolDate’s NFT marketplace. Using SolDate and the DATE token, users can buy, create and send NFTs to their matches without any fees to other users on the platform. Your sent NFT will remain on the block chain forever making your gift immortal. 

Finally, DATE will determine how many swipes per day each user gets. Every user will get 20 daily swipes, however for those holding more than 30 DATE in their wallet, they will have an extra 50 swipes per day. DATE tokens never expire, meaning users can hold their DATE in order to have extra swipes for as long as they wish. 


DATE Tokenomics

The DATE token, a token based on Solana, functions as an important element of the SolDate app. Users can access all the features of the app by just holding DATE tokens in their wallets. Unlike memberships DATE never has an expiry date and can be used for as long as you hold them. DATE is a fixed supply, deflationary token as one of its functions involves a burn mechanism. Let’s take a look at the tokenomics real quick, as provided by the SolDate team.

Tokenomics

Initial Market Cap: $1,650,000 (initial liquidity not considered)

Total Supply: 1,000,000,000

Mining and Match Rewards: 45%

Tech and Infrastructure: 10%

Partnerships and Ecosystem: 10%

Team: 10%

Marketing and Campaigns: 5%

Liquidity Reserves: 5%

Private Sale: 5%

Seed: 5%

IDO: 3%

Advisors: 2%

40% percent of DATE will be allocated to Matchrewards.


Significance

The SolDate project looks absolutely amazing, and is most definitely unique amongst other projects on the chain. SolDate’s proposal is truly remarkable, as they will be able to self-sustain while at the same time offering users all the benefits of a paid dating app without the cost. The project is another example of the remarkable ways in which decentralized finance (DeFi) is changing the world. With diverse use-cases like what SolDate is offering, DeFi still hasn’t even tapped into its full potential yet. On chains like Solana, the application and token are far from just stores of value - they can run so much more than what people previously imagined. The use of NFTs is very interesting as well, as they replace the GIFs, memes, and stickers you would normally find on a dating app. Their ‘immortal’ presence will be a quality replacement of other media, considering how often I see a meme I like and by the time I’ve shared it, it’s been taken down. The most important feature people will be interested in seeing is the dApp being bot-free, which remains to be seen as to whether this is possible. 


Project Roadmap 

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Closing Thoughts

SolDate aims to be a decentralized, transparent digital dating site backed by the powerful technology of the Solana blockchain. There will be no recurring membership payments or distressing advertisements when you use SolDate, and their Matchrewards program will eliminate the traditional fees associated with blockchain projects, making the project a self-sustaining and exciting venture that’s the first of its kind. If you want to try your luck at blockchain love, follow SolDate on their Twitter or check out their Telegram!

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