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Binance has announced Space ID (ID) as the 30th project to be hosted on its launch pad. Space ID is the native token of the SPACE ID ecosystem, a Web3 identity protocol with a universal name service network.
SPACE ID is developing a universal name service network that enables the discovery, registration, trading and management of Web3 domains. In addition, the project includes the Web3 Names SDK & API which allows developers to build and integrate all their Web3 identities into a single device.
How the ID Space Token Sale Will Develop
Per the announcement, the Space ID token sale will follow the platform’s subscription format. Each user must collect Binance Coins (BNB) for a pre-determined period.
Of the 2 billion ID tokens, only 5% of the token supply has been allocated to Binance Launchpad, totaling 100 million ID tokens. The launchpad hard cap is $2.5 million, while the hard cap per user is $15,000.
The Space ID token sale will start with the preparation period. Binance will track users’ BNB balances every hour for five days from March 17th to March 22nd. After that, the average BNB held over five days is calculated.
After the preparation period, qualified users will have three hours. During this period, they will lock up available BNB assets and sign a Token Purchase Agreement. Locked BNB will not be available until the last token distribution. Token distribution will be based on the locked BNB and corresponding BNB IDs and tokens will be transferred to your spot wallet.
Small steps
Founded in 2022, SPACE ID launched with .bnb Name Service on BNB Chain. Within six months, the company amassed more than 440,000 registrations and 250,000 unique domain holders. Likewise, the project successfully integrated with several reputable projects, including BSCScan, Chainlink, NodeReal, and Trust Wallet.
After a successful initial round by Binance Labs, SPACE ID completed a $10 million strategic round. Venture capital firm Polychain Capital led a strategic round together with cryptocurrency investment fund dao5.
In the future, Space ID token holders will enjoy discounted trading fees within the NFT market ecosystem. The token will also serve as a means of payment within the ecosystem and give holders a say in SPACE ID DAO proposals.
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A seasoned writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
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