Binance has announced Space ID (ID) as the 30th project it will host on its launchpad. 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 a Web3 Naming API and SDK that allows developers to create and integrate all their Web3 identities into one set of tools.
How the Space ID token sale will progress
for the announcement, the sale of the Space ID token will follow the subscription format of the platform. Each user must accumulate Binance Coins (BNB) during the pre-specified period.
Of the 2 billion ID tokens, only 5% of the token supply has been allocated to Binance Launchpad, amounting to 100 million ID tokens. The maximum limit for the launch pad is $2.5 million, while the maximum limit per user is $15,000.
The sale of Space ID tokens will start with the preparation period. Binance will record users’ BNB balances every hour for five days, from March 17-22. Thereafter, the average BNB held over the five days will be calculated.
After the preparation period, eligible users will have a three-hour window. During this period, they will lock up their available BNB assets and sign the Token Purchase Agreement. The locked BNB will not be available until the final distribution of the token. Token distribution will be based on locked BNB and the corresponding BNB and ID tokens will be transferred to your spot wallet.
small steps
Established in 2022, SPACE ID thrown out with a .bnb name service on the BNB Chain. In six months, the company accumulated more than 440,000 registrations and 250,000 unique domain holders. Furthermore, the project was successfully integrated with multiple renowned projects including BSCScan, Chainlink, NodeReal, and Trust Wallet.
After a successful seed round from Binance Labs, SPACE ID completed a $10 million strategic round. Venture capital firm Polychain Capital led the strategic round together with cryptocurrency investment fund dao5.
In the future, Space ID token holders will enjoy discounted trading fees within the NFT ecosystem marketplace. The token will also serve as a means of payment in the ecosystem and grant holders voting rights in SPACE ID DAO proposals.
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