On March 16, Binance officially announced that it will launch the 30th Launchpad project Space ID (ID). This sale will be based on the investment model and will be dedicated to BNB. Specifically, the amount that a user can invest is determined based on the user’s daily average BNB holdings on Binance on the 5th. The snapshot cycle of BNB holdings is from 8:00 am on March 17, 2023 to 8:00 am on March 22, 2023, Beijing time. At the same time, Space ID officially announced that 10% of its total token supply is reserved for community airdrops.

This article PANews will give you a detailed explanation of Space ID’s operational progress, token economic model, expected market value, airdrop rules, and how to obtain subsequent airdrops.

SPACE ID is a decentralized domain name protocol based on the BNB chain and the Arbitrum One chain, providing users with a one-stop Web3 domain name and identity platform. According to the official blog information, SPACE ID will be announced in April 2022, and the pre-registration application and public registration of .bnb domain names will be opened. Early and active members of the SPACE ID community, community contributors, partners, etc. at that time were given priority to apply for .bnb domain names.

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Operation progress

After the SPACE ID domain name service was launched, it launched bnb.me based on IPFS to build a way to access websites hosted on the decentralized network, providing users with an easy-to-use website builder that can help users in Launch a decentralized website in less than a minute.

The gift card service will be launched in October 2022. Gift cards are NFTs of type BEP-1155 that can be listed and transferred for gifting. It contains value that can be redeemed into SID Points, which can only be used on the SPACE ID mainnet, and can be redeemed through gift cards purchased by users or received from events or giveaways. The ratio of SID Points to US dollars is 1:1, and there are currently 3 different value SPACE ID gift cards: 650 US dollars, 160 US dollars and 5 US dollars, which can be exchanged for 650, 160 and 5 SID points respectively.

The referral program will be launched in November 2022, and .bnb domain name holders can earn commissions by sharing referrals. The more people you invite, the higher the commission rate you get. Referrers receive up to 15% of the referee's registration fee.

In January 2023, the .bnb domain name service will be integrated with the BNB chain block browser BscScan. Users can use the .bnb domain name to search for on-chain transaction data, and the readable .bnb domain name will be displayed on BscScan instead of the traditional address. In February 2023, join the SPACE ID 2.0 ecology with the Web3 domain name service provider ARB ID team to jointly create a common name service network.

According to block browser data, since SPACE ID was launched in mid-September last year, the number of .bnb domain name registrations is 454,200, and the number of independently held addresses is 263,747. The SPACE ID.arb domain name service launched in February 2023 in conjunction with the ARB ID team currently has 96,964 registered addresses and 72,503 independently held addresses.

According to Opensea data, the number of .bnb domain names with three characters is 813, the number of four-character domain names is 6,766, and the number of domain names with five or more characters is 446,621. The number of .arb domain names is 1,128 for three-character domain names, 3,087 for four-character domain names, and 92,749 for five-character or longer domain names.

.bnb domains cost $650 a year for three characters, $160 a year for four characters, and $5 a year for five and more characters. .arb domains cost $500 a year for three characters, $100 a year for four characters, and $5 a year for five and more characters.

Based on this, it can be roughly calculated that the SPACE ID team earned $3.84 million through the .bnb domain name, and the ARB ID team earned $1.33 million through the .arb domain name. According to data from multiple NFT trading platforms, the current total transaction volume of .bnb domain names is 49,744 BNBs, and the current total transaction volume of .arb domain names is 338 ETH.

economic model

The governance token of SPACE ID is ID, with a total supply of 2 billion pieces. Designed to play a key role in the project's decision-making process, giving users a say in the direction and future of SPACE ID. The ID token is an important part of the growth and sustainability of the SPACE ID ecosystem, incentivizing users to participate in the project and contribute to its success. Specifically, it has the following functions:

1) Pledge: Pledging ID tokens can get discounts on SPACE ID domain name NFT market transaction fees and registration discounts on SPACE ID domain names. 2) Payment: Used as payment method in SPACE ID ecosystem and Web3 Name SDK integration. 3) Governance: ID token holders can participate in and vote on SPACE ID DAO proposals.

According to the official blog, 20% of the total supply of ID tokens is used for seed round sales, with a release cycle of 1 year after the cliff and released linearly quarterly in a five-year cycle; 8% is used for strategy sales, with a release cycle of 1 year after the cliff Released linearly quarterly in a three-year cycle; 15% goes to the core team with a release cycle of 1 year after the cliff and releases linearly in a five-year cycle; 7% goes to consultants and the release cycle is linear in a three-year cycle after the 1-year cliff Release; 10% is used for the ecosystem, the release cycle is 50% of the online unlock, and the rest is released linearly on a monthly basis in a three-year cycle; 13% is used for marketing, and the release cycle is 10% of the online unlock, and the rest is released in a four-year cycle Monthly linear release; 12% belongs to the foundation, and the release cycle is a four-year cycle of monthly linear release; 10% is used for community airdrops, and the release cycle is 30% for online unlocking, and the rest is linearly released monthly in a two-year cycle; 5% It is used on Binance Launchpad to unlock all the listings.

In this model, the team distributes 33% of the total amount of tokens through sales, and obtains more than 12.5 million US dollars (the seed round fundraising amount is unknown), 57% is allocated to the team, foundation, consultants, etc., and only 10% is allocated to the community . It can be seen that the allocation of SPACE ID tokens is centralized, and the amount obtained by the community is relatively low.

According to the data disclosed in the Binance research report, the initial circulation of ID tokens after listing is 286 million (accounting for 14.30% of the total supply of tokens), and the circulation will reach 28.4% one year later, and will be released in December 2028 .

expected market value

According to Coinmarketcap data, the current full-circulation market value of ETH ecological domain name service provider ENS is 1.456 billion U.S. dollars, the peak value is 7.6 billion U.S. dollars, and the current circulation market value is 294 million U.S. dollars. According to Opensea data, the current total transaction volume of ENS domain names is 75,000 ETH. The number of three-character domain names is 41,718, the number of four-character domain names is 92,333, and the number of five-character and above domain names is 2,124,031. Based on this data, domain name registration fee revenue is estimated at $52.09 million (excluding revenue from domain name renewals)

According to the strategic round of financing previously disclosed by SPACE ID, it can be estimated that its strategic round of financing price is 10 million / (2 billion * 0.08 ) = 0.0625 US dollars. According to this price calculation, the initial circulation market value of SPACE ID tokens after they are listed on the secondary market 17.87 million U.S. dollars, and the full circulation market value is 125 million U.S. dollars. Based on the price of USD 0.025 on Binance Launhpad, the initial circulation market value of SPACE ID tokens after listing on the secondary market is USD 7.15 million, and the full circulation market value is USD 50 million.

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Airdrop Rules and Future Airdrop Rules

According to the official blog, 10% of the total supply of ID tokens is reserved for community airdrops, of which 21% of the community airdrops (accounting for 2.1% of the total supply) will be airdropped to early users and have already been eligible for snapshots. When Binance starts trading, all users who are early adopters of SPACE ID are open to claim. Early adopters can claim 35% of the total amount of airdrops for the first time, which will be released monthly in a 2-year cycle, and more distribution details will be announced within three days. The remainder of the community airdrop allocation will be reserved for contributors in future events and will be released gradually.

Subscribers can now follow SPACE ID's Voyage series. The Series is a loyalty program dedicated to the community and for the community only. SPACE ID will launch a series of activities on Galxe from December 16, 2022 to reward all core loyal users with non-transferable Voyage NFT.

Its first-season activity "Prime" requires users to follow the official Twitter, enter the Discord channel and obtain the corresponding identity, and guide users to set the domain name Primary Name of the wallet address. The second season campaign "Legacy" guides users to purchase or redeem a SPACE ID gift card once.

According to official information, its third season event "Awakening" began in January. This season event brings users new challenges, more rewards, and more opportunities to explore SPACE ID. To participate in SPACE ID Voyage, users must register a .bnb or .arb domain name and set a Primary Name on the SPACE ID official website. In addition, the .bnb domain name needs to be displayed on the personal Twitter handle. The domain name shown does not have to exactly match the .bnb domain name held, as long as it includes .bnb (prefixes and suffixes are allowed). For example a Twitter profile name "Allen | 12345.bnb" is valid. The third season is not yet over. Users can go to the SPACE ID official channel to check the participation link to win subsequent ID airdrops.

Summarize

According to SPACE ID's plan, the SID Launchpad for Custom TLD Domain Names will be launched in the second quarter of 2023, at which time the community can easily build and launch custom TLDs. Launched multi-chain domain name infrastructure to provide multi-chain support for domain names. And will release SPACE ID DAO. In the third quarter of 2023, ID tokens will be implemented on SPACE ID as a payment currency, and a domain name NFT gated commodity store will be launched to provide personalized products for SPACE ID domain name holders. At the same time, a developer funding program will be launched to establish and further expand ecosystem. The ID token pledge function will be launched in the fourth quarter of 2023. Pledge users can obtain domain name discounts and service fee discounts, and issue SPACE ID identifiers (: colon domain names), which can represent all identities and multi-chain addresses.

According to the economic model of SPACE ID, it allocates more than 50% of the tokens to the official, more than 30% is used for sales, and only 10% is distributed to the community. The retroactive incentives are relatively low, and the cycle lasts for two years. Therefore, the model is extremely centralized and does not meet the original intention of the planned DAO.

According to the comprehensive comparison of the total transaction volume and number of registrations of its domain names and ENS domain names, the difference is about 10 times that of ENS domain names. More reasons for this are the legitimacy and consensus height of the ENS domain name, but from the fact that the registered domain name has very few three-digit characters and a very high five-digit number, it can be seen that the registered users of the SPACE ID domain name are more Most of them participated in the registration for the expectation of winning the airdrop, and the number of users who registered for consensus hype or use was relatively low.

According to the progress of official operations, SPACE ID officials continue to improve the consensus and usage requirements of their domain names. According to the Binance research report, SPACE ID’s .bnb domain name service has successfully integrated with more than 100 projects and protocols, including BscScan and Trust Wallet.

At the same time, on February 1, 2023, SPACE ID plans to launch an upgraded version, SPACE ID 2.0. SPACE ID 2.0 provides a one-stop Web3 domain name and identity platform to discover, register, trade and manage Web3 domain names. It can also be seen on its official website that SPACE ID aggregates ENS domain names, arb domain names and bnb domain names. In addition, SPACE ID 2.0 also includes a Web3 domain name SDK and API for cross-blockchain developers, and will launch a multi-chain domain name service to support more blockchains. It can be seen that it intends to break the existing pattern and establish itself as the backbone of the Web3 domain name platform.

On the premise that the ENS domain name has no multi-chain or has never had a multi-chain plan, SPACE ID integrates other multiple EVM chains and L2 ecology, builds domain name services for it, and occupies areas that the ENS domain name has not touched. From the perspective of business model It might not be a better choice. As for how much the domain name and platform of SPACE ID can expand, and whether it really meets the market demand, it remains to be further observed.