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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 allows the discovery, registration, trading, and management of Web3 domains. Also, the project includes a Web3 Name SDK & API that allows developers to build and integrate all their Web3 identities into one toolkit.
How the Space ID Token Sale Will Progress
Per the announcement, the Space ID token sale will follow the platform’s subscription format. Each user must accumulate Binance Coins (BNB) for the pre-specified period.
Of the 2 billion ID tokens, only 5% of the token supply has been allocated to the Binance Launchpad, amounting to 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 begin with the preparation period. Binance will record user BNB balances hourly for five days from 17th March to 22nd March. Thereafter, the average BNB held across the five days will be calculated.
After the preparation period, eligible users will have a three-hour window. During this period, they will lock their available BNB assets and sign the Token Purchase Agreement. The locked BNB will be unavailable until the final token distribution. Token distribution will be based on locked BNB and the corresponding ID and BNB tokens will be transferred to your spot wallet.
Established in 2022, SPACE ID launched with a .bnb Name Service on BNB Chain. Within six months, the company amassed over 440,000 registrations and 250,000 unique domain holders. Likewise, the project successfully integrated with multiple projects of repute, including BSCScan, Chainlink, NodeReal, and Trust Wallet.
After a successful seed round by Binance Labs, SPACE ID completed a $10 million strategic round. Venture capital firm Polychain Capital led the strategic round along with cryptocurrency investment fund dao5.
In the future, holders of the Space ID tokens will enjoy discounts on trading fees within the ecosystem NFT marketplace. The token will also serve as a means of payment in the ecosystem and give holders voting rights in SPACE ID DAO proposals.