Binance Announces Space ID Project As A New Token On Launchpad

Binance presents Space ID tokens. (Photo; Doc. Space ID)

JAKARTA - Crypto exchange Binance recently announced the Space ID (ID) project as the 30th token to be hosted on its launchpad platform. Space ID is the native token of the SPACE ID ecosystem, a Web3 identity protocol that is developing a universal name service network.

This project aims to enable the discovery, registration, trading, and management of Web3 domains. Apart from that, the project also includes the Web3 Name SDK & API which allows developers to build and integrate all their Web3 identities into a single toolkit.

According to the announcement, the Space ID token sale will follow the platform subscription format. Each user has to collect Binance Coins (BNB) for a predetermined period.

Only 5 percent of the token supply has been allocated to Binance Launchpad, amounting to 100 million ID tokens. The hard cap for Launchpad is 2.5 million US dollars (IDR 38.4 billion), while the hard cap per user is 15,000 US dollars (IDR 230 million).

Eligible users will have three hours to lock in available BNB assets and sign a Token Purchase Agreement. After that, the distribution of tokens will be based on locked BNB, and corresponding IDs and BNB tokens will be transferred to your spot wallet.

Founded in 2022, SPACE ID launched with the .bnb Name Service on the BNB Chain. Within six months, the project amassed over 440,000 registrations and 250,000 unique domain holders. In addition, the project has been successfully integrated with several highly reputable projects, including BSCScan, Chainlink, NodeReal, and Trust Wallet.

Future Space ID token holders will enjoy discounted trading fees in the NFT ecosystem market. This token will also serve as a means of payment within the ecosystem and give its holders voting rights in SPACE ID DAO proposals.

Binance Labs has executed a successful seed funding round for SPACE ID, followed by a USD 10 million (IDR 153 billion) strategic funding round led by venture capital firm Polychain Capital in conjunction with cryptocurrency investment fund dao5.

The Space ID project is expected to have a positive impact on the development of an ecosystem of Web3 identities and universal name services that are integrated upwards into the crypto market.