Space ID aims to raise $2.5 million during the Binance Launchpad sale of its native ID token.
Introducing ID Token
Space ID universal name service is launching a payment and governance token, called $ID, on Binance Launchpad.
Established in the third quarter of 2022, Space ID enables users to employ a unique human-readable domain name (such as “bscnews.bnb”) for their crypto wallet, instead of a long alphanumeric string of characters, and the name can be used across Web3, social media and email.
Starting off on BNB Chain, Space ID branched out to the Arbitrum network with its .arb Name Service in February 2023.
“We are thrilled to announce the launch of SPACE ID governance token — the ID token, and its public release on Binance Launchpad. The preparation period of Binance Launchpad subscription will start on March 17th, 2023, 00:00 UTC and the token distribution will start from March 22nd, 2023, 10:00 (UTC),” according to a Space ID blog post.
The ID token will have the following functions:
- Stake to receive discounts on Space ID NFT marketplace and Web3 domain registration
- Means of payment within Space ID ecosystem and Web3 Name SDK Integration
- Hold to participate in governance and vote on Space ID DAO proposals.
In order to participate in the Binance Launchpad event, Binance will calculate exchange users’ BNB holdings over a period of five days, which will determine how much $ID they can buy. The launchpad price is $0.025 per 1 $ID, and tokens will unlock at the public token generation event.
5% of the total $ID supply is allocated to the launchpad event, with a hard cap of $2.5 million. (The launchpad price sets the project’s market capitalization at $50 million.)
What is SPACE ID:
Space ID is a service that supports domain name registration on the BNB Chain ecosystem. Space ID intends to give users a unique identity for all chains. On Space ID, usernames can be associated with their identities across multiple blockchains. SpaceID will also allow users to connect their identities from the Web2 world, including Twitter, Email addresses, and Github accounts, to Web3.
Where to find SPACE ID:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.