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Comprehensive analysis of Space ID Token economic model, airdrop rules and expected market value

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2 billion, 2.1% airdropped to early adopters; Launch a series of loyalty program activities for subsequent airdrops.

Binance Launchpad Space ID: Economic Model, Airdrop Details, and How to Get a follow-up Airdrop

原文作者：雾海，PANews

3 月 16 日 Binance 官方宣布将上线第 30 个 Launchpad 项目 Space ID（ID），此次售卖将基于投入模式，为 BNB 专场。具体为根据用户在 Binance 5 日的 BNB 日平均持仓确定用户可投入额度。BNB 持仓快照周期为北京时间 2023 年 3 月 17 日上午 8 时至 2023 年 03 月 22 日上午 8 时。与此同时，Space ID 官方也宣布其代币总供应量的 10% 预留给社区空投。

Here PANews will explain the progress of Space ID's operations, the token economy model, the expected market cap, the details of airdrops, and how to get a follow-up airdrop.

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

2022 年 7 月，SPACE ID 获得 BNB 链上 MVBV 孵化项目参与者名单。9 月份获得 Binance 实验室的种子轮投资，并与 BNB Chain 生态系统中的许多项目进行合作和集成。10 月份获得 BNB 链第五批 Web3 加速器计划获奖名单。2023 年 2 月 7 日，SPACE ID 宣布完成由 Polychain Capital 和 dao5 领投的 1000 万美元战略融资，其他机构和行业领导者参投。

Operation progress

Following the launch of the SPACE ID domain name Service, it launched bnb.me, an IPFs-based way to access websites hosted on a decentralized network, providing users with an easy-to-use website builder that helps them launch a decentralized website in less than a minute.

The gift card service will be launched in October 2022. The gift card is a BEP-1155 type of NFT that can be placed on the shelf and transferred as a gift. It contains value that can be redeemed into SID Points, which are only available on the SPACE ID main network and can be redeemed through gift cards purchased by the user or received from events or giveaways. SID Point has a 1:1 ratio to the U.S. dollar, and there are currently three SPACE ID gift cards with different values: $650, $160, and $5, which can be redeemed for 650, 160, and 5 SID Points, respectively.

The recommendation program will be launched in November 2022, and.bnb domain holders can earn commissions by sharing recommendations. The more people invited, the higher the percentage of commission. Referees may receive up to 15% of the invitee's registration fee.

In January 2023, the.bnb domain name service is integrated with the bnb chain block browser BscScan. Users can use the.bnb domain name to search for transaction data in the chain, displaying readable.bnb domain names on BscScan instead of traditional addresses. In February 2023, he joined the SPACE ID 2.0 ecology with the Web3 domain name service provider ARB ID team to jointly build a common name service network.

Since its launch in mid-September last year, SPACE ID has registered 454,200.bnb domain names and 263,747 individually held addresses, according to Block Browser. Launched in February 2023 in conjunction with the ARB ID team, the SPACE ID.arb domain name service currently has 96,964 registrations and 72,503 individually held addresses.

According to Opensea, 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 five or more characters is 446,621. The number of.arb domain names was 1128 with three characters, 3087 with four characters, and 92,749 with five or more characters.

The.bnb domain name service fee is $650 per year for three characters, $160 per year for four characters, and $5 per year for five or more characters. The.arb domain name service fee is $500 a year for three characters, $100 for four characters, and $5 a year for five or more characters.

As a rough calculation, the SPACE ID team made $3.84 million from.bnb and the ARB ID team made $1.33 million from.arb. According to the data of multiple NFT trading platforms, the total transaction volume of.bnb domain name is 49,744 BNB and.arb domain name is 338ETH.

Economic model

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

1) Pledge: The Pledge ID token can get a discount on the SPACE ID domain NFT market transaction fee and a discount on the SPACE ID domain registration.

2) Payment: Used as a payment method in the integration of SPACE ID ecosystem and Web3 name SDK.

3) Governance: ID token holders can participate in and vote on SPACE ID DAO proposals.

根据官方博客，ID 代币总供应量的 20% 用于种子轮销售，释放周期为 1 年悬崖后以五年周期按季度线性释放；8% 用于战略论销售，释放周期为 1 年悬崖后以三年周期按季度线性释放；15% 归于核心团队，释放周期为 1 年悬崖后以五年周期按季度线性释放；7% 归于顾问，释放周期为 1 年悬崖后以三年周期按季度线性释放；10% 用于生态系统，释放周期为上线解锁 50%，其余部分以三年周期按月线性释放；13% 用于市场营销，释放周期为上线解锁 10%，其余部分以四年周期按月线性释放；12% 归于基金会，释放周期为以四年周期按月线性释放；10% 用于社区空投，释放周期为上线解锁 30%，其余部分以两年周期按月线性释放；5% 用于 Binance Launchpad，上线全部解锁。

In this model, the team received over $12.5 million (unknown amount of seed round funding) through sales of 33% of the total token allocation, with 57% allocated to the team, foundation, advisors, etc., and only 10% allocated to the community portion. It can be seen that the allocation of SPACE ID tokens is centralized, and the quota of the community is relatively low.

根据 Binance 研究报告披露出的数据，ID 代币上线后的初始流通量为 2.86 亿（占代币总供应量的 14.30%），一年后的流通量达到 28.4%，2028 年 12 月释放完毕。

Expected market value

According to Coinmarketcap data, ETH ecodomain name service provider ENS currently has a fully tradable market value of $1.456 billion, with a peak value of $7.6 billion and a current tradable market value of $294 million. According to Opensea data, the total transaction value of ENS domain is currently 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 or more domain names is 2,124,031. Based on this data, domain name registration fee revenue is estimated at $52.09 million (excluding domain name renewal revenue).

根据 SPACE ID 此前披露的战略轮融资，可估算其战略轮募资价格为 1000 万/（20 亿*0.08）=0.0625 美元，据此价格计算，SPACE ID 代币上线二级市场后初始流通市值为 1787 万美元，全流通市值为 1.25 亿美元。以 Binance Launhpad 价格 0.025 美元计算，SPACE ID 代币上线二级市场后初始流通市值为 715 万美元，全流通市值为 5000 万美元。

对比而言，ENS 域名注册费收入为 SPACE ID 域名注册费收入的 13.56 倍，总交易额（折合当前美元价值）7.7 倍。据此估算 SPACE ID 代币上线后全流通市值为 ENS 市值的十分之一，则 ID 代币市值为 1.5 亿美元左右，计算出其公允价格为 0.075 美元。若按流通市值的十分之一计算，则 ID 代币流通市值为 2940 万美元，其公允价格为 0.1 美元。此估算仅做参考，未纳入 SPACE ID 作为 Binance Launchpad 项目，将在二级市场产生超乎合理估值的溢价因素。

Airdrop rules and rules for future airdrops

根据官方博客，ID 代币总供应量的 10% 预留给社区空投，其中社区空投部分中的 21%（占总供应量的 2.1%）将面向早期使用者空投，并已经快照资格，将在 Binance 开启交易时向所有尝鲜 SPACE ID 的用户开放申领。早期使用者初次可申领空投总额的 35%，随后以 2 年周期按月释放，更多分发细节将在三天内公布。社区空投分配的其余部分将保留给未来活动中的贡献者，并将逐步释放。

Users can now follow SPACE ID's Voyage series of activities. The series is a loyalty program for the community and for the community only. SPACE ID launched a series of events on Galxe starting December 16, 2022 to reward all core loyal users with the non-transferable Voyage NFT.

Its first season, "Prime," requires users to follow their official Twitter feed, enter and identify themselves on their Discord channel, and set up Primary Name, a domain that guides users to their wallet address. The second season campaign, "Legacy," guided users to purchase or redeem a SPACE ID gift card once.

Its third season, Awakening, began in January, according to official information. This season brings 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 website. Also show the.bnb domain name on your Twitter nickname. The domain name displayed does not have to match the.bnb domain name held exactly, as long as it contains.bnb (prefixes and suffixes are allowed). Personal data such as twitter name "Allen | 12345. The BNB" is effective. The third season has not ended yet. Users can check the participation link on the official channel of SPACE ID to obtain the following ID drops.

summarize

According to SPACE ID's plans, SID Launchpad for Custom TLD Domain Names will go live in the second quarter of 2023, at which time the community can easily build and launch custom TLD's. The multi-chain domain name infrastructure has been launched to provide multi-chain support for domain names. The SPACE ID DAO will be published. In the third quarter of 2023, ID tokens will be implemented on SPACE ID as payment currency, and the domain name NFT gated goods store will be launched to provide personalized goods for SPACE ID domain name holders. At the same time, developer funding program will be launched to establish and further expand the ecosystem. The ID token pledge function will be launched in the fourth quarter of 2023. The pledge users can get domain name discount and service fee discount, and the SPACE ID identifier (: colon domain name) will be released, which can represent all identities and multi-link addresses.

According to SPACE ID's economic model, it allocates over 50% of its tokens to official ownership, over 30% to sales, and only 10% to the community, with relatively low retroactive incentives and a two-year period. As a result, the model is extremely centralized and does not meet the intent of the DAO in the planning.

According to the comprehensive comparison between the total transaction volume and registration number of its domain name and ENS domain name, the difference is about 10 times that of ENS domain name. This is mainly due to the legitimacy and high degree of consensus of ENS domain name. However, from the fact that there are very few three-digit characters in its registered domain name, and the proportion of five-digit characters is very high, it can be seen that more registered users of SPACE ID domain name participate in registration for the expectation of airdrop, and relatively low number of registered users for consensus speculation or use.

According to the official operation progress, SPACE ID officials continue to increase their domain name consensus and usage demand. According to Binance's research report, SPACE ID's.bnb domain name service has successfully integrated with more than 100 projects and protocols, including BscScan and Trust Wallet.

Meanwhile, an updated version, SPACE ID 2.0, is scheduled for release on February 1, 2023. SPACE ID 2.0 provides a one-stop Web3 domain and identity platform to discover, register, trade, and manage Web3 domains. On its official website, you can also see that SPACE ID combines ENS domain name, arb domain name and bnb domain name. In addition, SPACE ID 2.0 includes a Web3 domain SDK and API for cross-blockchain developers, and a multi-chain domain service will be launched 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.

Under the premise that ENS domain name has not been multi-linked or has never been planned, SPACE ID integrates other EVM chains and L2 ecology, builds domain name service for it, and occupies the domain that ENS domain name does not touch, which is a better choice from the perspective of business model. As for how big the domain name and platform layout of SPACE ID can be extended and whether it really meets the market demand, it remains to be further observed.