LIVEA look at Space ID, the project behind the $2.4 billion in BNB commitments.
The trending project today is Space ID, in March 2023 $ID launchpad received more than $2.4 billion in BNB commitments. But what is Space ID and why is it attracting so much attention?
What is Space ID?
Space ID is a universal name service network. It allows users to convert their long, complex, alpha-numeric crypto addresses into human-readable domain names. For instance, an Ethereum-based wallet address such as ‘0x298952FB0C5052bb09808794150BE5FA5f57f946’ can be represented by a domain name as simple as sam.eth.
How does it work?
Simple, users can simply link their wallets to the platform and scroll through the available domain names. Users can also search for particular keywords they want their domain name to contain. The search result will show exact matches and related keywords too.
The ID Token and its tokenomics
The $ID token is the native governance token of SPACE ID and plays an important role in the decision-making process of the project, such as casting votes on Space ID DAO proposals. Users can stake ID tokens to receive discounts on the trading fees of Space ID domain NFT marketplace and can also enjoy discounts on web3 domain registration. Moreover, ID tokens can also be utilized to make payments within the Space ID ecosystem.
Conclusion
Space ID has positioned itself as a one-stop solution for universal naming services. As it works towards solving the challenges faced by current domain services.
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