Web3 domain Space ID is launching on Binance Launchpad! BNB snapshot ends on 3/22.

The leading cryptocurrency exchange Binance’s IEO platform, Launchpad, announced the launch of its 30th project, SpaceID ($ID) token sale event, last night.

Web3 Domain Service Space ID

Space ID is a registration and management platform for Web3 decentralized identities (DIDs). The currently launched Beta version already supports domain name auction services on the .bnb, .arb, and .eth blockchain networks.According to official information, Space ID has received investments from multiple venture capital firms including Binance Labs, Polychain Capital, Bullet Labs, Dao5, etc.

ID is the governance token of Space ID. According to their announcement yesterday (16th), the token has the following functions:

Pledge: Pledging ID tokens can get a discount on registration/trading fees in the SPACE ID NFT domain market.

Payment: Payment method used for the SPACE ID ecosystem and Web3 domain SDK components.

Governance: ID token holders can participate in Space ID DAO proposals and vote on them.The economic model of $ID shows that Binance Launchpad will sell a total of 100 million $ID tokens (5% of the total supply) and this sales channel is the only way to obtain the full amount of tokens without any unlocking requirements.

Starting today, the ID application process for subscription will begin.

According to the official announcement from Binance Launchpad, similar to the previous purchase process, users need to hold BNB to gain the right to purchase $ID.Binance official will take a snapshot of users’ BNB balances from 08:00 on March 17th to 08:00 on March 22nd (UTC+8) as the maximum limit for users to subscribe to BNB.

If the BNB raised reaches the hard cap of 2.5 million USD, the price per $ID will be 0.025 USD.