Space ID and Other Things
Web3 domain services have been a thing, but to blow up like it does on SpaceID, it is rare. Find out every nitty bitty thing that does not get written on the project's whitepaper and claim some #
Note:
1. Before reading, you should know we are not an affiliate nor do we receive commission from Space ID or any particular entity mentioned in this article.
2. The potential airdrop Season 2 requirements are also included in the article; therefore, if you are only interested in the Smart Money analysis, it is probably best to head straight to the Report.
Introduction
As of time of writing, the total trading volume of .eth, .bnb, .arb domains on Space ID has reached $101,616,671.008 (~$102 million) with up to 578,445 .bnb unique holders.
The project provides users with straightforward, memorable, and legible usernames in the formats username.bnb, username.arb, and username.eth and a newly additional username.sei. Even AI DOGE has ‘skin in the game’.
Their $ID token was launched via an airdrop claim (duh!) on March 22, 2023.
An airdrop is akin to a gift for investors who participate in a project before its mainnet launch, as they can receive significant rewards by investing a minimal portion of their holdings. This makes hunting for airdrops an ideal strategy for Smart Money players, as the more they invest, the greater the number of airdrops they stand to receive.
Recognizing this trend, we have meticulously analyzed Smart Money during Voyage Season 1, allowing users to effectively apply this knowledge to upcoming airdrops in Voyage Season 2 and other programs offered by Space ID.
In this analysis, we will focus on these 3 objectives:
How did these smart money wallets accumulate and take profits from their $ID token investments?
What are the current portfolios of those smart money wallets?
Since then, have they repurchased $ID tokens?
Let's get to it!
What is Space ID?
SPACE ID is a decentralized universal name service network for web3, which functions seamlessly on EVM-compatible blockchains such as Ethereum, BSC, Arbitrum, and soon Sei. It offers a comprehensive platform for users to register, trade, discover, and manage their web3 domains.
Space ID also functions as a marketplace specifically designed for the trading of Web3 domains, where liquidity is consolidated from established trading platforms like OpenSea.
The project has secured an undisclosed investment in Seed funding with Binance Labs and a $10 million strategic funding round spearheaded by Polychain Capital and dao5.
Web2 Domain Services VS. Web3 Domain Services
In Web2, domain services act as intermediaries hosting the name of the user or business domain. They store data on servers and retrieve it based on the user's registered or leased IP address.
However, in the decentralized Web3, user data is stored in Space ID's network of nodes. When a user accesses the data, an algorithm is used to call the specific node address and retrieve the information, known as SID technology, as per Space ID's system.
In honor of the technology titles that Space ID has chosen for its domain management algorithm, we will provide explanations of these technology components specifically tailored for Star Wars fans.
Introducing Lucas, the interstellar blockchain counterpart of C-3PO (a humanoid droid created by Darth Vader before he became Darth Vader), securing user data across chains in Space ID.
Jedi, a skilled smart contract, manages cross-chain name registrations, exclusively accepting certified Yoda domains.
Meanwhile, Yoda acts as an Oracle, ensuring domain exclusivity by gathering registration events and providing authenticator signatures. Similar to Yoda's oversight of the Galactic Republic, Yoda oversees Jedi, ensuring each Jedi possesses a distinctive lightsaber color.
Web3 Developers can also efficiently integrate the multi-chain name service into their ecosystem by utilizing the Web3 Name Software Development Kit (SDK) and Application Programming Interface (API) that Space ID offers.
How is the Domain Market Looking on Space ID?
Domains containing fewer than 5 characters are classified as "premium" domains and are priced higher compared to those with 5 or more characters. The pricing of Space ID domains is influenced by their popularity and trading volume, leading to potential fluctuations.
As of the current time, these “premium” domains are in the collection related to Voyage Season 2 airdrop events so their price is undoubtedly high. The top 03 domains with the highest trading volume for .bnb domains are:
Please keep in mind that the list may change as popularity shifts.
Any domains that do not belong to a special collection and have 5 or more characters will be minted at a price of $5 per domain. These domains will initially have an expiration period of 1 year. Extending the expiration by an additional year will incur an additional cost of $5.
If investors are interested in a domain that is currently owned by someone else, they have two options. They can either purchase the domain if the owner lists it on the marketplace, or they can wait for the domain to expire and then repurchase it.
Incentive Programs from Space ID
Airdrops have become a frequent ‘low-hanging fruit’ for crypto users due to the chance of getting rewards worth hundreds of dollars just by spending a small sum of money for gas & exercising their loyal activities on the chain.
The success of Space ID's Voyage Season 1 airdrop has shown exactly that.
For those who missed out on the first season, fret not, as Space ID is now doing Voyage Season 2, after which they will once again generously distribute airdrops.
If we must put down our two cents, this second wave of confirmed $ID airdrops and incentive programs seems to prioritize marketing & trading amplification. The intention is quite evident in their mechanism:
More detailed instructions are at this tweet.
Now that you possess the coveted $ID, how can you unlock the treasure trove of even greater profits? Simple, just follow the wisdom of Smart Money. We've assembled 04 strategic gems for you to explore in Part 2.
Disclaimer
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