SPACE ID Setup DAO to Redeem And Burn ID Tokens

Key Points:

• SPACE ID announces the establishment of the DAO Treasury, which will implement the token redemption and destruction mechanism.
• The buyback and burn mechanism will include all subscriptions accumulated since the TGE date and is done quarterly.
• The closest peak that this token has reached is 1.03 USD, 42 times the IEO price.

According to the official blog, SPACE ID, a decentralized universal domain name protocol, has announced the establishment of the DAO Treasury, which will implement the token redemption and destruction mechanism.

The SPACE ID DAO is not only a tool that enables decentralization, but the ID token holder also manages it and controls the amount of money held in the DAO Treasury.

Along with the establishment of the DAO Treasury, Sapce ID also announced the new revenue distribution implementation of the SPACE ID platform, with a buyback and burn mechanism, which will cover all subscriptions accumulated since the TGE date and is done quarterly.

Specifically, 50% of the total net revenue generated on the SPACE ID platform (including income from domain registrations, renewals, Gift Card purchases, and SPACE ID marketplace fees) will be allocated to token investments and burning ID token. The remaining 50% of the total net revenue will be added to the DAO Treasury, which will be held in stablecoins and managed by all eligible ID token holders.

It is known that SPACE ID DAO is a community-driven platform and the application deadline for administrative principals is April 28, 2023, at 2 p.m. UTC.

SPACE ID has recorded impressive growth momentum over the past week, main thanks to the positive trend of major cryptocurrencies and the explosion of the “altcoin season”.

ID has continuously closed the green candle in the past few days. This token’s nearest peak reached was 1.05 USD, 42 times the IEO price. ID is currently trading around $0.99, up more than 17% on the 24h frame.

Binance announced support for SPACE ID last month, allowing BNB holders to purchase ID tokens. The SPACE ID price action has cemented the position of Binance Launchpad as a valuable platform for investors interested in allocating tokens to new projects.

The ID token sale will follow a registration format, i.e., the number of tokens that users receive depends on the amount of BNB they hold within the specified number of days. As a result, the projects listed above are promoted and reach the large community of Binance, and investors can buy tokens at a preferential price.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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