SpaceFi Review: Popular DeFi Hub On The zkSync Era And Evmos
SpaceFi is a cross-chain platform that connects Cosmos and the Ethereum Layer 2 ecosystem. It is currently integrating Evmos and ZkSync, and its products include DEX, NFT, Launchpad, and Spacebase, which will have new products like Game and Social Network in the future. In this SpaceFi Review, let’s learn all about the project through the article below.
What is SpaceFi?
SpaceFi is a DeFi platform with many active products, such as DEX, NFT, Launchpad, etc. integrated in one platform to help users more conveniently with DeFi transactions. SpaceFi is currently built on Evmos blockchain and layer 2 zkSync, in the future will develop in other EVM chains like Celo.
SpaceFi is deployed on zkSync Era, and also runs separately on Evmos as an exploration in the Cosmos ecosystem.
- zkSync is a Layer 2 scaling solution on Ethereum that offers low gas and fast transactions without compromising security. It’s a scaling and privacy engine for Ethereum based on zero-knowledge-proof technology.
- Evmos is the EVM hub on Cosmos. It will not only bring EVM developers into Cosmos Eco but also work with Celestia to bring modular and interoperable cross-chain solutions to EVM ecosystem.
SpaceFi has shaped the project as a DeFi Hub with various features in one platform such as DEX, NFT, Launchpad, and Community Space (Spacebase), this creates a certain convenience for users when there is no need to move and manipulate many different projects.
SpaceFi Review: Products
A decentralized exchange on SpaceFi that works on Evmos and zkSync. Users can swap tokens and provide liquidity through the SpaceFi DEX. Currently, SpaceFi is the chain with the 7th most significant number of TVLs in the zkSync Era ecosystem, reaching $7.91 million.
You can swap, and add/remove liquidity. Also, the mining transaction is in the plan. 1/3 of the transaction fee will be used to redeem STAR tokens. SpaceSwap transaction fee will be used for LP rewards, buyback-and-burn, NFTs dividends, etc. Traders can also receive transaction fee mining rewards.
With Space Farms, you can earn SPACE rewards by staking single coin, LP tokens (liquidity pool), NFTs and etc. Each farm pool has its own APR depending on the value of the staked tokens, the reward weight and the price of SPACE.
In single pool you can bet STAR earn $STAR. In the LP pool, you can bet different liquidity to earn $STAR. In the NFT pool you can bet NFT planet to earn $STAR.
These farming pools will have different rules. For example, if user unstake token within 30 days, user will lose 50% of his total reward. This lost reward will be returned to the DAO and NFT pool for platform development.
Planet NFT is a card in the SpaceFi ecosystem, carrying a large number of assets and interests with differentiated functions and values, and also has more application scenarios in Space DAO and Game in the future. The current benefits of NFT are mainly:
- You can mint a Common Planet NFT or use a Common Planet NFT to mint a Unique Planet NFT and an exclusive STAR Sign NFT, receiving a 105% -150% multiplier with each minting.
- You can stake Planet NFT to farm SPACE tokens, getting higher rewards than regular farming.
- You can get various rewards for NFT holders, including minting fees, transaction fees, space base fees, and validators’ commissions.
- You can sell Planet NFT for a premium for scarcity.
- You can use Planet NFT to post proposals and vote when SpaceFi governance is launched.
Starter is the Launchpad for projects in the ecosystem. Users can stake USDT, ETH or LP Token of SPACE-USDC to be allocated slots to buy tokens of projects participating in Launchpad.
There will be two loops in the Launchpad including:
- Public: All users can join
- Private: Only whitelisted wallet addresses can participate.
Spacebase is the on-chain community of caches. You can use STAR to create a space base, 90% of STARs are burned and 10% of STARs are allocated to NFT bounties and DAO funds. Both creators and members can get more rewards as they earn coins on the farm.
To create a room, users need a SPACE token, by default the room will have a maximum of 10 participants. If you want to increase the number of members of the room, the creator needs to pay the corresponding SPACE token.
SPACE Bridge is specially designed for transferrin SPACE/xSPACE/Planet NFT between different chains, currently Evmos and zkSync Era.
When chains transfer transfer SPACE/xSPACE, there’ll be a bridge fee (5%, adjustable), marked as Transfer Rate, to maintain the balance of different. Planet NFT won’t. An amount of SPACE will be charged as the gas fee for bridging. The token in the original chain will be burned and a corresponding amount of token will be issued in the target chain as native token.
Burn and Bonus
90% of bridge fee will be burned and 10% will be allocated to NFT Bonus (70%) & DAO (30%) in the original chain.
SpaceFi review community co-built a validator on Evmos named spacefi.io. We encourage the community to participate in Evmos and zkSync ecosystem building and governance. There’ll be delegator points for stakers, based on staked amount, time and number of voting.
spacefi.io validator has a co-building and sharing mechanism for stakers and SpaceFi review community.
- For Delegators: there will be extra airdrop, WL and NFT as incentive.
- For SpaceFi review community: 50% of validator commission will be redistributed to planet NFT holders, community contributors, buyback and burning $STAR.
SpaceFi Review: Tokenomics
SPACE is the utility and governance token of SpaceFi. The Max Supply of SPACE token is 50M on zkSync Era mainnet, with an initial supply of 10M SPACE at genesis for incentive, IDO and strategic reserves. This will balance early contributors and future development needs to pursue long-term benefits with the community.
SPACE Token has a ‘thirdening’ allocation schedule, with the distribution of tokens to the market according to a deflationary mechanism. In particular, with each passing year, the amount of SPACE Token distributed out will be reduced by one third (a deflationary mechanism similar to Bitcoin Halving).
- 80%, to the community
- 70%, allocated to mining rewards, for liquidity rewards, staking, trading mining, etc.
- 10%, allocated to DAO treasury, through governance, for ecological construction, strategic cooperation, etc.
- 20%, to the dev team
If certain individuals on the initial development team are no longer part of the network, the community may choose to reclaim any unpublished tokens and redirect them to the new program.
xSPACE is a non-transferable escrow management token, converted with a 1:1 SPACE key with a 30-day non-binding term. If you choose to unlink xSPACE immediately, 50% of SPACE will be converted back and the remaining 50% will be burned.
It can be earned from farming or converting SPACE directly. xSPACE can be staked on the farm to earn more xSPACE and used in future SpaceFi administration.
Evmos was approved on January 25, 2023 to grant 1 million EVMOS to SpaceFi as a liquidity incentive.
As in the proposal, the project will launch a non-tradable reward token, xEVMOS, which is 1:1 converted from EVMOS issued by the Evmos community team. The reward earned on the farm is xEVMOS, which can be converted back to EVMOS with a 30-day non-union period.
Users can also choose to immediately unlink xEVMOS, which will only convert back to 50% in EVMOS. The remaining 50% will be sent back to the requested EVMOS multi-signature address, which can make the offer last longer.
With xEVMOS, we are able to reduce reward spending and dumping while maintaining an attractive APR and incentivizing long-term holders. The liquidity offer can last for more than 90 days if some users choose to unlink xEVMOS immediately.
SpaceFi Review: Roadmap
- Points System
- Stable Swap
- New products in Launchpad
- More value to Planet NFT and xSPACE
- UX/UI improvements
- Liquidity Growth
- Trading Campaign
- Introduce LSD assets
- Listing potential projects on Launchpad
Expand in more main zk-rollups: #scroll , #linea , etc.
- DEX aggregator
- Research on L2s cross-chain
- Explore the governance module
- Liquidity Growth
- Trading Campaign
- Listing potential projects on Launchpad
- Build more ecological partners
- Incubation and Investment
SpaceFi review is connecting the Cosmos and Ethereum Layer2 ecosystems, exploring on-chain solutions and interoperability of assets. As a first step, SpaceFi will start from DEX+NFT+Starter+Spacebase, aiming to become a tool in the Evmos ecosystem. It will then launch on the zkSync mainnet and other EVM chains in the future.
Space has created a fully integrated system that strives to create sustainable chemistry between the products. In the Space universe, you can earn DeFi rewards through liquidity mining, trading mining or minting Star tokens into NFTs for higher revenue, transaction fee dividends, premium trading, and governance rights, etc. At the same time, you can also create a Spacebase, invite fans and friends to join, both sides get additional rewards. Space will also be on the Starter platform to incubate and support outstanding ecological projects, and jointly build Space.
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.