SPACE ID: One-stop Web3 Domain & Identity Platform
By Selene Wang | Crescent City Capital Market Analyst Intern
1. Introduction to SPACE ID
SPACE ID is building a universal name service network with a one-stop identity platform to discover, register, trade, manage web3 domains. It also includes a Web3 Name SDK & API for developers across blockchains and provides a multi-chain name service for everyone to easily build and create a web3 identity.
2. How does it work?
One-stop Web3 Domain & Identity Platform: The SPACE ID one-stop Web3 domain & identity platform is an innovative infrastructure that allows users to manage all aspects of their domains in one place.
Multi-chain Name Service: SPACE ID’s multi-chain name service includes but is not limited to the new Top Level Domains (“TLDs”) that have been and will be launched by the SPACE ID team, plus other domain providers joining SPACE ID with this ground-breaking multi-chain name service feature.
Web3 Name SDK & API: One SDK for all has always been one of the main features of SPACE ID to support all Web3 dApps. It is designed to be a unified and streamlined approach that greatly simplifies the integration of Web3 name services, eliminating the need for developers to work with multiple protocols, saving time and reducing the risk of compatibility issues.
3. Products
- Discover: A hub for users to search names in all TLDs
- Register: Register names from all name services
- Trade: A marketplace dedicated for domain investors
- Manage: Manage all your web3 names in one portal
4. The ID Token
SPACE ID governance token is the ID token. The token distribution started from March 22nd, 2023. It is designed to play a critical role in the decision-making process of the project, allowing users to have a say in the direction and future of SPACE ID. The ID token serves as an essential part in the growth and sustainability of the SPACE ID ecosystem, incentivizing users to engage with the project and contribute to its success.
ID is the native token of the SPACE ID ecosystem, with the following functions:
- Staking: Stake ID tokens to receive discounts in the SPACE ID domain NFT marketplace trading fees and Web3 domain registration discounts on SPACE ID.
- Payments: Used as a means of payment within the SPACE ID ecosystem and for Web3 Name SDK Integration.
- Governance: ID token holders can participate and vote on SPACE ID DAO proposals.
5. Market Analysis
Price & Market Cap Performance:
- ID live price: $0.4773
- All-Time High: $1.84 (Mar 17, 2024)
- All-Time Low: $0.1711 (Oct 19, 2023)
- Live market cap: $204,703,443
- Circulating supply: 430,506,132 ID coins
Past performance:
- Launch and Early Price Movement: SPACE ID was introduced to the market in 2023. The price saw considerable highs and lows shortly after launch, typical for new cryptocurrencies as the market adjusts to their presence.
- Top Performing Quarter: In March 2024, SPACE ID reached its all-time high of $1.82. This dramatic increase was driven by heightened investor interest and possibly significant announcements (4.29% of ID Tokens Will Be Unlocked on February 22nd) or partnerships (With B² Network, CellulaLife, and Avive) during this period.
- Recent Performance: After reaching its peak, the price began to decline. By mid-2024, the price showed signs of stabilization.
Technical analysis:
Moving Average
In this analysis, we’ll look at the 20-day (short-term), 50-day (medium-term), and 200-day (long-term) simple moving averages (SMA) to identify potential trading signals for SPACE ID Crypto. Following its peak in March, the price began to decline. The 20-day SMA crossed below the 50-day SMA and 200-day SMA (a death cross), signaling a bearish reversal. However, based on the graph, it appears that the 20-day SMA might soon cross above the 50-day SMA, suggesting a stabilization signal.
6. Summary
SPACE ID is a comprehensive Web3 domain and identity platform that enables users to discover, register, trade, and manage Web3 domains. Despite initial price volatility, the platform shows potential for stabilization and growth due to ongoing development and strategic partnerships. With the current price at a low point and indicating an upward trend, it may be an opportune time for investment.
The price target is set at $0.48. If the price drops to $0.46, there is a potential for it to decline further to $0.42, at which point risk protection measures should be taken, and an exit may be necessary. The planned exit target is $0.82, with an anticipated timeline of 2 to 3 months.
Reference
https://coinmarketcap.com/currencies/space-id
https://www.tradingview.com/symbols/IDUSD/news/?exchange=CRYPTO