The new token of Binance, a cryptocurrency trading exchange received more than 2.8 billion US dollars. The token was launched on the Launchpad platform of BInace which is an exclusive platform of Binnace to launch new ventures. The Launchpad platform is known as Space ID.
As per the data available from Binance sources, the token will power a decentralized ecosystem for the NFT market, It will also enable the registration of Web3 domains.
These features are assumed to lure in more customers to the platform’s governance and voting of the new proposals. The customers will also be able to utilize it to carry out payments and to get discounts while making the payments.
One thing that to has to be made sure that the token will enable payments and will allocate discounts to the payments and transactions that take place inside the Space ID ecosystem.
Binance has announced that subscriptions to the Space ID Token Sale on Binance Launchpad have opened for customers.
Read further to know what is the Space ID Token sale and what is the Space ID subscription and how does it work.
What Is Space ID Token Sale Subscription? How Does It Work?
In its announcement, Binance has stated that the sale subscription of the Space ID Token will only last for three hours from the time of its start.
The time allotted to subscribe was between 06:00 UTC on 22/03/2023 to 09:00 UTC on 22/03/2023, which is a total of three hours.
Users were instructed to sign the ID Token Purchase Agreement before committing to their BNB.
The users were further instructed that the maximum amount of BNB that each of them will be calculated on the basis of their average BNB balance during the past five days.
A major point that the user has to be aware of attempting while doing the process is that all BNB can not be used to commit. Rather they can only use the BNB in the spot wallet to commit. In case the user has the BNB in different accounts like BNB Vault, or LaunchPool, then, the BNB will have to be redeemed to the spot wallet prior to committing.
Another major regulation that Binance has set is that after the users committing, then the action can not be undone or edited. Once the commiting happens, then the BNB will get locked automatically. This means that when the BNB is locked the user will no longer have the option to redeem the BNB.
Also, the user will not be able to carry out any other functions such a withdrawing, canceling, transferring, or trading. To get access to these functions again the user will have to wait until the completion of the final token distribution.
After the three hours of the Space ID Token Sale Subscription, the calculation of the ID token allocation will start. It will be finished quickly, as it will not more than one hour for the calculation.
As per this, the reuksts of the finla ID token will come iyt at 10:00 UTC on 22/03/2023. After the results the BNB that stays locked in the user’s after committing will be deducted, The deduction can take up to another hour, that is sixty minutes.
Once the deduction is successful then there will not be any delay for the transfer. In the transfer, the user’s spot wallet will be transferred with both the ID and the left BNB tokens.
The maximum BNB that can be allotted to one user is 600,000 ID. That is equivalent to 44.471 BNB and equivalent to 15,000 USD.
How Much Is 1 Space ID (ID)?
1 ID = 0.025 USD, or
1 ID = 0.00007412 BNB
1 Space ID is said equivalent to 0.025 USD when a BNB price of 337.3 USD is used.
How Can One Be A Part of the Space ID (ID) Token Launchpad?
The mandatory regulation is that the user should have a BNB in order to be a part of the Space ID (ID) Token Launchpad.
This will come as a bonus point for those who already have a BNB. While others will have to make a BNB before they can participate in the Space ID Token Launchpad.
If the user does not have a BNB, then they will have to get one. It is advised to think twice before rushing to make one because it’s the launch period that is a high-risk time.
It is not difficult to get to the Launchpad. What one has to do for this is to go to the official website of Binance. On the Binance website, the user can see an Earn menu. Launchpad can be accessed from this Earn menu.