SPACE ID Establishes SPACE ID DAO with 50% of the Platform's Total Net Revenue Used to Repurchase ID

SPACE ID, the Web3 domain and identity platform, announced the creation of SPACE ID DAO, a community-driven platform managed by ID token holders and controlling the funds held in the DAO Treasury. With the establishment of the DAO Treasury, SPACE ID also announces the implementation details of the SPACE ID platform revenue distribution, including a buyback and destruction mechanism, which will include all registration proceeds accumulated since the TGE date and will be implemented on a quarterly basis. Specifically, 50% of the total net revenue generated by the SPACE ID platform (including revenue from domain name registrations, renewals, gift card purchases and SPACE ID m arketing fees) will be used to purchase and destroy ID tokens. The remaining 50% of the total net revenue will be added to the DAO vault, which will be held in the form of a stable coin and managed by all eligible ID token holders. In February 2023, SPACE ID closed a $10 million strategic round led by Polychain Capital and dao5, with participation from Foresight Ventures and others.