SPACE ID establishes DAO Treasury and will implement a token buyback and burn mechanism

2023-04-18 15:07:08

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ChainCatcher news, the decentralized universal domain name protocol [SPACE ID](https://www.rootdata.com/zh/Projects/detail/SPACE ID?k=MjM0MQ==) has announced the establishment of a DAO Treasury, which will implement a token buyback and burn mechanism. The platform's revenue will include all registration earnings accumulated since the TGE date and will be executed quarterly moving forward.

Specifically, 50% of the total net income generated by the SPACE ID platform (including revenue from domain name registrations, renewals, gift card purchases, and SPACE ID marketplace fees) will be used to buy and burn $ID tokens. The remaining 50% of the total net income will be added to the DAO Treasury, which will hold it in stablecoins and be managed by all eligible $ID token holders.

It is reported that the SPACE ID DAO is a community-driven platform, and the application deadline for governance delegates is April 28, 2023, at 22:00 Beijing time. (Source link)

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Space ID DAO

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