TechFlow News — According to an official blog post, the decentralized universal domain protocol SPACE ID has launched SPACE ID DAO, a decentralized autonomous organization governed by $ID token holders who will manage funds held in the DAO treasury.
With the establishment of the DAO Treasury, a new revenue distribution mechanism for the SPACE ID platform will be implemented, incorporating a buyback and burn model. This will include all registration revenues accumulated since the TGE date, executed on a quarterly basis.
Specifically, 50% of the total net revenue generated by the SPACE ID platform—including income from domain name registrations, renewals, gift card purchases, and marketplace fees—will be used to purchase and burn $ID tokens. The remaining 50% of total net revenue will be deposited into the DAO Treasury, held in stablecoins, and managed by all eligible $ID token holders.
Notably, SPACE ID DAO is a community-driven platform, and applications for governance delegates are due by April 28, 2023, 22:00 Beijing Time.
