SPACE ID Launches DAO and $ID Buyback-and-Burn Mechanism

SPACE ID Launches DAO and $ID Buyback-and-Burn Mechanism

Web3 identity platform SPACE ID announced the launch of SPACE ID DAO to improve governance of the protocol. SPACE ID DAO is governed by $ID token holders and controls the funds held in the DAO Treasury. Community members will be able to submit proposals in the governance forum, and participate in votes.

In the meantime, SPACE ID announced the new implementation of the platform's revenue distribution, with a buyback-and-burn mechanism. 50% of the total net revenue generated on the SPACE ID platform will be allocated for the purchase and burning of $ID tokens. The remaining 50% of the total net revenue will be added to the DAO Treasury, which will be held in stablecoins.

According to TokenInsight data, the price of $ID went up by 12.74% over the last 24 hours, trading at $0.941318 now.

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