'10x leverage prediction market' Space… pursues token public sale

Space, a Solana (SOL)-based decentralized prediction market platform, said on the 17th (local time) that it is pursuing a token public sale for its native token SPACE.

Space is a prediction market project that supports up to 10x leverage. It was founded by the UFO team, which developed a token with a market capitalization of over $1.5 billion in 2021. Space's goal is to address the chronic liquidity shortage in prediction markets through a central limit order book (CLOB), high leverage, maker (Maker·limit order) fee 0%, and other features.

The offering will take place at 3:00 AM on the 18th, Korean time. Space plans to conduct a token generation event (TGE) once the offering is completed. The Space platform will launch in January next year.

A "variable token allocation model" will be applied to the token offering. Allocation amounts are determined by the final market clearing price. The offering starts at a fully diluted valuation (FDV) of $50 million, and the token price will remain at $0.05 until the offering amount reaches $2.5 million.

If the offering amount exceeds $2.5 million, the token price will gradually increase up to a maximum of $0.099. Space explained, "The earlier you participate in the offering, the higher the tier you will be assigned," and "Higher tiers will receive bonus airdrops and platform benefits."

Space plans to allocate 50% of platform revenues to token burns and buybacks. The remaining 50% of revenues will be held in the blockchain protocol's treasury. The total token supply is 1 billion tokens.

Meanwhile, Space recently raised $3 million in seed funding. The investment round was led by Morningstar Ventures and Arctic Digital. The seed investment recorded a 1360% oversubscription on the crypto-based funding platform Echo.