GlossaryCoin
SPACE ID (ID): What Is It? Definition & Explanation
SPACE ID (ID) is a multi-chain Web3 identity protocol backed by Binance Labs that decentrally registers readable Web3 domain names like .bnb and .arb on BNB Chain, Arbitrum, and other chains. The project maps wallet addresses to human-readable names and creates a single portable identity across chains.
Last updated Sources
Key facts
- Symbol
- ID
- Max supply
- 2,000,000,000
- Circulating supply
- 1,547,258,440
- Market cap rank
- #204
Current data
- Last price (USD)
- $0.0377
- 24h change
- +2.17%
- Market cap
- $58.02M
- Data time
SPACE ID is a multi-chain domain name and identity protocol that aims to replace the long "0x4a2b…" wallet addresses of Web3 with readable identities. Founded in 2022 and with Binance Labs as its largest backer, the project lets users register short, memorable names like "alice.bnb" or "alice.arb" and use that identity across all supported chains.
SPACE ID multi-chain identity system — .bnb, .arb domain names and resolution map across different blockchains
Web3 Domain Names: The Problem and the Solution
On the traditional internet, domain names provide addresses that people can easily remember: you don't need to type an IP address instead of google.com. Web3 faces a similar problem: every wallet address is a 42-character hexadecimal string. Sending funds to these long addresses is both error-prone and degrades the user experience.
The Ethereum Name Service (ENS) solved this for Ethereum in 2017. But ENS focuses solely on the Ethereum ecosystem. SPACE ID aims to fill that gap in a multi-chain framework, starting with BNB Chain and Arbitrum.
Supported Extensions and Chains
| Domain Extension | Blockchain |
|---|---|
| .bnb | BNB Chain |
| .arb | Arbitrum |
| .eth integration | Ethereum (ENS bridge) |
| Additional chains | Ongoing integration program |
SPACE ID's competitive advantage is building a multi-chain identity layer that integrates with ENS rather than competing with it. Theoretically, a single SPACE ID identity can be made valid across multiple networks — this "one identity, many chains" principle differentiates the protocol from competitors.
ID Token Economics
The ID token launched in 2023 as the governance token of SPACE ID DAO.
- Total supply: 2,000,000,000 ID
- Use cases:
- Governance votes (similar to ApeCoin DAO)
- Fee discounts for domain registration
- Determining protocol treasury usage
- (In future versions) Staking rewards
| Category | Allocation |
|---|---|
| Community / Ecosystem | Large share |
| Early participants and airdrop | Significant amount |
| Team and advisors | Locked, vesting |
| Investors (including Binance Labs) | Locked, vesting |
Binance Labs' role as investor is both a strong funding source and a critical advantage for its position within the BNB Chain ecosystem. Organic access to the BNB Chain user base accelerated .bnb domain adoption.
Comparison with ENS
SPACE ID is frequently compared to ENS (Ethereum Name Service).
| Feature | SPACE ID | ENS |
|---|---|---|
| Founded | 2022 | 2017 |
| Primary Chain | BNB Chain / Arbitrum | Ethereum |
| Multi-chain Support | Yes (protocol goal) | Limited |
| Total Supply | 2 billion ID | 100 million ENS |
| Lead Investor | Binance Labs | a16z, Spark Capital |
ENS's 6+ year head start and Ethereum's large user base constitute a formidable competitive barrier for SPACE ID. That said, SPACE ID's focus on BNB Chain and Arbitrum users gives it a primary position on those chains that ENS does not hold.
Ecosystem Integrations
SPACE ID gains practical utility through wallets and protocols that support domain resolution:
- Popular wallets like Trust Wallet and MetaMask can resolve .bnb names.
- Various DEXes and NFT marketplaces on BNB Chain have integrated.
- SPACE ID also offers an SDK and API infrastructure for developers, allowing third-party apps to leverage the protocol easily.
Use Cases
- Payments: Send directly to "alice.bnb" instead of "0xf39...a1b2."
- DApp profile: Consistent identity and transaction history across all DeFi protocols under the same name.
- NFT and community identity: Domain name minted as an NFT; serves as a symbolic indicator of community membership.
- Multi-chain profile: Manage assets on BNB Chain, Arbitrum, and other chains under a single identity.
COINOTAG Perspective
SPACE ID is a protocol that solves a real user problem (unreadable wallet addresses) and offers functional Web3 infrastructure. Binance Labs support and the organic position advantage on BNB Chain have provided strong starting points. Long-term success depends on how widely the multi-chain domain name standard is adopted by developers and end users — a race in which ENS's existing advantage represents a defensible moat.
Frequently Asked Questions
What does SPACE ID do?
SPACE ID is a Web3 domain name protocol that replaces long, unreadable crypto wallet addresses (e.g., 0x4a2b...) with short, memorable names like 'alice.bnb' or 'alice.arb.' These names resolve to wallet addresses similarly to how DNS works on the internet, making fund transfers and dApp interactions much more user-friendly.
What is the difference between SPACE ID and ENS?
ENS (Ethereum Name Service) has offered .eth domain names to the Ethereum ecosystem since 2017. SPACE ID differentiates itself by targeting BNB Chain and Arbitrum in a multi-chain approach launched in 2022. A single SPACE ID identity can be valid across multiple blockchains; ENS is primarily Ethereum-focused.
What is the ID token used for?
ID is SPACE ID DAO's governance token. Holders vote on protocol parameters and ecosystem fund usage in governance. Holding ID also provides fee discounts for domain registration. Total supply is 2 billion ID.
Which exchanges support SPACE ID?
SPACE ID's largest backer is Binance Labs, which strengthens the protocol's position in the BNB Chain ecosystem. Domain name services are supported by Trust Wallet, MetaMask, and various DEXes on BNB Chain. The ID token trades on Binance and other major exchanges.