Proposal to Upgrade Space ID’s ($ID) Liquidity Pair for Farm Rewards from v2 to v3

Upgrade of Space ID’s Liquidity Pair for Farm Rewards from v2 to v3

We are proposing to shift Space ID’s Farm rewards from the current ID-USDT v2 LP to the new ID-USDT v3 LP.

We believe that transitioning to the ID-USDT v3 pair will further incentivize the liquidity for the ID token, and support healthy trading volumes for PancakeSwap. As a result of the concentrated liquidity model, the same amount of liquidity in v3, compared to v2, can support significantly larger trades.

For example, for a $500 trade, with a liquidity of $200,000 in the pool, v3 is about 8x more efficient than v2. (Assuming the v3 liquidity was added across a price range of +/- 25% of the current ID price.)

To ensure a smooth transition between v2 and v3 pairs, there will be an overlap of one day where there will be incentives directed towards both farms. This will occur on 12 May 2023.

After 0800 UTC on 12 May 2023, only the v3 pair will receive incentives, so users are encouraged to migrate in advance of this time.

The New Farm:

The proposed new Farm will have doubled emissions for the first 7 days. For example, if the v2 farm emits 10 CAKE per day, the proposed v3 farm will emit 20 CAKE per day for the first 7 days and 10 CAKE per day thereafter.

Other differences are the change of the liquidity pair and moving from the v2 farm to the v3 farm.

Previous v2 Farm:

• Stake ID-USDT LP, earn CAKE
• 5.8x multiplier
• 265 CAKE per day

New v3 Farm (0.25% fee tier):

• Stake ID-USDT LP, earn CAKE
• 13x multiplier (26x multiplier for the first 7 days)
• 530 CAKE per day for the first 7 days and 265 CAKE per day thereafter

In the future, the farm will be re-adjusted to a 0x multiplier unless the following metrics are comparable with other 13x multiplier farms: average daily volume, 14-day volume, unique token holders on BNB Chain, and there are no fundamental token issues or concerns related to users’ safety and security.

Key timelines

• Launch of ID-USDT v3 farm: Approx. 0800 UTC on 12 May 2023
• Sunset of ID-USDT v2 farm: Approx. 0800 UTC on 13 May 2023

How to migrate?

Please remember to shift your LP to the new farm before the v2 farm sunsets.

Please refer to the following link for migration instructions

What is Space ID?

Space ID is building a universal name service network with a one-stop identity platform to discover, register, trade, and manage web3 domains. Thus far, the team has launched .bnb and .arb domains for BNB Chain and Arbitrum.

What is $ID?

From the team: “ID is the governance token of Space ID. The ID token serves as an essential part of the growth and sustainability of the SPACE ID ecosystem, incentivizing users to engage with the project and contribute to its success.

The utility of ID includes:

• Staking: Stake ID tokens to receive discounts in the Space ID domain NFT marketplace and Web3 domain registrations on Space ID
• Payments: Used as a means of payment within the SPACE ID ecosystem and for Web3 Name SDK Integration
• Governance: ID token holders can participate and vote on Space ID DAO proposals”

⚠️⚠️⚠️BEWARE OF FOOD POISONING⚠️⚠️⚠️

The official ID token contract address on Binance Smart Chain is:

https://bscscan.com/token/0x2dfF88A56767223A5529eA5960Da7A3F5f766406

​Any other ID token will be a scam. Always verify the token address before buying tokens. If you receive a ID token airdrop from another address, it’s probably a scam, and we advise you to ignore it.