[IDP7] .bnb and .arb ¾ Character Domain Renewal Fee Slash and $ID Compensation

Overview:

The overview of this proposal is the intent to slash renewal fees for .bnb and .arb 3/4 character domains to $5/year and the plan for a retrospective $ID token airdrop (from the Community Airdrop pool) to compensate holders of 3/4 character domains that have paid higher cost in the past. This proposal aims to provide value back to the community and encourage continued participation in the SPACE ID ecosystem, as well as onboard more potential users.

Purpose:

The purpose of the proposal is to increase community trust and satisfaction by reducing the financial burden of 3/4 character domain renewals and offering compensation for those who have incurred higher costs in the past. It aims to make SPACE ID domain ownership more accessible while rewarding early and long-term supporters. Also, a decrease in 3/4 character domain renewal fees will have a positive impact on overall SPACE ID domain interest, as well as potentially the SPACE ID domain marketplace total volume growth.

Scope: The proposal affects the following areas:

• Renewal fee structure for .bnb and .arb 3/4 character domains.
• Compensation mechanism via $ID tokens for eligible domain holders.
• Adjustments to the SPACE ID platform to allow for the claim of $ID rewards.

Implementation:

To execute this proposal, the following steps will be required:

• Amend the smart contracts to reflect the new renewal fee.
• Develop and deploy the airdrop system for $ID token distribution, with algorithms calculating the airdrop value based on domain length and registration/renewal history.
• Update the SPACE ID user interface to facilitate easy claim and understanding of new fee structures and compensation mechanisms.

Timeline:

The implementation of this proposal is expected in the coming weeks (depending on the SPACE ID team resources), with the following key milestones:

• Development and testing of new fee structure and airdrop system.
• Deployment and monitoring of updates, community feedback collection.
• Final adjustments and official launch of new fee and compensation structures.

Budget:

A percentage of the SPACE ID Community Airdrop pool to be designated to users based on the length of the .bnb or .arb domain registration and/or the early renewal of their domains. The exact percentage to be determined based on the current number of eligible domains, ensuring a fair and significant compensation for the affected users.

Expected Outcomes:

The successful implementation of this proposal is expected to:

• Increase overall satisfaction and retention within the SPACE ID community.
• Stimulate more active participation and domain purchases/renewals.
• Establish SPACE ID as a more user-centric and financially considerate platform.
• Increase in .bnb / .arb domain registrations and marketplace volume.