Launch of SPACE Token Sale: A New Opportunity in Prediction Markets on Solana

Space, a prediction market platform based on the Solana blockchain, is set to launch its public sale for the SPACE token on December 17, 2023, at 6:00 PM UTC. The platform offers users the ability to trade predictions about various real-world outcomes with leverage, making it a robust addition to the cryptocurrency ecosystem.

Key Takeaways

Space, the prediction market platform on Solana, initiates its SPACE token sale on December 17, 2023.
The platform allows up to 10x leverage on various predictions, including areas like crypto, politics, and sports.
Unique tokenomics includes buyback-and-burn mechanisms and tiered rewards for participants.
A variable pricing model ensures fairness, with all participants paying the same clearing price.
Refunds will be issued immediately if the sale is oversubscribed.

Solana-based prediction market Space launches SPACE token sale

Introduction to Space and Its Unique Offerings

Space is a new platform designed for leveraging prediction markets operating on the Solana blockchain. As announced on Tuesday, it will kick off the public sale of its native token, SPACE, on December 17, 2023, at 6:00 PM UTC. Users will be able to predict real-world outcomes in areas such as cryptocurrency, politics, sports, technology, and culture, enjoying up to 10 times leverage on their trades.

The platform's tokenomics feature a unique model where half of the revenue is allocated for token buyback and burning, while the remainder supports the protocol's treasury. The overall supply of SPACE tokens is capped at 1 billion tokens.

Developed by the team that launched UFO, a cryptocurrency that gained significant traction in 2021, Space brings experience and innovation to its offerings.

Technical Features of the Space Market

Space boasts a number of advanced technical attributes, including a central limit order book that incurs zero maker fees and the opportunity for users to leverage predictions up to 10x. The platform also includes a gamified points system and seasonal airdrops, alongside liquidity incentives and referral rewards, as reported by the company.

The project secured seed funding primarily through Morningstar Ventures and Arctic Digital, with additional backing from Echo and Curated by Impossible Finance, the announcement revealed. Notable interest was demonstrated during the funding round, which was reportedly oversubscribed.

Details of the Token Sale

The upcoming public sale will implement a variable token distribution system. Tokens will be allocated based on a final market-clearing price, ensuring that every participant pays an identical price. Initially, the sale will begin at a floor value and, as it reaches an initial target, will transition into a price discovery phase where the value can increase to a set maximum limit.

By the end of the sale, every participant will have the same clearing price, and if demand surpasses available tokens, the company will adjust allocations and process refunds accordingly.

Additionally, the sale introduces a tiered participation structure where those who commit early can secure higher tiers. This escalation not only enhances the chances of allocation but also unlocks potential bonuses, including airdrops, lifetime trading benefits, and discounts on fees. Each participant's contributions are cumulative, although achieving tier benefits requires meeting minimum conditions within a specific 24-hour active window.

In situations of oversubscription, the company plans to ensure fairness in token allocations with criteria for refunds revealed post-sale. Immediate refunds will occur after the sale concludes.

Requirements for Participation

To join the token sale, users must utilize a self-custodial wallet; Phantom is recommended. A desktop connection is also advised for the best experience. The announcement clarified that contributions should not come from centralized exchanges.

Space aims to tackle the liquidity challenges often encountered in prediction markets through a combination of central limit order book technology, leveraging options, and zero maker fees, enhancing trading efficiency for its users.

The platform is set to officially launch in January 2026, following the token generation event after the public sale.