Token Symbol: ID3L
SPACE ID is building a universal name service network with a one-stop identity platform to discover, register, trade, manage Web3 domains. It also includes a Web3 Name SDK & API for developers across blockchains and provides a multi-chain name service for everyone to easily build and create a Web3 identity. ID is the native token of the SPACE ID ecosystem, and is used in the following functions:
1.Staking: Stake ID tokens to receive discounts in the SPACE ID domain NFT marketplace trading fees and Web3 domain registration discounts on SPACE ID. 2.Payments: Used as a means of payment within the SPACE ID ecosystem and for Web3 Name SDK Integration. 3.Governance: Users can participate in SPACE ID DAO proposals.
ID3L is a leveraged token that goes long on ID with 3x leverage, which means that for every increase in the price of ID in the market, the leveraged ID token seeks a 3x increase in its price. ID3L is required to maintain its target leverage and does so through dynamic rebalancing to gain a net value increase by 3% when the price of ID goes up by 1%.
Due to such rebalancing and investment costs, ID3L may suffer a net value loss when the market fluctuates. Please note, AscendEX’s leveraged tokens are not suitable for long-term investment. Investors must be cautious while investing in leveraged tokens and manage their investment risks in a timely manner.
Leveraged tokens differ from regular tokens for spot trading in that there is higher risk and volatility, which could bring about great returns or losses in a single day. Please learn more about leveraged tokens in our help center before making an investment.