SpaceFiPrice

(SPACE)

SpaceFi has transitioned from version 1.0 to 2.0, which involved moving from the original SPACE token to the new native token, STAR. Users holding SPACE tokens are required to migrate them to STAR at a 1:1 ratio using the official protocol bridge. This transition also applies to xSPACE and Planet NFTs to ensure they are compatible with the updated 2.0 ecosystem features primarily located on the zkSync Era network.

The STAR token serves several core functions in the SpaceFi 2.0 platform. It is used for protocol governance, allowing holders to vote on key proposals. Additionally, users can stake STAR in liquidity farms to earn rewards, use the token to mint utility-based Planet NFTs, and participate in the 'Starter' launchpad to invest in new projects entering the ecosystem. It essentially acts as the central asset for all DeFi and NFT activities on the platform.

The project has implemented a significantly reduced maximum supply of 50 million tokens for its 2.0 model on zkSync Era. To manage this supply, SpaceFi uses various burning mechanisms. For example, 50% of tokens are burned if a user chooses to instantly unbond xSTAR instead of waiting the standard 30 days. Furthermore, a portion of DEX swap fees, 90% of NFT minting costs, and 100% of tokens raised during specific launchpad events are permanently removed from circulation.

xSTAR is an escrowed, non-transferable version of the STAR token received as a reward for farming or locking tokens. While it maintains a 1:1 value ratio with STAR, it requires a 30-day unbonding period for full conversion without penalties. Users can maximize their staking rewards by holding Planet NFTs, which provide an APR boost. Participation in specific liquidity pools also grants boosted Liquidity Provider (bLP) points to further enhance earning potential.

Planet NFTs are utility-driven assets that offer holders increased farming rewards, a share of transaction fee dividends, and governance voting power within the DAO. Spacebases are on-chain community features that allow users to form groups. When members of a Spacebase harvest their yields, both the creator and the members receive bonus rewards. These features are designed to incentivize long-term participation and foster community growth through collective rewards.

SpaceFi is a cross-chain platform currently operating on zkSync Era and Evmos, though recent development is heavily focused on the zkSync Layer 2 ecosystem. New users can engage with the project by participating in official community quests and testnet interactions to earn points or tokens. When accessing the platform, it is important to use the correct contract addresses for the zkSync Era network, as the legacy Evmos-based SPACE tokens are part of the deprecated 1.0 version.