CoinClear

SPACE ID (ID)

5.2/10

SPACE ID is building the multi-chain domain name layer with support for multiple TLDs. Solid product with real usage, but ENS dominates Ethereum naming and the domain name market may not be large enough to justify the token valuation.

Updated: February 16, 2026AI Model: claude-4-opusVersion 1

Overview

SPACE ID is a decentralized domain name service protocol that supports multiple top-level domains (TLDs) across different blockchains. The project launched with .bnb domains on BNB Chain, expanded to .arb on Arbitrum, and has continued adding TLDs across various ecosystems. The core product allows users to register human-readable names that resolve to blockchain addresses, simplifying the user experience of sending and receiving crypto.

Beyond individual domain registration, SPACE ID provides a universal name SDK and API that developers can integrate into their applications for cross-chain name resolution. The ID token powers the ecosystem through governance and staking. SPACE ID positions itself as the multi-chain alternative to ENS (Ethereum Name Service), which dominates the Ethereum naming space.

Technology

Score: 6/10

SPACE ID's technical architecture is well-built. The multi-chain domain resolution works across BNB Chain, Arbitrum, Ethereum, and other networks. The universal name SDK provides a single API for developers to resolve names across all supported chains — this is genuinely useful for multi-chain dApps. The SPACE ID 3.0 upgrade introduced a one-stop domain management interface. Smart contracts for domain registration and resolution are functional and audited. The technology is not revolutionary (it follows ENS patterns) but is well-executed and solves a real problem in the multi-chain world.

Security

Score: 5/10

Domain name services are security-critical infrastructure — a compromised domain could redirect funds to an attacker. SPACE ID's smart contracts have been audited by multiple firms. The domain resolution mechanism follows established patterns from ENS. However, the multi-chain nature of the service introduces additional complexity and potential attack surface. Domain transfer mechanisms must be secure across multiple chains. No major security incidents have been reported, but the relatively low usage compared to ENS means the system hasn't been battle-tested at the same scale. The security model is adequate but warrants ongoing vigilance.

Decentralization

Score: 5/10

SPACE ID is moderately decentralized. Domains are registered as NFTs on their respective chains, providing on-chain ownership. Resolution occurs through smart contracts. However, the protocol governance and development are still heavily centralized with the core team. The universal SDK and API rely on centralized infrastructure for cross-chain resolution. The DAO governance through ID token is functional but early-stage. Compared to ENS, which has a more mature DAO and broader contributor base, SPACE ID is more centralized but on a reasonable decentralization trajectory.

Adoption

Score: 5/10

SPACE ID has achieved meaningful adoption, particularly in the BNB Chain ecosystem where .bnb domains are the standard naming service. Total domain registrations number in the hundreds of thousands across all supported TLDs. The .arb domain has gained traction in the Arbitrum ecosystem. Integration with major wallets and dApps provides practical utility. However, the domain name market in crypto remains niche — most users still use raw addresses or exchange-managed wallets. ENS dominates the mindshare and Ethereum-specific market. SPACE ID's multi-chain approach is differentiated but the total addressable market for crypto domains is uncertain.

Tokenomics

Score: 5/10

ID has a total supply of 2 billion tokens with allocations to the team, investors, community, and ecosystem. The token is used for governance and domain-related activities. A portion of domain registration fees accrues to the protocol. The staking mechanism provides yield incentives. Token demand is linked to domain registration activity, which provides a real (if modest) revenue stream. The tokenomics are reasonable but face the challenge that domain registration is a one-time or annual event, not a continuous activity, which limits sustained token demand. The revenue base is real but small relative to the token valuation.

Risk Factors

  • ENS dominance: ENS controls Ethereum naming with massive network effects
  • Small TAM: The crypto domain name market may not be large enough for multiple winners
  • Registration frequency: Domain purchases are infrequent, limiting sustained revenue
  • Speculation-driven registrations: Many domains are registered speculatively and unused
  • Multi-chain complexity: Supporting many chains increases development and security burden
  • Regulatory uncertainty: Domain name services could face naming rights disputes
  • Token valuation disconnect: Token market cap may exceed realistic revenue projections
  • Wallet integration dependency: Value depends on wallets and dApps integrating SPACE ID

Conclusion

SPACE ID is a solid infrastructure project solving a genuine problem — human-readable names across multiple blockchains. The multi-chain approach is a smart differentiation from ENS's Ethereum focus, and the universal SDK provides real developer value. Domain registrations are growing, and the project has found product-market fit in BNB Chain and Arbitrum ecosystems. However, the crypto domain name market has an uncertain ceiling, and ENS's dominance in the Ethereum ecosystem is a significant competitive barrier. ID token holders have exposure to a real but potentially limited market. SPACE ID is a competent infrastructure play that needs the multi-chain crypto ecosystem to continue growing to justify its valuation.

Sources

  • SPACE ID documentation and analytics
  • CoinGecko market data
  • Domain registration data from chain explorers
  • Web3 naming service comparisons
  • SDK integration statistics