SPACE ID mentioned that the DAO is to be governed by the people holding the $ID tokens and will be responsible for the administration of funds.
SPACE ID Introduces a DAO as well as a Buyback-and-Burn Mechanism for $ID Governance Tokens
Apart from the DAO Treasury’s establishment, the platform is additionally excited to declare the exclusive implementation of the revenue distribution through a buyback-and-burn mechanism. The respective mechanism will take into account the entirety of the registration proceeds. It will be executed every quarter while moving on. While providing details about it, the company disclosed that half of its net revenue will be specified for $ID tokens’ buyback as well as the burning.
50% of the Net Revenue Be Allocated to DAO Treasury
The respective 50% will take into account the revenue generated from renewals, domain registrations, marketplace fees, and Gift Card buyouts. The other half of the cumulative net revenue is to be incorporated into the company’s DAO Treasury. This 50% will be kept in the form of stablecoins while being governed by the eligible holders of $ID tokens. The firm moved on to say that, in the next weeks, it will launch the SPACE ID DAO in addition to offering a devoted governance space for $ID token on its website.