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SpaceFi reviews

Decentralised exchange.

Reviewed by Yunis
15 July 2023 (Updated 11 April 2024)

SpaceFi Crypto Platform

SpaceFi is a Defi platform on the layer-2 protocol zkSync Era that uses cutting-edge technology to scale Ethereum. SpaceFi also operates separately on Evmos which is an altcoin project. Evmos is a scalable, highly efficient proof-of-stake blockchain that is fully compatible and interoperable with Ethereum. The founders of SpaceFi are unknown but it is known that the project was promoted by a team that defines themselves as crypto enthusiasts from different cultures and backgrounds around the world. The SpaceFi ecosystem has many steps such as DEX, Farm, NFT, Starter, and Spacebase.

First of all, SpaceFi has a helpful and easy user interface on its website. Just by clicking on the Launch APP button, users easily connect their wallets and start to dive into SpaceFi Ecosystem.

The first product which SpaceFi offers us is Swap. SpaceSwap is a decentralized exchange equipped with an Automated Market Maker (AMM) functionality, providing traders with efficient and cost-effective decentralized trading. It offers competitive rates and enables users to engage in profitable trading or liquidity provision. In this decentralized trade, you can add liquidity to the SpaceSwap and you are rewarded LP tokens for trading. Liquidity Mining is another trading option in SpaceFi. Liquidity Mining or Yield Farming, allows users to stake their LP tokens to participate in Farming and engage in liquidity mining. By doing so, participants have the opportunity to earn SPACE (governance token of the ecosystem) rewards as incentives.

Another product of SpaceFi is Farm. Through Space Farms, users have the opportunity to earn SPACE (token) rewards by staking various assets such as single coins, LP tokens (liquidity pool tokens), NFTs, and more. Each farm pool (Single Pool, Lp Pool, and NFT Pool) offers its own Annual Percentage Rate (APR), which is determined by factors such as the value of the staked tokens, the reward weight assigned to them, and the price of SPACE.

Space NFT is a function on the SpaceFi platform. Before all that, let me give you some information about NFT. NFT stands for a non-fungible token, representing a concept in the world of crypto assets that distinguishes them from fungible tokens (FTs) which are uniform and interchangeable.

In contrast, NFTs are unique assets that require distinct identification. They include various items, including collectibles, numbered props, differentiated financial interests, and more. In this context, Space NFT provides us with a variety of different functions and values of NFTs in three Space NFT concepts.

Primary NFT is Type 1 Common Planet NFT. With 9 different types of Common Planet NFTs, you can mint Type 2 Unique Planet NFT. After collecting 5-10 different Unique Planet NFTs, users deserve to mint an Exclusive Star Sign NFT (Type 3).

When it comes to tokenomics, we can mention three types of tokens: SPACE token, xSPACE token, and xEVMOS token. SPACE token is the utility and governance token on the SpaceFi platform. xSPACE is an escrowed governance token within the SpaceFi ecosystem, designed to be non-transferable. It can be obtained by converting SPACE tokens at a 1:1 ratio, with a 30-day locking period. xEVMOS is a non-tradable reward token that is obtained through a 1:1 conversion from EVMOS tokens granted by the Evmos community pool.

Pros

tick Fast gworing on Layer2 networks

Cons

cross Very new player in Defi

SpaceFi Staking Yields

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SpaceFi Supported Currencies

SpaceFi supports over 6 currencies including Cosmos, Osmosis and Farm Space.

SpaceFi Key Data

Company
Decentralised tick Yes
Open source cross No
Products
Savings accounts tick Yes
Loans tick Yes
Crypto to crypto exchange tick Yes
Fiat to crypto exchange cross No
Pro exchange marketplace cross No
Peer to peer exchange cross No
Futures exchange tick Yes
Chain agnostic cross No
Security
Know your customer tick Yes
Credit check cross No
Support
Chat support tick Yes
Investment Strategy
Liquidity pools tick Yes
DeFi products tick Yes
Unsecured loans cross No
Independent proof of reserves tick Yes

Useful Links

SpaceFi Contact Details

https://spacefi.io/

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