[Proposal] .bnb and .arb 3/4 Character Domain Renewal Fee Slash and $ID Compensation

Overview:

The overview of this proposal is the intent to slash renewal fees for .bnb and .arb 3/4 character domains to $5/year and the plan for a retrospective $ID token airdrop (from the Community Airdrop pool) to compensate holders of 3/4 character domains that have paid higher cost in the past. This proposal aims to provide value back to the community and encourage continued participation in the SPACE ID ecosystem, as well as onboard more potential users.

Purpose:

The purpose of the proposal is to increase community trust and satisfaction by reducing the financial burden of 3/4 character domain renewals and offering compensation for those who have incurred higher costs in the past. It aims to make SPACE ID domain ownership more accessible while rewarding early and long-term supporters. Also, a decrease in 3/4 character domain renewal fees will have a positive impact on overall SPACE ID domain interest, as well as potentially the SPACE ID domain marketplace total volume growth.

Scope:

The proposal affects the following areas:

  • Renewal fee structure for .bnb and .arb 3/4 character domains.
  • Compensation mechanism via $ID tokens for eligible domain holders.
  • Adjustments to the SPACE ID platform to allow for the claim of $ID rewards.

Implementation:

To execute this proposal, the following steps will be required:

  • Amend the smart contracts to reflect the new renewal fee.
  • Develop and deploy the airdrop system for $ID token distribution, with algorithms calculating the airdrop value based on domain length and registration/renewal history.
  • Update the SPACE ID user interface to facilitate easy claim and understanding of new fee structures and compensation mechanisms.

Timeline:

The implementation of this proposal is estimated to take up to three months (depending on the SPACE ID team resources), with the following key milestones:

  • Development and testing of new fee structure and airdrop system.
  • Deployment and monitoring of updates, community feedback collection.
  • Final adjustments and official launch of new fee and compensation structures.

Budget:

A percentage of the SPACE ID Community Airdrop pool to be designated to users based on the length of the .bnb or .arb domain registration and/or the early renewal of their domains. The exact percentage to be determined based on the current number of eligible domains, ensuring a fair and significant compensation for the affected users.

Expected Outcomes:

The successful implementation of this proposal is expected to:

  • Increase overall satisfaction and retention within the SPACE ID community.
  • Stimulate more active participation and domain purchases/renewals.
  • Establish SPACE ID as a more user-centric and financially considerate platform.
  • Increase in .bnb / .arb domain registrations and marketplace volume.
12 Likes

The proposal demonstrates a dedication to client happiness and a willingness to make improvements for the benefit of users. Reducing the price of domain renewals is a positive step that will enhance the service’s competitiveness and accessibility. Providing a larger payout to individuals who have already renewed their domains reflects consideration for current clients and encourages their loyalty.

However, it is imperative to ensure that the reimbursement method is transparent and easy for clients to comprehend. In implementing such adjustments, financial factors should be carefully considered. By prioritizing the interests of the client and showcasing a commitment to equity, the idea appears to be a positive move overall🔥

1 Like

This is, of course, very great for domain users, as many were scared off by the cost of renewal, which must be paid every year.
And the demand for such domains has fallen and is now just negligible…
But for the sake of objectivity, I would like to know more data. For example, how much of the total income previously was the money received from the extension of the registration period of such domains? What will the DAO lose if the cost is reduced?

Support!

3/4 character domain renewal fee was too high

Improvments are always welcome

I agree, this will bring rebirth to SPACE ID.

That’s a great proposal to get back loyalty of early domain holders and motivate them to follow the project again.

5 dollars fee will significantly increase interest from the community as getting great number instead of wallet address will be cheap.

Compensation for impacted holders is really great initiative that could get better relations with community as most people got disappointed due to not having .arb integration during this year that resulted in huge price decrease that could bring lose for the holders.

I have just one question regarding compensation algorithm.

As I understand 3 characters items were registered on pre-registration phase ( at least in case or .arb domains)
4 characters domains also were minted in first few days and then their owners were changed many times.

It’s said Develop and deploy the airdrop system for $ID token distribution, with algorithms calculating the airdrop value based on domain length and registration/renewal history

Does this scenario include people who bought domains on secondary market?
I think domains holders were quite significantly changed, and people who registered it then could sell even with higher price in some cases.

So, it makes more sense to include holding duration as criteria for eligible domains. So, if people bought in the beginning via Space ID marketplace or Opensea with high price, then they also has to be included for compensation. At least that will be more honest for the community and it will cover more holders that got loses with holding 3/4 characters domains.

2 Likes

I totally agree with this proposal.
I have many 3/4 .bnb domains but I cant afford the renewal fees… I was disappointed about that. Thanks for this proposal, some of them could be saved.
Also, I have A question:
in the Implementation:

  • Develop and deploy the airdrop system for $ID token distribution, with algorithms calculating the airdrop value based on domain length and registration/renewal history.
    So if a user registered a domain and it expired, will this user get any compensation?
1 Like

No, only those users who remained faithful to Space ID and extended the domain registration period despite the lack of speculative demand in the domain market will receive compensation.

1 Like

Terrific…just what the users needed🎉

3/4 character domain renewal fee was too high
reduce it

Good idea, but I think it had to be done a little earlier. anyway this will attract users to buy at full price for 1 year and extend at low price for years. at least we will have a bunch of users that will hold expensive domains for a long time

slashing fees is Brillant idea.

a good idea, but some users were unable to renew their 3-character domains precisely because of the high renewal price and lost them; this offer will not help them in any way