SpaceFi

SpaceFi is a cross-chain web3 platform on Evmos and zkSync, with DEX+NFT+Starter+Spacebase as initial product. The first to connect Cosmos and Layer2.

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Inspiration

With the development of multi-chain ecosystem, cross-chain has become an extremely important proposition. From asset cross-chain, message cross-chain to interoperability, with the help of proven cross-chain technology, the modular concept will help blockchain achieve a qualitative breakthrough in performance and versatility, which in turn will drive web3 applications towards popularity.

We were very excited when Evmos was launched. Cosmos is one of the largest cross-chain solution and ecosystem, Ethereum/EVM is the largest blockchain application ecosystem. As the EVM hub on Cosmos, Evmos will connect these two ecosystems. Layer2 is the foundation for Ethereum scaling and modular development. zkSync is one of the recognized representatives of zk-rollup and is compatible with EVM. We believe that Cosmos and Ethereum will be combined in terms of cross-chain and modularity. Therefore, we want to explore cross-chain and interoperability solutions based on Cosmos and Ethereum by deploying applications on Evmos and zkSync.

Because both Evmos and zkSync are new public chains, the ecosystem is in early stages. We want to build a cross-chain web3 platform that integrates DEX+NFT+Starter+Spacebase to explore our vision and incubate more applications, becoming the engine of ecosystem. We believe that human exploration into blockchain and exploration into space originate from the same spirit, so we took space as the theme of our product. In this way, SpaceFi was born.

What it does

SpaceFi is a cross-chain web3 platform on Evmos and zkSync, with DEX+NFT+Starter+Spacebase as initial product. Its ultimate vision is to connect Cosmos and Ethereum Layer2 ecosystem, exploring assets cross-chain and interoperability solutions.

SpaceFi is building a fully integrated system, creating sustainable chemistry between modules. You can trade in swap, earn in farm, mint or stake or sell planet NFTs, create or join a spacebase, and invest in new projects. All of this is connected by SpaceFi tokenomics that combines DEFI and NFT.

DEX: You can swap, add / remove liquidity. Also, trading mining is in the plan. 1/3 trading fee will be used to buyback STAR token.

FARM: In single pool, you can stake STAR or Evmos to earn $STAR. In LP pool, you can stake different liquidity to earn $STAR. In NFT poo, you can stake planet NFT to earn $STAR.

NFT: You can use STAR to mint Common Planet NFTs, 90% STAR burning and 10% STAR allocating to NFT bonus and DAO treasury. Further, you can use different Common Planet NFTs to mint Unique Planet NFTs and use different Unique Planet NFTs to mint Exclusive Star Sign NFTs. Each time you mint, equity assets will randomly increase by a certain multiple.

Staking planet NFTs, there’ll be more rewards than staking STAR token. Also, planet NFTs holders can get bonus from platform fee. In marketplace, you can sell or buy planet NFTs. 5% of the sales will be used as platfrom fee, 70% of which will be used as bonus for NFT holders and 30% will go into DAO treasury.

STARTER: You can participate IDO of new promising projects in public and private pool. Starter will be an important incubator in ecosystem.

SPACEBASE: Spacebase is on-chain community of spacers. You can use STAR to creat a spacebase, 90% of STAR burned and 10% of STAR allocated to NFT bonus and DAO treasury. Both creators and members can get more rewards when they‘re earning in farm.

How we built it

The idea for SpaceFi came from a brainstorming session where we discussed how blockchain would evolve and become popular in the future. We initially focused on celo's financial inclusion and real-world application scenarios in the third world, and conceived the original SpaceFi product based on celo's "defi for the people" philosophy. Later, when we came across Evmos and learned about its vision, we realized that the foundation of cross-chain, interoperability, and scalability was needed to popularize the application and improve UE. Therefore, we adjusted our strategy and decided to prioritize building from Evmos. We followed up Evmos testing, and deeply studied Cosmos ecology and Ethereum Layer2 ecology.

In mid-March 2022, we deployed SpaceFi on Evmos testnet, and over 10,000 active users participated. In early May 2022, we deployed the Space Swap module on Evmos mainnet with initial mobility. In June 2022, we built spacefi.io validator on Evmos and guide community to actively participate in Evmos governance, currently ranked 31. In early July 2022, we released partnership with zkSync and launched the testnet, generating 1M transactions in just two weeks and becoming one of the most active projects on the zkSync testnet.

We continue on our way to connect Evmos and Layer2.
We started Planet NFT Minting on Evmos on August 10, 2022.

Challenges we ran into

  1. It'll be a challenge to continue the developing on Evmos and zkSync, especially the cross-chain and interoperability attempts.
  2. Tokenomics and the operational data of mainnet. It'll be a challenge to optimize tokenomics to make SpaceFi grow sustainably.
  3. After mainnet we will gradually launch community governance. How to balance efficiency, creativity and community incentives will be a challenge.

Accomplishments that we're proud of

  1. SpaceFi is one of the most active projects on Evmos and zkSync testnet. Many users approved our product and tokenomics and suggested many optimizations.
  2. SpaceFi is becoming a community-driven project, with an community of close to 60,000 members. It's an open, creative and mutual web3 community.

What we learned

We learned a lot. However, three points impressed us:

  1. We have gained a lot from our research on Cosmos and Ethereum ecosystem, and have become clearer about SpaceFi's vision of building on Evmos and Layer2.
  2. We need top-down leading and more bottom-up innovation. Governance is especially important, as evidenced in Cosmos ecosystem. Although governance has many drawbacks, such as efficiency and fraud, it can activate community creativity and bring great value.
  3. Think more, dare to think, and be active in trying and practicing. Hesitation, sometimes lost opportunities, can also weaken creativity.

What's next for SpaceFi

  1. Evmos mainnet launch and achieve continuous growth of user data and TVL.
  2. Incubate the first web3 project in community.
  3. Deploy a bridge tool in Evmos and zkSync testnet to transfer STAR assets
  4. zkSync mainnet launch
  5. Connect Evmos and zkSync on mainnet
  6. More new attempts
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