SpaceFi just finished its NFT sale. We think it is about time to really think and analyze what it can become. Before anything, I have won over 20 Evmos from SpaceFi and have purchased 8 Space NFTs. This writing is to explain why I have done so and try to objectively fathom the next move.

The critical factor for Spacefi, however, is not how secure, smooth, and comprehensive this project is. Where the project is placed plays a much more important role. For example, ETH projects are really different than SOL projects.

For Spacefi, it is currently built Evmos Chain and is going to launch on ZKsync. First, let us talk about Evmos. As its name suggests, it is an EVM chain and is characterized as compatible with IBC enabled. At the current stage, it is pretty primitive. It has little TVL and its infrastructures are not well-built.

I do not see Evmos as a long-term solution. Its function of EVM capability with IBC is not really attractive, especially within the Cosmos system. It is not doing so well in the short term either. Bridge-minted stable coins limited money flowing into the system. Because of its primitivity though, there is a lot of space for Spacefi to do its work. Also, the existing Evmos AMMs are, nothing on par with Spacefi, whether from utility or aesthetics. The launch of Spacefi will certainly attract most of the Evmos capital if the advertisement is done right.

Spacefi will be on ZKsync when ZK launches its mainnet. In contrast to Evmos, I am super bullish on ZKsync for its zero-knowledge proof. Based on my understanding of this technique, it is hard to wield but super secure once working. Considering security is really a concern for users with large capital, ZK will surely attract loads of money. As a proper exchange, Spacefi will certainly get a piece of the cake when that happens.

I think Evmos is more like a beta test place for Spacefi. The team and users can really test and adjust the project here, and the major battle will happen on ZKsync.

Now let us talk about the project itself.

Here is an illustration of what Spacefi can do.

Compare to traditional AMM, the core feature of SpaceFi is its Space NFT. Instead of staking a huge number of Star Tokens, you can stake Space NFT. Its staking power is equivalent to a certain amount of Star token, for example, the Galaxy NFT grants you 3750 Star staking power. It is a lot more fun than simply putting numbers into a farming pool.

According to the WhitePaper, Spacefi is granting NFT holders dividends and extra incomes. Plus there is SpaceBase, a semi-social mechanism, that allows users to join a group for better income. What I am thinking is to make certain NFT the criterium for joining SpaceBase. This way, we can maximize the Social-Fi feature of the NFT.

Getting back to the idea that Evmos is quite primitive. SpaceFi also works as a project LaunchPad. If Evmos is really taking off in the future, it is guaranteed that SpaceFi users will get the first batch of rewards.

Next, let us talk about the community. This is where the confidence comes from.

The community is amazing, and Captains (Mods) are super active. Shout out to Sunbeam and Mooner who are actively addressing users’ questions and communicating. Also, shout out to Devd who is quizzing and rewarding users every week.

Speaking of rewarding, I must say, Spacefi sent out a great number of Evmos to users. It is sending 20-40 Evmos in almost every event, and the event happens quite frequently. Despite Spacefi have not officially declared that they are backed by any major investor, I would assume they are backed by Evmos or have some capital to move around. And considering the amount of capital it has already spent on marketing and building, I do not see a rug risk.

There are some minor problems.

Although I said that the aesthetic is way better than many existing Evmos projects, it can be improved. For example, the NFT minting page does not really blend into the Galaxy theme. And the MINT button is quite sketchy. It would be a lot better if we can stick to the same design style. I truly adorn the illustration in the WhitePaper.

Speaking of the Whitepaper. The illustration about SpaceFi is quite sketchy too, which is why I made another one.

In conclusion, I really like this project, partly because I love space, which is a topic that few crypto projects have been working on. I do see a lot of potential in this project, so let us wait for it to take off.