#永续合约交易 Seeing the Space project, the first thought that comes to mind is—history is repeating itself, but this time, the players have learned to be smarter.

Remember the craze around UFO in 2021? Going from obscurity to the top 100 on CoinMarketCap, with a market cap soaring to $1.5 billion. The core logic was simple—proper distribution and a solid community consensus. Many thought it was just insiders bottom-fishing, but that wasn’t the case. Now, Space has relaunched with the same team, directly incorporating this experience into its project design.

Over the years, the perpetual contract space has seen many innovations—from Binance Futures to various imitators. Liquidity has always been a major challenge. Space uses 10x leverage with a CLOB model, essentially trying to carve out a niche in the prediction market segment, leveraging zero-fee Makers and potential 1000x returns to siphon value. This isn’t groundbreaking, but what’s new is their buyback and burn mechanism—50% of platform revenue is used for self-reinforcement, which shows genuine intent from the project team in 2025.

The funding pace is clear: a $3 million seed round laid the foundation, Echo was oversubscribed by 1360%, and now the public sale has a maximum FDV of $99 million. I’ve seen this valuation curve many times—opening low and rising high, creating FOMO. But what’s worth noting are their quota tier system and immediate TGE, which are designed to maximize early participants’ psychological expectations.

Here’s the issue: the prediction market ecosystem itself is inherently high-risk and volatile. The boom in 2021 created UFO’s glory but also buried many projects that can’t even be named. Whether Space can break through this ceiling depends not on technology but on ecological capacity and market cycle positioning. We’re currently in a new wave of fundraising, but no one can guarantee how long this wave will last.

My straightforward view: when participating in such fundraising, ask yourself three questions—are you in it for token appreciation, or do you genuinely want to use the product? How well do you understand this market cycle? What’s the maximum loss you can tolerate? Only after clarifying these should you decide whether to invest. History shows that the people making quick money are often not the smartest, but the luckiest.