On May 8, Binance Launchpool's 48th project Space and Time (SXT) opened for trading. This 'Web3 data layer leader' backed by top capital such as Microsoft, Chainlink, and Framework Ventures has become the undeniable new focus of the market.
In the ongoing wave of blockchain technology evolution, data remains the key bottleneck restricting industry development. Traditional smart contracts are limited by the closed nature of on-chain data and the unverifiability of off-chain data, making it difficult to support the demands of complex application scenarios. The emergence of Space and Time (SXT), centered on zero-knowledge proof (ZK) technology, is building a decentralized, verifiable, and efficient data processing network, providing a new infrastructure layer for the Web3 ecosystem.
From Data Silos to Seamless Connections: SXT's Technological Breakthrough
SXT's core innovation lies in its unique Proof of SQL protocol. This technology combines traditional SQL queries with zero-knowledge proofs, allowing developers to execute complex data analyses off-chain while generating ZK proofs verifiable by smart contracts. This design addresses two critical issues:
1. Efficiency Bottleneck: Traditional blockchains require all network nodes to recalculate, while SXT executes queries and generates proofs through a single node, compressing verification time to sub-second levels. Test data shows that generating a ZK proof for 100,000 rows of data takes only 0.4 seconds, far exceeding similar solutions.
2. Trust Deficit: Off-chain data cannot be directly called by smart contracts, while Proof of SQL ensures the authenticity and completeness of query results through cryptography, eliminating the need for centralized oracles.
Moreover, SXT's Hybrid Transaction/Analytical Processing (HTAP) architecture further breaks down the boundaries between on-chain and off-chain data. Its data warehouse supports real-time synchronization of multi-chain data from Ethereum, Polygon, Sui, etc., and integrates off-chain APIs, sensor data, etc., into structured tables through a decentralized indexer. Currently, SXT has processed over 5.3 billion database requests, with an average monthly query volume of 500,000, serving hundreds of DeFi, gaming, and enterprise-level projects.
Token Economic Model: Driving Eco-Self-Cycle
The SXT token is the value carrier of this data network, with a total supply of 5 billion tokens. The distribution strategy balances ecological incentives and long-term development:
▶ Community-Led: 51.7% of the tokens are used for staking rewards, developer incentives, and ecological construction, of which 375 million tokens were released at the mainnet launch to accelerate early adoption.
▶ Institutional Participation: 25.9% allocated to seed round and Series A investors, including Microsoft's M12, Framework Ventures, etc., with a 4-year unlocking period to ensure long-term interest alignment.
▶ Team Contribution: 22.4% belongs to the core development team, also with a 4-year lock-up period, reflecting the project's commitment to sustainable development.
The three core uses of the token create a closed-loop economy:
1. Network Security Staking: Validators must stake SXT to participate in data validation, and if they provide incorrect proofs, they will face penalties, thereby ensuring the network's credibility.
2. Protocol Payments: All data queries and computing services are paid in SXT, with costs shared between validators and data contributors.
3. Governance Voting: Token holders can vote on proposals for network upgrades, parameter adjustments, etc., achieving decentralized governance.
Ecological Cooperation and Market Positioning
SXT's competitiveness stems not only from technology but also from its strong resource integration capabilities:
▶ Endorsement by Giants: Microsoft provides enterprise-level support through Azure cloud services, while Chainlink strengthens data oracle collaboration through the airdrop of 1 billion SXT.
▶ Multi-Chain Compatibility: Integrated with Ethereum, Polygon, Sui, and other mainstream public chains, with plans to expand to Layer 2 networks such as zkSync, forming a cross-chain data hub.
▶ Developer-Friendly: Supports standard SQL language and natural language queries (AI-driven), lowering the entry barrier for Web2 developers.
At the application level, SXT has demonstrated diversified potential:
▶ DeFi: Provides real-time risk analysis for lending protocols, such as a credit scoring model based on users' on-chain history.
▶ Chain Games: Supports large-scale player behavior data analysis and dynamically adjusts in-game economic rules.
▶ RWA: Aids in the tokenization of assets like real estate and bonds through verifiable off-chain data anchoring.
The Underlying Logic of Investment Value
From market data, SXT's initial circulation is 1.4 billion tokens (28%), and on its first day of listing, it received over $2.5 billion in total pledges on Binance Launchpool (BNB + FDUSD + USDC), reflecting strong market interest in the project. Its valuation logic can be compared to traditional data service providers:
▶ Cost Advantage: Compared to centralized cloud databases (like AWS Redshift), SXT's query costs are negligible and possess censorship-resistant features.
▶ Demand Growth: With the explosion of on-chain AI and RWA sectors, the demand for verifiable data will increase exponentially. SXT's HTAP architecture is positioned to capture this trend.
▶ Moat: The patented technology of Proof of SQL and the early ecosystem (such as the scale effect of 5.3 billion requests) form a competitive barrier.
SXT is not just another data protocol, but a paradigm upgrade for the underlying infrastructure of Web3. By combining zero-knowledge proofs and decentralized networks, it is addressing the 'last mile' problem between smart contracts and real-world data.
For investors, early participation in this ecosystem is not just about betting on a technology project; it's also about positioning for the cross-explosive points of blockchain, AI, finance, gaming, and other fields over the next decade. With the mainnet's functionality improving and a continuous influx of partners, SXT's value capture capability may far exceed current market expectations.