Space Oversubscribed Fundraising of $20M Sparks Community Backlash

Oversubscribed Fundraising Sparks Debate

On January 22, Space, a leveraged prediction market platform on Solana, completed its public sale, but not without controversy. Initially targeting a $2.5M raise, the project ultimately collected over $20M, far exceeding expectations.

What's more notable is that only $7.3M was returned, with the rest retained by the team for project development. This decision has stirred significant backlash within the community.

Soft Cap Explanation Falls Short

In a statement, the team clarified that the $2.5M figure was a 'soft cap' rather than a 'hard cap.' They argued that the amount would only cover a few months of operations and was merely the minimum required to launch, far from sufficient for long-term infrastructure development.

Despite the explanation, many users remain skeptical, feeling the decision contradicts earlier commitments and compromises investor interests.

Looking Ahead

In response to the criticism, the team has pledged to maintain transparency and continue working on platform development, while improving communication with the community.

Currently, the focus is on achieving key milestones outlined in the project roadmap to address community concerns and fulfill expectations.