A Comprehensive Interpretation of Binance LP's New Project: Space and Time
Since Binance launched Alpha, the frequency of Launchpool has significantly decreased. This also means that the projects on it will be of higher quality.
The new Launchpool project, Space and Time, is one of the few Web3 projects invested in by Microsoft. It aims to provide zk-verified data with an astonishing speed of sub-second verification for millions of data points.
In my previous data analysis practices, the efficiency of obtaining on-chain data has been a significant pain point. Currently, there are two mainstream methods: the first is the API call model represented by Oklink, which requires active data requests. Limited by a transmission cap of 100 entries per request, obtaining 10,000 entries would take about 10 seconds—this means that the basic data collection incurs a linearly increasing time cost.
The second method is the SQL operation model used by platforms like Dune and Bitquery. It supports processing millions of data entries at once, but those familiar with Dune know that actual query times often take several minutes.
Moreover, both mainstream solutions have inherent risks: data is stored on their centralized servers. This poses risks of data tampering, single point of failure threats, and potential censorship. For Dapp developers who rely on data to build core business logic, this "data trust gap" directly impacts the reliability foundation of decentralized applications.
In contrast, the Web2 ecosystem has highly matured personalized services driven by data; entering the AI era, scenarios like user behavior analysis and intelligent decision-making demand higher real-time and accuracy requirements for data. However, in the Web3 domain, these issues hinder the widespread application of data-driven scenarios. For example, a lending platform could offer different lending rates based on a wallet's historical performance. AI could analyze a user's wallet transaction data to determine suitable transaction amounts, etc.
Space and Time precisely addresses this pain point, focusing on Web3 data processing. It provides sub-second zero-knowledge proofs through its "Proof of SQL" technology, ensuring the accuracy and immutability of query results.
Space and Time is not only backed by Microsoft but has also been integrated into Azure cloud services, allowing developers, enterprises, and organizations to access and deploy various cloud services and solutions. The launch of Space and Time on this platform means its services can be directly integrated into the Azure ecosystem with one-click deployment, providing developers with ready-to-use blockchain data services.
- zk-verified Data
zk-verified data is one of the core products of Space and Time, combining high-performance data processing capabilities with a trustless architecture of blockchain. The Space and Time database consists of multiple clusters operated by a network of node operators in a permissionless manner.
This decentralized database pre-loads verified and indexed blockchain data from mainstream blockchains (such as Ethereum, Bitcoin, Polygon, Sui, Avalanche, ZKsync, BNB Chain, Sei, Base, etc.). This data includes complete chain states, such as each block, transaction, event, account balance, liquidity pool swaps, etc.
In addition to on-chain data, users can also load their off-chain data. This off-chain data can come from various sources, such as stock prices from traditional financial markets, gaming activity data, traditional Web2 business process data lakes, etc.
- Proof of SQL
Proof of SQL is the core innovation of Space and Time, a novel cryptographic data processing protocol that uses zk to achieve verifiable outsourced SQL execution. The Proof of SQL protocol provides encryption guarantees to clients, ensuring two things:
The underlying data is tamper-proof: Whether it is the verified blockchain data indexed by Space and Time or the off-chain data loaded by users, the protocol guarantees that it has not been modified or tampered with.
The computational steps of the query request have been accurately executed: The protocol ensures that SQL query operations (such as filtering, aggregation, joining, etc.) performed on the data are correctly computed, and the returned results are accurate.
Proof of SQL uses the very common SQL language, making it very easy for traditional Web2 developers to build data-driven Web3 applications. It supports standard SQL operations such as filtering, sorting, grouping, aggregation, joining, etc., capable of performing complex analyses on large datasets.
Proof of SQL proofs are generated off-chain by Space and Time's proving nodes, which utilize GPUs for computational acceleration. With high performance and low latency, they are referred to as "sub-second ZK co-processors." Benchmark tests show that sub-second verification can be achieved for millions of rows of data.
- Funding Situation
Space and Time has successfully completed three rounds of financing, totaling $50 million, demonstrating strong investor confidence.
Seed Round: July 27/28, 2022, raised $10 million, led by Framework Ventures. Other participants include HashKey Capital, Digital Currency Group (DCG), Samsung Next, IOSG Ventures, Alliance DAO, Stratos, Ankr, Alchemy Ventures, etc.
Strategic Round: September 26/27, 2022, raised $20 million, led by M12 (Microsoft's venture capital fund). Other participants include Framework Ventures, HashKey Capital, Polygon, Foresight Ventures, SevenX Ventures, Blizzard Fund, Stratos, CoinDCX Ventures, etc.
Series A Round: August 26/27, 2024, raised $20 million, co-led by Framework Ventures, Lightspeed Faction, Arrington Capital, and Hivemind Capital. Other participants include OKX Ventures, Circle Ventures, Alumni Ventures, White Star Capital, HashKey Capital, etc.
The total funding of $50 million proves strong confidence from top Web3 and traditional venture capital institutions, including strategic support from Microsoft.
In summary, Space and Time (SXT) is a highly promising Web3 infrastructure project aimed at addressing the core limitations of smart contracts in data access and complex computation through its decentralized data warehouse and innovative Proof of SQL technology. Its core value proposition lies in providing verifiable SQL computing capabilities that connect on-chain and off-chain data. The project occupies a unique position in the market with its novel technology (sub-second ZK SQL proofs, HTAP architecture), an experienced leadership team, robust funding support of up to $50 million, and strategic partnerships with industry giants like Microsoft and Chainlink. Its carefully designed SXT token economic model aims to drive network security and ecosystem growth through staking, payments, and incentive mechanisms. The project strategically positions itself at the intersection of data warehousing, ZK proofs, blockchain, and artificial intelligence.
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