Is Onespace (1SP) Legit?
Decentralized finance has become one of the biggest things in cryptocurrency over the past few years. This explosion in popularity has seen the rise of many DeFi protocols with some like Uniswap and Aave becoming mainstays in the DeFi ecosystem.
There is a darkside to DeFi, though. And that is all the complete scams that have popped up as opportunist scammers have a great platform to launch their scams. This article will cover one such scam called Onespace.
What is Onespace (1SP)?
Onespace is an alleged cross-chain project on the Solana network. This project is a fairly obvious scam in our opinion, so it’s really not worth discussing the project in much detail.
Instead, we will focus on some of the obvious signs that this project is a scam project and one that you should avoid.
Signs that Onespace is a Scam
As mentioned previously, it’s really not worth discussing the technical details of Onespace because there’s an almost 100% chance that this project is a scam.
The first bad sign with Onespace is that it has anonymous founders. This is an extremely common thing for scam projects to do because the founders obviously do not want to associate their identity with fraud.
Yes, there are legitimate projects that have anonymous founders, but they are the exception not the rule. It’s especially uncommon for successful DeFi projects to have anonymous founders and really a sign that you should avoid a project.
Vague Roadmap That Doesn’t Go Far
The above image is the roadmap for Onespace – it only has Q1, Q2, and Q3 of 2022 on it.
That is the shortest roadmap that we have ever seen of any project. Do the founders plan on abandoning the project in Q4? Why do they not have anything on the roadmap for that time period and beyond?
It’s strange and a bad sign for the future of the project. It’s almost as if the founders got lazy when writing the roadmap and decided to only do it for three quarters.
Whitepaper Does Not Have Many Details
The whitepaper does not have many details about the technical aspects of the project in it. It has some interesting diagrams and an explanation on staking, but there’s nothing in it that says how this project will accomplish its goals of becoming a cross-chain DeFi platform.
That’s quite strange to us.
One aspect of Onespace is an NFT collection. As expected, the NFTs aren’t very popular with only 10 owners of them and a total volume of 6 Solana.
Yes, art is subjective, but the artwork in the Onespace’s NFT collection is not what those in the NFT market want to purchase. It’s bland and boring.
You can compare the artwork in the OneHero collection to the artwork in Bored Ape Yacht Club and see the massive difference.
This is likely because the founders of Onespace simply purchased NFT art from a cheap Fiverr freelancer.
Grammar Mistakes All Over The Website
The website and whitepaper for Onespace are both full of grammar mistakes. This is not the biggest problem in the world, but it shows some level of unprofessionalism.
The founders are clearly not native English speakers. However, they should have hired a native English speaker to write the copy on the website.
They did not do this and it’s quite obvious, which is unprofessional and shows a level of sloppiness that we do not want to see from a financial platform.
Is 1SP a Good Investment?
No, we would not consider 1SP a good investment. The token has a 24 hour trading volume of around $200 per day, which is nothing. The price has done nothing but steadily decrease since a big jump a few months ago.
Anyway, there are so many better projects out there that are far more promising than Onespace. This is a project that we would strongly avoid as an investment. We also would not put any money onto the platform.
That sums it up for Onespace. There aren’t any redeeming features about this project and it’s one that you should avoid. You can use the red flags from this project as a guideline for what to look for in projects that you should not trust.