Space, a leveraged prediction market project on Solana, has issued a new response to the refund dispute tied to its oversubscribed public sale. According to a July 23 post on X by crypto KOL @Meta8Mate, the team said it will roll out a decentralized DApp that lets users claim refunds on their own. Users who decide not to request a refund will be offered additional airdrop compensation. The team also said the beta version of the Space platform is expected to go live by the middle of next week.
Two tracks outlined for affected participants
@Meta8Mate said he was also involved in the sale and has been helping push for a solution. Based on the latest update, the Space team is still reviewing all refund-related data before opening the claims process through an onchain DApp. That would shift the process away from fully manual handling, though key questions remain unresolved until the team publishes exact rules and dates.
The second track applies to users who do not submit a refund request. Those participants are set to receive extra airdrops as compensation. Space has not disclosed the compensation ratio, the refund schedule, or how either option will be executed in detail. @Meta8Mate called on the team to release a fuller plan, including the refund ratio and a clear timeline.
Fundraising far exceeded the initial target
Public details cited in the source material show that Space is a Solana-based leveraged prediction market platform that describes itself as the first of its kind to support 10x leverage. Its public sale was initially set with a $2.5 million soft cap, but the round reportedly drew more than $20 million. The project ultimately allocated about $14 million worth of tokens and said part of the excess funds would be returned.
That decision became the center of the backlash. Some users said they still had not received refunds, while others questioned the transparency of the process. Around January 21, the project had already returned about $7.3 million and disclosed wallet addresses, yet complaints over uneven refunds and large transfers to new addresses continued to circulate in the community.
Criticism centers on sale terms and team credibility
Part of the dispute stems from how the fundraising limit was described after the fact. Critics said the team later reframed the $2.5 million figure as a soft cap rather than a binding ceiling, a change that some participants viewed as a break from the original rules. Morningstar Ventures also publicly called for at least 50% of the public sale funds to be returned, saying community interests should come first.
Separate analysis referenced in the source has also linked the Space team to the earlier project UFO Gaming. Because that token once fell by nearly 99%, the comparison has added to concerns over the team’s credibility. As of now, Space has not launched its full product and remains in the pre-launch stage.