What is xDai? xDai (STAKE) is a stablecoin project that is pegged to the price of the US dollar and works with the Proof-of-Stake mechanism. cryptocoin.com In this article, we will examine STAKE. In addition, we will answer questions such as what xDai is, what it offers, what is STAKE coin, what is it for, how to get it. Now let’s examine this cryptocurrency, whose price is indexed to the dollar, together.
What is xDai?
xDai (STAKE) is a cryptocurrency whose value is pegged to the US dollar. This cryptocurrency also has a Blockchain network. xDai Chain is a highly stable Blockchain designed for fast and inexpensive transactions. This network basically aims to facilitate payments and provide a good experience to users. It uses the Proof-of-Stake (PoS) consensus mechanism for this. PoS allows users to use their tokens for staking. Those who do this contribute to the security of the network.
Founded in April 2017, the platform was created by POA Network, an open-source public sidechain of Ethereum. The platform provides developers with an easy and efficient way to code in Ethereum. It also provides a framework for smart contracts leveraging the POA Network. However, the ecosystem’s stablecoin asset works as a derivative of the DAI cryptocurrency. Users can make fast and secure payments within the network.
What does xDai offer?
xDai has many use cases thanks to the Dex Wallet mobile app. Accordingly, users can send and receive tokens to another user through the wallet application. However, it is also possible for them to generate passive income by using their stablecoins for staking. Stablecoin is also a store of value, as it tracks the value of the US dollar at a ratio of 1:1. By investing in this cryptocurrency, users can avoid risk and keep their funds.
xDai Chain has recently merged with Gnosis Chain. Therefore, the network now serves as the Gnosis Chain. Users can currently convert their native cryptocurrency STAKE to GNO via Ethereum Mainnet.
What is STAKE coin? What does it do?
The native cryptocurrency of this ecosystem is STAKE coin. This cryptocurrency tracks the price of the US dollar in a 1:1 ratio, so it is a stablecoin. Users can lock their STAKE within the ecosystem through staking. This means that assets are locked in a smart contract with a certain maturity. Users who do this will earn additional token rewards when maturity expires. In this regard, the stablecoin allows its holders to earn passive income. However, users can convert their STAKE coins to GNO.
What is xDai? How to get STAKE coins?
STAKE coin is currently tradeable on HitBTC, Uniswap and Gate.io exchanges. Interested investors must first become a member of one of these exchanges. After that, investors can buy this cryptocurrency, which is the equivalent of dollars, by depositing funds in their wallets.
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