xDai Token
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xDai tokens are used to pay for gas and transactions on the xDai chain. They are a stable token (worth ~ 1 USD) created from locked Dai. Note that xDai features a dual token model with xDai as the stable transaction currency and STAKE as the staking/utility token. .
From another user on the xDai Chain.
Converting Dai to xDai using the .
Purchase directly with fiat using or .
Trading on (you will need a small amount of xDai to start trading).
Small amounts to pay for transactions can be acquired from the or by asking .
xDai is a cryptocurrency created from the . Dai is a stable token on the Ethereum mainnet pegged to the US dollar. xDai can be acquired by users in a number of ways () but behind the scenes it is always created from Dai, and the value of xDai corresponds 1:1 with Dai. Here's how xDai is created:
Dai is locked into a smart contract on Ethereum. This means it must remain in that contract and cannot be moved until the contract receives a verified signal to unlock it.
Using a bridge mechanism called the , data about the locked Dai is transmitted to a smart contract on the xDai chain.
The contract on the xDai chain creates (mints) the exact same amount of xDai.
This xDai is then usable on the xDai chain. Users only need to , and xDai is available using the same Ethereum address.
When users want to exchange xDai for Dai, the process is executed in reverse. xDai is burned (destroyed) in the xDai chain smart contract, and a verified signal is sent to unlock the exact same amount of Dai on the Ethereum mainnet. The unlocked Dai is then returned to the user’s address on the Ethereum mainnet.
STAKE Governance Token Info:
In addition to the xDai stable token, the ecosystem also supports STAKE, a staking and utility/governance token. STAKE price is volatile and can be traded on CEXs and DEXs both on Ethereum and the xDai Chain. -> .