xDai is a blockchain created as collaboration between the MakerDAO and the POA Network, and aims to be the worlds first stablecoin blockchain - a blockchain allowing smart contracts, incredibly fast transaction speeds (5 seconds), low transaction costs ($0.01 for each 500 transactions), and a PoS consensus mechanism created through a dual token system.
What is a dual token system?
It it essentially written in the title - the use of two tokens as a blockchain base. For the xDai blockchain, the actual blockchain coin is a stablecoin which will always usually have a value of $1. This is the coin used for transactions and gas. This is an indicator of a healthy blockchain, as people who want to transact on it do not have their transaction fees vary wildly from day to day.
The other token, xDai Stake, is the token used to generate consensus on the blockchain. xDai Stake is not a stablecoin, but is volatile, subject to market swings. It allows validators to stake these tokens to verify the blockchain in exchange for rewards.
The project was launched on the 5th of May, 2020, and sales began of xDai Stake at around $0.50 USD. Currently, the price stands at $1.35 USD, down from $3 after the initial demand clamoring for the token. The market cap currently stands just over $2million, and for a project like this, it is reasonable to assume it can go much higher.
Bitmax offers prestaking on xDai stake, before the full mainnet launch in August.
There is no doubt that the staking rewards will decrease after this event. According to reports, just over 500 people have staked their STAKE so far, so purchasing now before the mainnet is sure teller of being early in this project. The crypto market and the DeFi market are poised to explode in the following decade, and this project, especially with who it is backed by, seems set to take advantage of both these eventualities. Joining now would set you up as an exclusive early investor of this project. Staking now also gives you the chance to take part in Bitmax's competition to earn 5x the staking rewards.
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