xDai Token | Gnosis Chain (2024)

FAQs

What is the native token for the gnosis chain? ›

GNO is the native token of the Gnosis ecosystem.

The XDAI is the native token of Gnosis Chain and a stablecoin that is a 1:1 representation of Ethereum's DAI token, whose value is itself pegged to the US dollar through the use of an algorithm. How much is 1 XDAI worth in USD? Right now, 1 XDAI is worth $.

xDAI is a stablecoin pegged to DAI that is used to pay for transaction fees on Gnosis Chain. The use of a stablecoin as the native currency for gas fees is preferred since it helps keep transaction fees low and also serves as a reliable form of payment as it is pegged to 1 USD.

The Gnosis ecosystem is underpinned by Gnosis Chain, a highly secure, resilient, and decentralized EVM-compatible layer 1 network along with two venture-building arms.

Gnosis (GNO) has a total maximum supply of 3,000,000 coins.

For an automatic process, go to Chainlist, search for Gnosis, and connect your wallet. For a manual process: Follow the steps found here to add a custom network. You can also head here and click 'Add to MetaMask' in the top-right corner to quickly add it.

xDai is the native currency built on the Gnosis blockchain, it is generated when a Dai is sent to the xDai bridge, the bridge validators mint the xDai as part of the Gnosis reward native contract.

The xDai chain uses the ERC20 to Native TokenBridge functionality to provide fast, inexpensive and stable transactions. This bridge allows users to transform DAI (an ERC20 stable token) on the mainnet into xDAI on a compatible chain. xDAI tokens can then be sent quickly and with minimal cost on the xDAI network.

xDAI (xDAI) is not tradable on Coinbase.

Does Gnosis have a token? ›

The GNO token allows users to participate in the prediction market platform and create a valuable ecosystem. GNO tokens serve as the fuel for the Gnosis platform. Users must possess GNO tokens to access prediction markets and place bets on future events.

GNO is the staking token of Gnosis Chain and the governance token for the GnosisDAO and an index token for the Gnosis ecosystem. Gnosis Ventures incubates, invests in, and supports projects in all early stages, spinning incubated projects out where appropriate.

Native tokens are the tokens created on a blockchain. Examples of native tokens include ether (ETH), bitcoin (BTC), stellar (XLM), and solana (SOL). Non-native tokens are created on layers that support blockchain operations or for applications created using that blockchain.

Utility Token: CRO, the native token of Cronos, plays a crucial role in its ecosystem. It is used for transactions, staking, and governance, incentivizing users to hold and participate in the network.