Recently, Binance Launchpool has been launching new token mining projects frequently, from $ACE to the recently unlocked $AI. Almost every week, there are activities on Launchpool that users can participate in. The current project on Launchpool is Xai (Xai), a gaming blockchain built on Arbitrum L3. This article will provide a detailed explanation of the background and applications of this project.
Table of Contents:
1. Xai Project Overview
2. Project Background
3. Development Background
4. Token and Mining Details
5. Token Economics
6. Launchpool Information
7. Token Valuation
On January 3rd, Binance announced the launch of the 43rd phase project on its token mining platform, Xai (XAI). This is the first gaming blockchain built on Arbitrum L3. Users can start mining XAI by investing BNB, FDUSD, and TUSD on the Launchpad website starting from January 5th, 2024, 8:00 (UTC+8), and the mining will last for 4 days.
On January 9th, 2024, 18:00 (UTC+8), Xai (XAI) will be listed on Binance, and the XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD, and XAI/TRY trading pairs will be available. The seed token trading rules will apply.
Xai is the first L3 blockchain in the Arbitrum ecosystem, aiming to bring traditional gamers into Web3 games. Xai empowers traditional gamers to participate in open trading, allowing them to engage in in-game item transactions without interacting with crypto wallets. According to Xai’s official statement, the Xai network is open and decentralized, allowing anyone to operate nodes, earn network rewards, and participate in governance.
The features of Xai and the existing blockchain gaming problems it aims to solve include:
1. Scalable Extension: L3 technology enables the extension to hundreds of millions of users without sacrificing interoperability, composability, and security.
2. Gas Costs: Xai tackles the gas cost issue in blockchain gaming by subsidizing gas fees through contracts, minimizing the impact of operating costs on players.
3. Wallet Interaction Barrier: Xai seamlessly integrates crypto wallets into the backend of the game experience, simplifying usage and eliminating barriers for traditional gamers.
4. Stability: Xai ensures the stability of its blockchain network through the use of AnyTrust technology and optimized smart contract execution, providing a stable gaming environment.
XAI is the native gas token of Xai. Users can stake XAI to receive esXAI for various use cases, including:
1. Revenue Account: Staking esXAI in the revenue account increases the esXAI earnings for node operators.
2. Activity Account: Operators can stake esXAI to gain access to special game-related activities and NFTs on the Xai blockchain.
3. Governance Account: Staking esXAI provides governance rights, allowing participation in DAO/foundation treasury proposals.
Xai is led by the Xai Foundation and launched in collaboration with Arbitrum developer Offchain Labs and Web3 game developer Ex Populus. Ex Populus is a Web3 gaming company that has raised $3 million and $8.5 million in funding in 2021, with a valuation of $80 million. It is led by industry veterans from renowned companies such as Pixar, Ubisoft, Activision, and Blizzard.
In June 2023, Xai announced the introduction of the Xai Token on the Xai gaming platform. The ecosystem token plays multiple roles, including serving as transaction gas, providing incentives for network validators, and rewarding active participants and contributors. The launchpool details are as follows:
– Maximum Token Supply: 2,500,000,000 XAI
– Initial Circulating Supply: 277,118,150 XAI (approximately 11.08% of the total token supply)
– Mining Supply: 75,000,000 XAI (3% of the total token supply)
Other allocation details are shown in the provided image.
On December 22, 2023, Xai announced the first season airdrop on the X platform, stating that the Xai token airdrop would be distributed to the following groups on December 27, 2023: Xai Odyssey Legendaries & Vanguard (snapshot taken), Xai Sentry Keys (snapshot not taken), and the listing of exchanges would be announced after the airdrop begins. However, on December 27, Xai announced a delay in the XAI airdrop to the following week, stating that the team was working to confirm the exact date. This change may be related to the launch of Binance Launchpool.
According to Binance’s announcement, the XAI data on Launchpool is as follows:
– BNB Mining Pool: A total of 60,000,000 XAI can be mined (80% allocation), with a personal hourly cap of 62,500 XAI.
– FDUSD Mining Pool: A total of 7,500,000 XAI can be mined (10% allocation), with a personal hourly cap of 7,812.5 XAI.
– TUSD Mining Pool: A total of 7,500,000 XAI can be mined (10% allocation), with a personal hourly cap of 7,812.5 XAI.
Mining will start from January 5, 2024, 08:00 (UTC+8), and last until January 9, 2024, 07:59.
According to Binance’s disclosure, Xai has raised approximately $10 million through three rounds of fundraising at prices of $0.01, $0.032, and $0.035 per XAI. Based on the price of $0.035, the initial circulating market value of the project is approximately $9.7 million, with a fully diluted valuation of $87.5 million.
Comparing with similar projects, the corresponding data is as follows:
– MAGIC (Treasure DAO) circulating market value is $297 million, which would correspond to an XAI price of $1.07.
– MAGIC fully diluted valuation is $393 million, which would correspond to an XAI price of $0.157.
– GALA circulating market value is $953 million, which would correspond to an XAI price of $3.44.
– GALA fully diluted valuation is $1.58 billion, which would correspond to an XAI price of $0.63.
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