STAKE (STAKE) price has declined today.
The price of STAKE (STAKE) is $0.167060 today with a 24-hour trading volume of $10.98. This represents a -0.40% price decline in the last 24 hours and a -9.70% price decline in the past 7 days. With a circulating supply of 1.8 Million STAKE, STAKE is valued at a market cap of $308,555.
What is xDAI STAKE?
xDAI STAKE (STAKE) is one of the two native tokens for the xDAI Chain. It is used for validators to stake into the xDAI chain, validate the transactions, and secure the chain. The other native token for the xDAI Chain is xDAI.
What is the xDAI Chain?
xDAI Chain is an Ethereum sidechain but uses a different consensus algorithm: Proof of Stake (PoS) and Proof of Stake DAO (POSDAO).
xDAI is a Layer 2 scaling solution and is compatible with Ethereum. It is designed to be more efficient than Ethereum, with higher transaction throughput (70 transactions/second) and has a much lower transaction fee.
On the xDAI chain, they are two native tokens:
xDAI is created 1:1 with Ethereum’s DAI token and bridged to the xDAI Chain. xDAI is a stablecoin that aims to have a $1 price peg and is primarily used as a transaction payment token. The benefit of using xDAI on the xDAI Chain instead of DAI on Ethereum is that transaction fee are significantly lower.
xDAI STAKE (STAKE)
STAKE is a separate token from xDAI, and unlike xDAI, its value is market-driven.
STAKE has two primary purposes on the xDAI chain:
Staking - Validators require STAKE tokens to stake on the xDAI Chain protocol. They validate xDAI Chain transactions and produce blocks accordingly. For their efforts, validators will receive additional STAKE tokens as rewards.
If they do not validate honestly, validators will be banned from the protocol for 90 days. Their staked tokens will be locked, and they cannot withdraw their tokens. For more information on how to become a validator, you can refer here.
STAKE token holders can stake or delegate their tokens to validators of their choice to run the nodes. Stakers will earn a reward in return.
Governance - STAKE token holders can create and vote on governance proposals that will affect the direction of the xDAI protocol.
A brief history of xDAI STAKE
Proof of Authority’s tech lead, Igor Barinov, first came out with the idea for xDAI Chain in 2018 and the chain went live the same year.
What is POSDAO?
POSDAO is a Proof-of-Stake (PoS) algorithm implemented as a Decentralized Autonomous Organization (DAO). A group of validators is chosen to participate in consensus. Each staking epoch lasts for one week.
All validators will receive the same block reward if they are included in the validators group during that staking epoch.
The validators group is selected based on the number of stakes they have in their pool. The higher they have, the more likely they are to get selected. This selection process is similar to Delegated Proof of Stake (DPoS). However, the selection is not guaranteed with the added element of randomness.
Where can I obtain STAKE?
There are several ways to buy STAKE. You may buy it on Ethereum decentralized exchanges such as Uniswap, Balancer, and Sushiswap.
Alternatively, you may also buy it on Honeswap, a decentralized exchange on the xDAI chain.
Kindly note that STAKE on Ethereum is an ERC-20 token. STAKE on the xDAI chain is not an ERC-20 token and thus will have a different contract address.
How can I stake my STAKE token?
You can stake your STAKE tokens on either the Ethereum or xDai chain.
Staking STAKE token on Ethereum
You can easily stake your STAKE token via a dApp tool called EasyStaking. There is no minimum required amount of STAKE to participate. The duration of your staking and the total supply of STAKE will determine your staking rewards.
The rewards earned are only up to 15% APR and shared between the stakers on EasyStaking and the liquidity providers who provide liquidity to Uniswap.
Staking STAKE token on xDAI Chain
You can stake your STAKE token directly on the xDAI chain via POSDAO, a staking dApp integrated with its block explorer, Blockscout.
You can either run a node as a validator or delegate your tokens to other validators. You will need a minimum of 20,000 STAKE to validate or 200 STAKE to delegate. Similar to staking on the Ethereum chain, you can earn up to 15% APR.
However, the rewards may be less if the delegation share reaches more than 70% of a validating node.
To know more information on which chain will earn you more rewards when staking, kindly refer to the document here, and you can also refer to the tutorial here.
Who is using xDai today?
Honey, a Uniswap equivalent port on xDai is facilitating swaps at lower transaction costs. Tokens are re-issued on the xDai chain allowing high-speed swaps. Other than that, another NFT related project called Proof of Attendance Protocol (POAP) is using xDai. They primarily use it to keep NFT minting and transaction costs low before bringing them to the main Etheruem chain. You can find more projects integrating it on the list of projects.
Where can you buy STAKE?
STAKE tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade STAKE is Honeyswap, where the most active trading pair STAKE/WXDAI has a trading volume of $6.58 in the last 24 hours. Other popular options include Sushiswap (xDai) and Uniswap V2 (Ethereum).
What is the daily trading volume of STAKE (STAKE)?
The trading volume of STAKE (STAKE) is $10.98 in the last 24 hours, representing a 46.40% increase from one day ago and signalling a recent rise in market activity.
What is the all-time high for STAKE (STAKE)?
The highest price paid for STAKE (STAKE) is $43.00, which was recorded on Feb 21, 2021 (over 2 years). Comparatively, the current price is -99.60% lower than the all-time high price.
What is the all-time low for STAKE (STAKE)?
The lowest price paid for STAKE (STAKE) is $0.150465, which was recorded on Jun 01, 2023 (6 days). Comparatively, the current price is 11.00% higher than the all-time low price.
What is the market cap of STAKE (STAKE)?
Market capitalization of STAKE (STAKE) is $308,555 and is ranked #2575 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of STAKE tokens (1.8 Million tokens are tradable on the market today).
What is the fully diluted valuation of STAKE (STAKE)?
The fully diluted valuation (FDV) of STAKE (STAKE) is $1,461,571. This is a statistical representation of the maximum market cap, assuming the maximum number of 8.8 Million STAKE tokens are in circulation today. Depending on how the emission schedule of STAKE tokens are designed, it might take multiple years before FDV is realized.
How does the price performance of STAKE compare against its peers?
With a price decline of -9.70% in the last 7 days, STAKE (STAKE) is underperforming the global cryptocurrency market which is down -2.70%, while underperforming when compared to similar Ethereum Ecosystem cryptocurrencies which are up 12.70%.
What is the market sentiment of STAKE today?
There are no votes on STAKE (STAKE) today. Be the first to vote and share this with your community.
How to add STAKE (STAKE) to MetaMask?
Adding STAKE (STAKE) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import STAKE as a token. You can copy STAKE’s contract address (0x0ae055097c6d159879521c384f1d2123d1f195e6) and import it manually, or if you've installed MetaMask's chrome extension, add STAKE to MetaMask with one click on CoinGecko.
Add STAKE to MetaMask.