Original - Odaily
Author - Nan Zhi
On January 3, Binance announced the launch of the 43rd phase of new coin mining project Xai (XAI), which is the first gaming blockchain built on Arbitrum L3.
Users can invest BNB, FDUSD, and TUSD on the Launchpad website for XAI mining after 8:00 on January 5, 2024 (UTC+ 8), which will last for 4 days.
Binance will list Xai (XAI) at 18:00 on January 9, 2024 (UTC+ 8), and open the XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD and XAI/TRY trading markets , seed tag trading rules apply.
Xai project status
Background of the project
Xai is the first L3 blockchain in the Arbitrum ecosystem, designed to introduce traditional gamers to Web3 gaming.
Xai empowers traditional gamers to participate in open exchanges, allowing them to trade in-game items without interacting with a crypto wallet. According to Xai officials, the Xai network is open and decentralized.Anyone can operate a node, earn network rewards, and participate in governance.
Xai’s features and existing blockchain gaming problems it aims to solve include:
Scalability: L3 technology can scale to hundreds of millions of users without sacrificing interoperability, composability, and security;
Gas fee: Xai handles the gas fee problem in blockchain games by using Gas subsidy contracts to minimize the impact of in-game operating costs on players;
Wallet interaction barriers: Xai solves the barriers to use for traditional gamers by seamlessly integrating cryptocurrency wallets into the backend of the gaming experience, replacing players with wallet management to simplify use;
Stability: Xai ensures the stability of its blockchain network by using AnyTrust technology and optimized smart contract execution, providing a stable gaming environment.
XAI is Xai’s native Gas token, and users can stake XAI to obtainesXAIto implement the following use cases:
Income account: Staking esXAI in the income account can increase the node operator’s esXAI income;
Active Accounts: Operators can stake esXAI to gain access to special events and NFTs related to games on the Xai blockchain;
Governance Account: Staking esXAI provides governance rights, allowing participation in DAO/Foundation financial proposals.
Development background
It is reported that Xai is led by the Xai Foundation and launched in partnership with Arbitrum developer Offchain Labs and Web3 game developer Ex Populus. Ex Populus is a Web3 game company that completed US$3 million and US$8.5 million in financing respectively in 2021, with a valuation of US$80 million. It is led by industry veterans from well-known companies such as Pixar, Ubisoft, Activision, and Blizzard.
Token and Mining Details
Tokenomics
June 2023,Arbitrum Game L3 Xai announces the introduction of Xai Token. This ecological token will play multiple roles, including serving as transaction gas, providing power for validators who maintain the network, and providing incentives for active participants and contributors. Some data from this Launchpool are as follows:
Maximum total amount of tokens: 2, 500, 000, 000 XAI
Initial circulation: 277, 118, 150 XAI (approximately 11.08% of the total token supply)
Total mining amount: 75, 000, 000 XAI (3% of total token amount)
Other allocations are shown in the figure below:
On December 22, 2023, Xai was released on the X platformFirst Quarter Airdrop Announcement, when it announced that the Xai token airdrop will be distributed to the following groups on December 27: Xai Odyssey Legendaries Vanguards have taken a snapshot; Xai Sentry Keys have not yet taken a snapshot; the exchange listing will be announced after the airdrop begins.
Then on December 27, XaiPost a messagestated that the XAI airdrop will be postponed to the next week. The team is working hard to confirm the specific date and has not yet taken a node snapshot.This change may be related to the listing of Binance Launchpool。
Launchpool data
According to Binance’s announcement, XAI’s data on Launchpool is as follows:
BNB Mining Pool: A total of 60, 000, 000 XAI can be mined (accounting for 80%), with an individual hard cap of 62, 500 XAI per hour;
FDUSD Mining Pool: A total of 7,500,000 XAI can be mined (accounting for 10%), with an individual hard cap of 7,812.5 XAI per hour;
TUSD Mining Pool: A total of 7,500,000 XAI can be mined (accounting for 10%), with an individual hard cap of 7,812.5 XAI per hour.
The mining time lasts from 08:00 on January 5, 2024 to 07:59 on January 9, 2024, Beijing time.
Token Valuation
According to Binance, Xai has raised approximately $10 million through three rounds of fundraising at prices of $0.01, $0.032, and $0.035 per XAI.
Calculated at $0.035, the project has an initial circulating market value of approximately $9.7 million and an FDV of $87.5 million.
Comparing the valuation with competing products, the corresponding data is:
MAGIC (Treasure DAO) has a circulating market value of US$297 million. If the circulating market value is the same, the XAI currency price will be US$1.07;
MAGIC FDV is US$393 million, corresponding to the XAI currency price of US$0.157;
The circulating market value of GALA is US$953 million, corresponding to the XAI currency price of US$3.44;
GALA FDV is US$1.58 billion, corresponding to the XAI coin price of US$0.63.
