Xai: An Overview of the GameFi Project
Xai is a cryptocurrency project from the gaming arena, having launched its token in early 2024. The project is gaining traction, expanding its user base and appeal.
Xai emerges as a solution for effortless trading of gaming items and artifacts without the need for cryptocurrency wallets. Upon its launch, the XAI token quickly entered Coingecko's top 300 cryptocurrency assets, achieving a market cap of $300 million.
The project's native token, XAI, can be converted to esXAI within the app. esXAI holders can earn rewards by setting up nodes, gain access to exclusive events and NFT giveaways, participate in DAO governance, and manage the company’s treasury.
The XAI token is available on major exchanges like Binance, BingX, Bubit, KuCoin, and Gate, among others.
Xai's homepage. Source: xai.games
Let's dissect the key aspects, potential, and utility of the XAI token, as well as the operational mechanism of the platform it powers.
Background and Funding
The founders of the Xai crypto project remain enigmatic, with little public information available. Documentation reveals that Offchain Labs, led by CEO Steven Goldfeder, is the driving force behind its inception.
Leadership of Offchain Labs. Source: www.offchainlabs.com
The project has attracted approximately $10 million in investments. Its official website lists several cryptocurrency funds as backers, including Animoca Brands, Asymmetric, citizenX, CMS, FISHER8, and others. According to Cryptorank, investors have been allocated over 20% of the XAI token issuance, with the release of these assets scheduled to start from July 2024.
Prices for the XAI token have varied between $0.010 and $0.035, depending on the timing and terms of investment.
Tokenomics of the XAI cryptocurrency. Source: cryptorank.io
The Mechanics Behind Xai
Xai is the first Layer 3 on the Arbitrum blockchain. Built atop Arbitrum, which in turn is layered over Ethereum, Xai is designed to draw gamers into the Web3 ecosystem by melding game economies with the crypto network.
Through Xai, gamers can trade in-game items and artifacts effortlessly, bypassing the need for cryptocurrency wallets. The network is open and decentralized, allowing users to download a node, purchase a key, and earn esXAI token rewards (details below).
Xai addresses several challenges of the blockchain gaming ecosystems:
- It improves scalability by introducing Layer 3, reducing strain on both Layer 2 and Ethereum (Layer 1);
- Its unique subsidy system allows gamers to enjoy zero transaction fees on the network;
- Barriers between Web3 and gaming dissolve thanks to the seamless integration of cryptocurrency wallets into the gaming experience;
- The AnyTrust algorithm optimizes smart contract use and ensures a stable gaming environment.
The Xai Nodes: A Project's Powerhouse
Node operators handle transaction verification and other network-related tasks. These nodes can be deployed on any device by downloading the required software. The project's website offers a convenient way.
Xai plugin on a laptop. Source: GN Crypto
However, installing the Xai plugin is just the beginning. To start operations and reap rewards, node operators must acquire a special Xai Sentry Node Key. Keyholders gradually accumulate esXAI coins, which can be utilized for the benefits mentioned above or converted to XAI for subsequent trading on exchanges.
Purchasing a node operator key. Source: sentry.xai.games
The initial price of a key was around $300. Within two months, its price soared by 1000%, and it is now valued at 1.25 ETH. In the first three weeks of node sales, an impressive $20 million was raised. Key owners also received an airdrop of roughly 1500 XAI.
XAI Token at a Glance
At the time of writing, the XAI coin displays the following features:
- Asset price – $1.05;
- Market capitalization – $300 million;
- Circulating supply – 277 million;
- Maximum supply – 2,5 billion;
- Average daily trading volume – $300 million;
- ATH – $1,2;
- ATL – $0.46.
Market dynamics of the XAI cryptocurrency. Source: coingecko.com
Intriguing Insights
- Xai is set to launch several video games on the platform in the near future, including titles like Final Form, LAMOverse, Carnivale, Tarochi, and Kashi.
- Ukrainian company Double Top, in the early stages of sales, purchased over 1400 keys at an average price of $450. Based on the market value of the assets, the airdrop netted them over $2 million.
