What is XAI? All information about XAI project and XAI token
XAI is officially the 43rd project of Binance Launchpad, built on Arbitrum, and it is also the first project to be launched in 2024. So, what is XAI? Let's find out through this article.
1. What is XAI?
XAI project, developed by Offchain Labs with Arbitrum technology, is a layer 3 blockchain specifically designed for the gaming sector. XAI's main goal is to enable traditional gamers to buy and sell in-game items without the need to use a crypto wallet. This makes it easier for them to participate, as it eliminates the barrier of cryptocurrency technology.
In the XAI network, anyone can participate in running network nodes, receive rewards, and contribute to network management. This creates an open and democratic system where everyone can contribute to and benefit from network development.
Additionally, XAI offers greater flexibility in setting gas limits (transaction fees) and smart contracts, allowing game developers to create more complex games and execute more transactions without worrying about high gas costs or smart contract limitations.
The XAI Foundation plays a crucial role in the development of this system. They not only support game developers on the XAI platform but also promote games and seek financial resources for game projects.
Currently, they are developing four flagship games, each with its own style and genre, providing a rich and diverse experience for players.
Final Form: This is a card game where players can experience a combination of strategy and luck. With a diverse card system and creative gameplay mechanics, Final Form promises to be an engaging game for enthusiasts of this genre.
LAMOverse: This game falls into the action genre, immersing players in a colorful world with exciting plots and fast-paced gameplay. LAMOverse promises to deliver thrilling entertainment moments for players.
Tarochi Game: This is an RPG where players can explore a vast world, interact with various characters, and engage in exciting adventures. Tarochi Game offers players the opportunity to embody characters and experience stories in their own way.
Web3 Warriors: This survival game puts players in a challenging environment where they must use skills and intelligence to survive and triumph. Web3 Warriors is not just an entertainment game but also a test of survival skills and strategy.
2. The main products of XAI
At present, XAI is focusing on deploying 2 main products: XAI blockchain and XAI Sentry Node, along with collaborating on the development of unique gaming titles.
2.1. XAI Blockchain
XAI blockchain, a layer 3 blockchain, officially launched its mainnet on January 9th, 2024.
It's one of the pioneering projects in the layer 3 space, primarily focused on the gaming sector.
XAI Blockchain demonstrated its strength and stability during the testnet phase with an average of 4 million transactions per day and over 500,000 active wallets.
XAI token is used to pay gas fees for transactions, operating in a model similar to a sidechain.
2.2. XAI Sentry Node
The Sentry Nodes on the Xai network are responsible for verifying transactions and transferring data to Layer 2 and Layer 1.
Users purchase Sentry License Keys and complete KYC to run nodes on the XAI blockchain.
As of now, over 30,000 keys have been sold, generating an estimated revenue of around 60 million USD.
3. XAI Token Details
3.1. XAI token key metric
Token name: XAI
Ticker: XAI
Blockchain: Arbitrum One
Contract: 0x4Cb9a7AE498CEDcBb5EAe9f25736aE7d428C9D66
Token type: Utility, Governance
Total Supply: 2,500,000,000 XAI
3.2. XAI Token Allocation
DAC and Nodes: 42.1% (equivalent to 1,052,500,000 XAI)
Investors: 20.8% (equivalent to 520,000,000 XAI)
Team: 20.0% (equivalent to 500,000,000 XAI)
Ecosystem: 7.5% (equivalent to 187,500,000 XAI)
Community: 5.0% (equivalent to 125,000,000 XAI)
Binance Launchpool: 3.0% (equivalent to 75,000,000 XAI)
Reserve: 1.6% (equivalent to 40,000,000 XAI)
3.3. XAI token release schedule
XAI token allocation schedule is designed to ensure the stability and sustainability of the ecosystem. You can track the vesting schedule on platforms such as Token unlocks, Cryptorank...
3.4. XAI token use case
XAI token within the XAI blockchain system brings various tangible benefits to its holders. Here are the three main benefits that the XAI token provides:
Governance Participation and Voting: If you own XAI tokens, you have the right to contribute opinions and vote on important decisions within the XAI network. This gives you a voice in how the network evolves and operates.
Transaction Fees: XAI tokens are used to pay fees for the transactions you execute on the XAI network. This is similar to using money to pay for service fees.
Participation in Staking: Staking involves depositing your XAI tokens into the network. By doing so, you not only support the stable operation of the network but also have the opportunity to receive rewards from staking your tokens.
3.5. XAI token sale
Binance Launchpool officially listed the XAI token on January 5th, 2024, marking the first token to be listed in 2024. Users can stake various tokens such as BNB, FDUSD, and TUSD to earn XAI, with a maximum duration of 4 days.
To allocate the XAI token fairly and efficiently, the distribution for each specific pool is as follows:
BNB pool: 60,000,000 XAI tokens will be allocated. This is the main pool with the largest amount of XAI tokens available for users staking BNB.
FDUSD pool: Reserved for users staking FDUSD, with a total of 7,500,000 XAI tokens.
TUSD pool: Also with a quantity of 7,500,000 XAI tokens, this pool is for those staking TUSD.
4. Project Team and Investors of XAI Project
4.1. Team
XAI is the result of collaboration between 2 main groups: XAI Foundation and Offchain Labs. While information about XAI Foundation is not publicly disclosed, Offchain Labs has a clearly defined leadership team, consisting of experts with notable backgrounds and experience. Below is information about 2 prominent members of the Offchain Labs team:
Steven Goldfeder, Co-Founder and CEO of Offchain Labs:
Steven Goldfeder serves as the CEO and co-founder of Offchain Labs.
He has previously worked at multinational companies such as Microsoft and Google, bringing a wealth of management and technical development experience.
Harry Kalodner, Co-Founder and CTO of Offchain Labs:
Harry Kalodner holds the position of CTO and is also a co-founder of the company.
Before joining Offchain Labs, he worked at Apple and engaged in teaching and research activities at several universities in New England.
4.2. Investors
XAI project has attracted $10 million through 3 rounds of private sales.
In each round, the price of XAI token increased gradually:
Round 1: The price per token was $0.01.
Round 2: The price increased to $0.032.
Round 3: The price further increased to $0.035.
However, specific information regarding the timing of the fundraising rounds and the list of participating investors has not been disclosed.
5. Closing thoughts
XAI is one of the few Layer 3 projects in the market and focuses on the gamefi sector, with ambitions to streamline the transition process from traditional gaming users to game-to-earn. Above is some basic information about the XAI project and the XAI token. Hopefully, investors will make informed investment decisions.
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