STAKE emissions and rewards will be deprecated during the first half of 2022. Swapping will be live until that time. Once the Gnosis Chain merges with the Gnosis Beacon Chain, the swap will be deactivated.
If I only need xDai coins for transactions, what is STAKE used for?
STAKE is a volatile token used as a staking token to protect the xDai chain. It enables delegated staking and community participation in xDai consensus. It is also used for STAKE weighted proposal initiation and voting.
You do not need STAKE to use the xDai chain for regular transactions. You only need STAKE if you want to be a validator or delegator on the xDai chain or to participate in governance.
Note: STAKE deposits on xDai are only available on AscenDEX. For Huobi, Gate and other exchanges you need to bridge STAKE to Ethereum first. Do not send STAKE on xDai directly to those exchanges without bridging first. If you have additional questions, please ask in the discord #support channel.
STAKE with DeFi: How do I trade / farm / lend STAKE?
There are many DeFi applications on xDai. Here you can trade with STAKE, lend or borrow STAKE, or add STAKE to different liquidity pools. Below is a short list. For more on what is possible in the xDai ecosystem, see xdai.world.
Yes, public staking is now active on xDai. It will continue until Q2 of 2022 when the Gnosis Chain merges with Gnosis Beacon Chain. Whn that happens, STAKE staking will no longer be available - GNO staking will be available to validators of the GBC.
How much STAKE will I need for public staking?
The current projected minimum amounts needed to validate or delegate on the xDai chain.
Validators: 2K STAKE (reduced from initial 20K amount)
ERC677 is very similar to an ERC20, but includes additional functionality. We use the transferandCall functionality to enable easier bridge conversions, moving STAKE from the Ethereum Mainnet to the xDai chain and back.
xDai is the first developed use-case for STAKE. However, it may be adopted by other chains in the future and used as a staking token for their consensus as well. POSDAO consensus is an algorithm we’ve developed that may be adopted by other chains, and those chains would have the opportunity to also incorporate a ready-made solution with STAKE to protect their chain.
Can I move STAKE on the xDai Chain directly to the Huobi Exchange or AscendEx exchange?
Huobi
To move to Huobi, you will first need to have your STAKE on the Ethereum mainnet as an ERC20. If you currently have STAKE on xDai, you should bridge it back to Ethereum with the OmniBridge before sending to the Huobi exchange.
If you send STAKE on xDai directly to Huobi, the xDai team cannot help with this issue and you will need to contact Huobi directly.
It is possible to send STAKE on xDai to the AscendEx exchange. Be sure to connect to the correct chain when sending STAKE to AscendEx. More information
Note: if you have STAKE on xDai on AscendEx and want to transfer it to Huobi, be sure to exchange it to STAKE on Ethereum before transferring between exchanges.