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.
More on the Dual Token Model
From another user on the Ethereum Mainnet (Wallet transfer, airdrop, payment)
From a centralized exchange. STAKE is offered at BitMax and others
From a decentralized exchange. Stake is offered at UniSwap and others.
For a full list see https://www.coingecko.com/en/coins/xdai-stake#markets
Move from Ethereum to xDai with the OmniBridge
Acquire on xDai with Honeyswap
Ethereum Mainnet 0x0Ae055097C6d159879521C384F1D2123D1f195e6
xDai Chain 0xb7D311E2Eb55F2f68a9440da38e7989210b9A05e
You may need to add a custom token - Instructions for doing this with MetaMask.
Public staking is now active on xDai.
The current projected minimum amounts needed to validate or delegate on the xDai chain.
Validators: 20K STAKE
Delegators: 200 STAKE* (Initial amount was 1K, reduced to 200 through a community proposal)
You can find information on the STAKE Marketcap and supply here: https://www.coingecko.com/en/coins/xdai-stake
When public POSDAO staking on xDai begins, you will need to move your STAKE to xDai in order to use it there.
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.
For more information see the EIP677 standard https://github.com/ethereum/EIPs/issues/677.
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.