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 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:
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.
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.
Note: The transfer operation between xDai and STAKE can be costly, more on gas fees associated with bridging to Ethereum.
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.