Original | Odaily Planet Daily

Author | Nan Zhi

On January 3rd, Binance announced the launch of the 43rd project Xai (XAI) for new coin mining. This is the first game blockchain built on Arbitrum L3.

Users can start mining XAI with BNB, FDUSD, and TUSD on the Launchpad website after 8:00 on January 5, 2024 (UTC+8), lasting for 4 days.

Binance will launch Xai (XAI) on January 9, 2024, at 18:00 (UTC+8), and open XAI/BTC, XAI/USDT, XAI/BNB, XAI/FDUSD, XAI/TUSD, and XAI/TRY trading markets, applying seed label trading rules.

Xai Project Overview

Project Background

Xai is the first L3 blockchain in the Arbitrum ecosystem, aiming to bring traditional gamers into Web3 games.

Xai empowers traditional gamers to participate in open trading, allowing them to trade in-game items without interacting with a crypto wallet. According to the Xai official, the Xai network is open and decentralized, allowing anyone to operate nodes, receive network rewards, and participate in governance.

Xai's features and the existing blockchain gaming problems it aims to solve include:

• Scalability: L3 technology can scale to hundreds of millions of users without sacrificing interoperability, composability, and security;

• Gas fees: Xai addresses gas fee issues in blockchain games by using Gas subsidy contracts, minimizing the impact of in-game operation costs on players;

• Wallet interaction barriers: Xai seamlessly integrates crypto wallets into the backend of the gaming experience, simplifying usage and overcoming traditional gamers' usage barriers;

• Stability: Xai ensures the stability of its blockchain network through the use of AnyTrust technology and optimized smart contract execution, providing a stable gaming environment.

XAI is the native Gas token of Xai, and users can stake XAI to obtain esXAI for the following use cases:

• Revenue account: Staking esXAI in the revenue account can increase the esXAI earnings of node operators;

• Activity account: Operators can stake esXAI to gain access to special game-related activities and NFTs on the Xai blockchain;

• Governance account: Staking esXAI provides governance rights, allowing participation in DAO/Foundation financial proposals.

Development Background

It is reported that Xai is led by the Xai Foundation and developed in collaboration with Arbitrum developer Offchain Labs and Web3 game developer Ex Populus. Ex Populus is a Web3 game company that raised $3 million and $8.5 million in 2021, with a valuation of $80 million, led by industry veterans from well-known companies such as Pixar, Ubisoft, Activision, and Blizzard.

Token and Mining Details

Token Economics

In June 2023, Arbitrum game L3 Xai announced the introduction of the Xai Token in its ecosystem. The token will play multiple roles, including serving as transaction Gas, providing incentives for network validators, and rewarding active participants and contributors. The following are some data for this Launchpool:

• Maximum total supply: 2,500,000,000 XAI

• Initial circulating supply: 277,118,150 XAI (approximately 11.08% of the total token supply)

• Total mining supply: 75,000,000 XAI (3% of the total token supply)

Other allocation details are shown in the following figure:

On December 22, 2023, Xai announced the first season airdrop notice on the X platform, stating that the Xai token airdrop would be distributed to the following groups on December 27: Xai Odyssey Legendaries & Vanguards had been snapshot; Xai Sentry Keys had not been snapshot; the situation of exchanges being listed will be announced after the airdrop starts.

Then on December 27, Xai announced that the XAI airdrop would be postponed to the following week, and the team is working hard to confirm the specific date, this change may be related to the launch of Binance Launchpool.

Launchpool Data

According to Binance's announcement, the data for XAI on Launchpool is as follows:

• BNB mining pool: A total of 60,000,000 XAI can be mined (80%), with a personal hourly hard cap of 62,500 XAI;

• FDUSD mining pool: A total of 7,500,000 XAI can be mined (10%), with a personal hourly hard cap of 7,812.5 XAI;

• TUSD mining pool: A total of 7,500,000 XAI can be mined (10%), with a personal hourly hard cap of 7,812.5 XAI.

Mining will continue from 08:00 on January 5, 2024, to 07:59 on January 9, 2024 (Beijing time).

Token Valuation

According to Binance's disclosure, Xai has raised approximately $10 million through three rounds of fundraising at prices of $0.01, $0.032, and $0.035 per XAI.

At $0.035, the initial circulating market value of the project is approximately $9.7 million, with a fully diluted valuation of $87.5 million.

Comparing with the valuation of competing projects, the corresponding data is as follows:

• MAGIC (Treasure DAO) has a circulating market value of $297 million, so if the circulating market value is the same, the XAI price would be $1.07;

• MAGIC's fully diluted valuation is $393 million, corresponding to an XAI price of $0.157;

• GALA has a circulating market value of $953 million, corresponding to an XAI price of $3.44;

• GALA's fully diluted valuation is $1.58 billion, corresponding to an XAI price of $0.63.

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