- The prediction market platform Omen is coming to the xDai Chain.
- Two more projects that join the Ethereum alternative are OriginTrail and Colony.
- The unique selling point of xDai Chain is that it uses wrapped DAI tokens as gas fee currency.
xDai Chain is emerging as another layer 1 alternative for blockchain developers, onboarding three new projects in a single day.
Omen, OriginTrail, and Colony Join xDai
The most high-profile project on the list is likely the prediction market platform Omen. Already, 18 markets have been created on xDai, most of them revolving around the crypto-economy.
Trading on the prediction tokens is starting to roll in slowly though, only attracting a total volume of less than 200 xDAI in the last 24 hours. Compared to that, Ethereum currently has 23 Omen, but not a single trade has occurred in the past 24 hours since the high gas fees on Ethereum make trading unfeasible.
Alongside Omen, two other projects have moved to the xDai Chain: the supply chain tracking protocol OriginTrail and the decentralized organizations’ platform Colony.
All in one day, and we are just getting started. 🚀
— Gnosis Chain 🦉 (@gnosischain) February 10, 2021
The World’s First Layer-1-Native Stablecoin
What sets xDai Chain apart from other blockchains is that it does not rely on a volatile asset as a native currency to pay for gas fees. Instead, a wrapped version of DAI is used as the main on-chain asset to pay for transactions. In order to secure the blockchain, a volatile asset called STAKE is used for transaction verification under a Delegated Proof of Stake consensus mechanism.
Additionally, xDai Chain features an on-chain random number generator and a cross-chain bridge for ERC-20 tokens. Like the Binance Smart Chain, xDai Chain uses the same address space as Ethereum and can be added as a network to MetaMask.