I’ve never used xDAI so the question will probably be noobish.
Will xDAI and original Ethereum use the same token address hence the tokenomics and supply will be the same, or will be see or duplicate of token (1 in Ethereum and + a new 1 in xDAI).
For average joe user, will we need to setup something different on Metamask for us to support xDAI.
And great work Baoman!
Token addresses will be different on xDai and Eth since they’re on completely different chains. For example, this is WETH on the Ethereum chain: $1,819.1000 | Wrapped Ether (WETH) Token Tracker | Etherscan and this is WETH on xDai: TokenProxy (0x6A023CCd1ff6F2045C3309768eAd9E68F978f6e1) - xDai Explorer
xDai is super easy to use. All you need to do is setup the xDai network on Metamask and switch to it when you’re interacting with xDai: Metamask Setup - xDai STAKE
I’m sure they’ll be a Bao specific tutorial in the future. Also, transactions on xDai is paid using xDai instead of something like Eth for gas. You’ll need to send some dai over first in order to transact on xDai. For reference, I paid less than 0.000334 xDai to delegate STAKE a few weeks ago so it’s super cheap.
Tokenomics should not be affected much since farming rewards on Ethereum will go from 1000 base Bao per block to 250 and farming rewards on xDai will go from 0 base Bao per block to 750. TheBaoMan did mention that the block times are different between the two chains but he will try to keep the halving phase not more than a week apart so there should be minimum effects.
Thank you, that’s a simple but good explaination.
Hence the $BAO token supply will double since we have one set in xDai and another on Eth, and will the circulation be double too, or when i move from Eth to xDai my $BAO from Eth “dissapears” and an equivalent "appears"on xDai, and works bi directionally?
No problem! When tokens from ethereum is transferred to xDai and vice versa, they are not duplicated. I don’t know the exact mechanics of how it works but I think of it as follows:
- We start with 100 tokens total supply on eth.
- You want to send 50 tokens to xDai.
- 50 tokens get locked in a contract on the eth side to mint 50 tokens on the xDai side.
- You end up with 50 available tokens + 50 locked tokens on eth and 50 available tokens on xDai.
- Your circulating supply of tokens is 50 tokens on eth and 50 tokens on xDai.
- Your total circulating token supply remain at 100 tokens.
- The 50 locked tokens on eth can only be freed when you lock up the same number of tokens on xDai, keeping the number of circulating tokens the same when you add circulating tokens from eth and xDai.
I feel like that was pretty long winded but did that make sense?
Long winded it is, it is well explained. Thanks!
Do you know how it works on say Coingecko? I assume they don’t have a way of tracking the total circulating supply accurately.
They will likely speak to Baoman and double check on our ERC-20 smart contract and use that as a reference. It’s both human and smart contract work for ranking.