MATIC, the native token of Polygon, has been one of the best-performing cryptocurrencies of 2023. It surged from less than $0.02 at the start of the year to over $2.50 in May, a staggering increase of more than 12,000%. The main reason behind this phenomenal growth was Polygon’s ability to solve the scalability and high gas fee issues of Ethereum, the most popular platform for decentralized applications (dApps).
But MATIC is not the only crypto that can offer fast and cheap transactions on Ethereum. There is another contender that is flying under the radar, but has the potential to become the next MATIC in 2024. That crypto is called xDai (STAKE).
What is xDai?
xDai is a stable sidechain of Ethereum that uses a bridged version of Dai, a stablecoin pegged to the US dollar, as its native currency. xDai allows users to transact with Dai on a separate network that is faster and cheaper than the main Ethereum chain. Transactions on xDai cost only a fraction of a cent and are confirmed in seconds.
xDai also supports smart contracts and dApps, making it compatible with the Ethereum ecosystem. xDai has its own set of validators that secure the network and process transactions. These validators are rewarded with STAKE, the governance token of xDai. STAKE holders can also participate in the decision-making process of the network and benefit from its growth.
Why xDai Could Be the Next MATIC
There are several reasons why xDai could follow the footsteps of MATIC and become a leading scalability solution for Ethereum. Here are some of them:
- xDai has a proven track record of delivering fast and cheap transactions since 2018. xDai has been used by various projects and events, such as Gnosis, POAP, Burner Wallet, ETHDenver, and more.
- xDai has a strong and growing community of developers, users, and partners. xDai has over 40 dApps running on its network, including decentralized exchanges, games, prediction markets, and NFT platforms. xDai also has over 20 integrations with wallets, bridges, oracle providers, and other services.
- xDai has a unique value proposition of being a stable payment layer for Ethereum. Unlike other scalability solutions that use volatile tokens, xDai uses a stablecoin that eliminates the risk of price fluctuations and provides a consistent user experience.
- xDai has a low market capitalization compared to its competitors, which means it has more room to grow. As of writing, xDai’s market cap is around $100 million, while MATIC’s market cap is over $10 billion. If xDai can capture even a fraction of MATIC’s market share, it could see a significant increase in its price.
How to Invest in xDai
If you are interested in investing in xDai, you will need to buy its governance token, STAKE. STAKE is available on several exchanges, such as BitMax, Hoo, Uniswap, and Sushiswap. You can also buy STAKE directly on xDai using Ramp, a fiat on-ramp service.
To store your STAKE tokens, you will need a compatible wallet, such as MetaMask, Nifty Wallet, or Alpha Wallet. You can also stake your STAKE tokens to earn rewards and help secure the network. To stake your STAKE tokens, you will need to use the EasyStaking interface or the xDai Bridge.
Conclusion
xDai is a promising project that aims to improve the scalability and usability of Ethereum. By offering a stable, fast, and cheap payment layer, xDai can attract more users and developers to the Ethereum ecosystem. xDai has the potential to become the next MATIC in 2024, as it has a solid technology, a strong community, and a low market cap. If you are looking for a crypto under $1 that could skyrocket in the near future, xDai might be the one for you.
