If you are new to cryptocurrency, it's necessary to know about blockchain consensus mechanisms, especially Proof of Work and Proof of Stake. In brief, the Proof of Stake model is where tokens or assets are used to secure the network and validate cryptocurrency transactions. Unlike the PoW mechanism, there is no need to use lots of energy. You can go through more details from here.
To better grasp the STAKE price, first, we need to learn about the STAKE token in detail and then move on to the STAKE price. STAKE is one of the two native tokens for the xDai Chain, and as the name suggests, the STAKE token came to play to support the staking process when you go through Proof-of-Stake consensus. STAKE is the #1004th largest cryptocurrency by market cap with a circulating supply of 1.8 Million STAKE coins and a total supply of 8.75 Million. Today, on Jul 13, the Stake price is in the range of $3.3 with a 24-hour trading volume of $15,900.82.
Following the recent news on the Ethereum blockchain, we know that the network is absolutely congested, and more and more decentralised apps use the platform. Transactions increase exponentially, and so do the gas fees. Layer 2 solutions handle transactions off the Ethereum Mainnet to achieve scalability. One of these solutions is known as the xDai Chain.
STAKE price definitely depends on the project background, and as we mentioned above, it's one of the two tokens for the xDai Chain (Gnosis Chain). But What is the xDai Chain, and what is xDai used for? It is an Ethereum-based sidechain that uses a Proof-of-Stake mechanism, and apart from the STAKE token, it does have its native token, xDAI, which is a stablecoin similar to Tether or USDC and is used to pay gas and transaction fees on the xDai chain. Although the article is exclusively about STAKE price, if the term stablecoins rings a bell, it’s never a bad idea to learn it technically.
In simple words, xDai is as similar to the Ethereum blockchain but cheaper and with higher speed! The xDai Network uses the STAKE token for PoS network security. STAKE token is a separate token from xDAI, and unlike xDAI, its value is not pegged to the US Dollar! STAKE is deployed on the Ethereum Mainnet and bridged to the xDai Chain for PoS network protection. This multi-chain accessibility gives users options for staking and voting across networks. It is no secret that the STAKE price directly relates to STAKE’s use cases. So let’s learn about the use case.
Stake Beacon Chain is an Ethereum-consistent and real-world value environment requiring 32 STAKE per validator.
Participate in the vibrant community discussion forum, then use STAKE held in an address or locked in various protocols across the ecosystem to signal your community vote.
Financial data from Cryptologi.st shows that the STAKE token trade started on Apr 30, 2020, at $0.65. On Feb 21, 2021, the STAKE token saw a considerable price increase and reached its all-time high at $43. However, the crypto market saw its worst days ever, and within the last year, STAKE price dropped by 55%, and during the previous month, STAKE saw a nearly 30% drop in value. Now, on Jul 14, 2022, each STAKE token is being traded at the range of $3.29, which is %541 higher than its lowest level and %94 lower than its peak.
Having a strong community, being supported by a large number of users, and being active drive a project to success. Speaking of popularity, over the recent six months, we have seen the STAKE token's eye-catching growth of 115% on Twitter. Although they had seen a massive increase on Twitter, their Reddit account has been %23 down in the previous six months.
Disclaimer: Don’t take this article as financial advice. You need to DYOR (Do Your Own Research) before investment.
There is no secret that at no time can we specify the exact price of anything, and cryptocurrencies are no exception. Nowadays, the crypto market is dreadfully volatile, and everybody is looking for crypto projects with a bright prospects! Even though it's impossible to forecast the stock market, some experts provide STAKE price prediction to know where it’s heading in the future by analysing recent data. It is predicted that the STAKE price can reach $12.75 throughout 2023. In 2024, each STAKE token can be traded at $19, and Price prediction.net forecasts STAKE to reach $27 by December 2025.
STAKE Price depends on xDai features and how the team will develop the project. So far, the team hasn’t published any roadmap, and STAKE price has been down more than %55 over the last year. STAKE’s liquidity score over the previous year has been 7%, which is too low and makes the project hard to sell, especially in the current bear market. Putting it all together, we are not financial advisors and expanding your crypto knowledge is what we are doing at Crypotologi.st. With the help of our unique features like a free crypto screener, a watchlist, and many educational articles, you can discover the best projects and invest more confidently.
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