#binance #XAI

2024年1月3日，币安宣布上线第42期新币挖矿项目Xai（$XAI），届时用户可以在1月5日8:00（东八区）后在Launchpad官网将BNB，FUSD，TUSD投入到XAI挖矿池中，并在4天内获得$XAI代币挖矿奖励。结合近期币安Launchpool的资金面，同业对标以及挖矿成本计算，我们初步预估$XAI的开盘价格底部为0.9U，高点为1.8U附近。

1. Project introduction

1. Basic introduction

Xai is the first layer 3 blockchain in the Arbitrum ecosystem developed in conjunction with Offchain Labs, aiming to guide traditional gamers to web3 gaming. Xai empowers traditional gamers to participate in open exchanges, allowing them to trade in-game items in their favorite games without having to interact with a crypto wallet. The Xai network is open and decentralized, allowing anyone to operate a node, earn network rewards, and participate in governance.

2. Technical characteristics

XAI adopts the Arbitrum Nitro technology stack and is a permissionless Orbit chain. The Orbit Chain is Layer 3 launched in June 2023 on top of Arbitrum Layer 2.

On June 22, 2023, Offchain Labs released tools for issuing Arbitrum Orbit Chain. Orbit Chain is Layer 3 on top of Arbitrum Layer 2. You can choose to use one of the three Layer 2s including Arbitrum One, Arbitrum Nova, and Arbitrum Goerli for settlement. Users can choose to use Rollup or Anytrust technology. The difference is that Anytrust uses DAC instead of submitting transaction data to the chain, which is cheaper but less secure.

The advantages of Orbit Chain lie in its simple chain issuance process, interoperability with the Arbitrum ecosystem, instant updates of Nitro, and EVM+ compatibility provided by Stylus (supports writing in Rust, C, C++, and runs on the WASM virtual machine). Like all chains in the Arbitrum ecosystem, Arbitrum Rollups and Arbitrum Anytrust Orbit chains are built with Nitro as the underlying technology. Users can freely customize the issuance of any Orbit Chain, but it must be settled on Arbitrum Layer2, otherwise they need to contact Offchain Labs or Arbitrum DAO to obtain authorization.

Unlike most "self-managed" Orbit chains, Xai benefits from direct technical support from Offchain Labs. This kind of support is not available on other chains, and Xai is seen as an important part of the strategic game plan within the Arbitrum ecosystem.

3. Strategic policy

XAI aims to solve the following problems:

Scalability: Layer 3 technology enables scaling to hundreds of millions of users without sacrificing interoperability, composability, and security.

Gas fees: Xai alleviates the Gas fee problem in blockchain games by utilizing innovative Gas subsidy contracts, completely eliminating Gas fees, making in-game operations low-friction for players, and promoting the development of the blockchain game ecosystem.

Wallet Interaction Barriers: Xai solves traditional gamer friction barriers by seamlessly integrating cryptocurrency wallets into the backend of the gaming experience, managing them on behalf of players to simplify onboarding and usage.

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

4. Ecological development

At present, Xai has reached cooperation with 5 games, among which "Final From" is the first card strategy game developed by Ex Populus. The Xai game ecology covers a wide range and is designed to meet the preferences of the majority of players.

2. Financing history

XAI has completed 3 rounds of financing, raised approximately US$10 million, and sold a total of 20% of the tokens. The latest round of valuation is US$87.5 million

Investment institutions include Animoca Brands, Asymmetric, CMS, Outlier Ventures and other institutions.

3. Team information

According to the Xai official website, the Xai ecosystem has no central team and is launched by several key entities, each with different roles. As the project develops, additional entities are expected to support the project in various ways.

4. Token Economy

The total supply of $XAI is 2.5 billion, and 11.08% of the tokens will be unlocked at the opening, of which 5% will be airdropped tokens.

$XAI token release cycle

5. Community situation

·Twitter: 107.1K; https://twitter.com/XAI_GAMES

·Discord：82.1K；https://discord.com/invite/xaigames

·Telegram: 23K：

6. Token listing performance prediction

Binance Launchpool Historical Performance

From the figure below, we can see the performance of Binance’s newly launched tokens through Launchpool and Launchpad recently. We can see that the recent launch of Launchpool has performed well. After the start of Q4, several tokens such as MEME, ACE, NFP and AI The opening return was significantly higher than previous projects.

Funding comparison:

The opening circulation of the $XAI token was 11.08%, corresponding to 277,000,000 tokens. The latest valuation of the project is US$87.5 million, corresponding to US$0.035 per token. Calculated based on the current valuation, the opening circulation market value is US$9.695 million.

From a financial point of view, the recent four projects are relatively reference. According to the average opening trading volume of the last four Launchpool projects, it was 407 million US dollars. If the opening trading volume of the $XAI token reaches this value, according to the circulation of 9.695 million US dollars, Market capitalization, turnover rate is about 42x. Moreover, the average increase in the opening circulation market value of the projects in the past four phases is 33.9x, corresponding to an average market value of US$259 million. If the $XAI token reaches this circulating market value at opening, the corresponding price will be approximately US$0.93.

Benchmarking:

Xai and Treasure DAO are both in the Arbitrum ecological game sector. Therefore, judging from the performance of its token $Magic, the corresponding circulating market value of Xai can reach up to 1.8U, which is still a reasonable valuation (when $Magic reaches the high point in 2023).

Mining cost calculation:

If considered based on Binance’s BNB borrowing cost, the mining cost of $XAI is approximately 1.25U.

References:

1. 1.     https://www.binance.com/zh-CN/research/projects/xai

2. 2.     https://foresightnews.pro/article/detail/50791

3. 3.     https://twitter.com/0xKillTheWolf/status/1744372283408334878

Note: This article does not constitute any investment advice, and investors should pay attention to investment risks.