Binance introduced the XAI token on January 5, with a strategy to attract investor interest using a ticker name that strikingly resembles Elon Musk’s AI startup, xAI.
The largest cryptocurrency exchange, Binance, released an XAI token launch pool where users can stake tokens to earn XAI as a reward. Having had coincidences with Elon Musk’s AI venture, investors are wondering whether to jump into the action. Keep reading as we disclose everything you need to know about Binance XAI Launchpool.
What is the Binance XAI token?
The Binance XAI token is the 43rd project on the Binance Launch Pool built on the Arbitrum Layer 3 gaming blockchain. The crypto token has a total supply of 2.5 billion, and 3% of it is projected to be distributed as rewards. Users can stake BNB, FDUSD, and TUSD on the platform for a share of the 75,000,000 XAI that will be awarded.
XAI Blockchain focuses on merging blockchain with traditional gaming. New or old-school users often get wrapped around issues like transaction difficulties, high gas fees, network instability, and more. XAI was built to tackle such hurdles and make Web3 gaming a scalable industry. The L3 blockchain of Arbitrum serves as the optimum technology to ensure seamless interoperability of the project. While the gas fee subsidy is helpful, XAI shines the most at making in-game features feel much smoother. Thanks to the AnyTrust technology embedded in the blockchain, which improves stability, security, and the overall execution of tasks within the game.
Now that the wide uses of XAI are revealed, the token began farming on 2024-01-05 00:00 (UTC) and will be listed on Binance by 2024-01-09 10:00 (UTC). Traders can only use pairs of XAI/BTC, XAI/BNB, XAI/TUSD, XAI/USDT, XAI/TRY, and XAI/FDUSD.
Sentry node operators will be awarded 209 XAI for working on each node. But the rewards don’t stop there, as 125,000,000 XAI tokens will be specifically airdropped to NFT holders, as below:
- Vanguard NFT Holders get 1307 XAI
- Legendary NFT Holders get 290 XAI
XAI Launch Pool is a progressive step from Binance and Arbitrum towards revolutionizing the Web3 gaming industry. Since its launch, the XAI token has grown 697.67% within the first week, and with all its uses, XAI does attract investor interest.
Is Elon Musk connected to the XAI coin?
In brief, no; Elon Musk and Binance XAI tokens have absolutely no connection, and multiple illicit organizations are using the opportunity to commit fraud. Elon Musk’s AI company, called xAI, primarily works on artificial intelligence and nothing near cryptocurrencies. Due to this, many were shocked to see the resemblance between the two. However, it is all just a coincidence or a game plan to use the Elon Musk card.
Ticker battle is a long-haul practice in the cryptocurrency domain, as certain names have achieved great attention. We have witnessed time after time that Elon Musk is being portrayed as being connected to various projects without any form of connection. It is yet uncertain if Binance tried to use the ticker name as a game plan to shift investor focus.
Regardless of the target, the XAI token did accumulate a lot of attention and eventually led to various fraud sites making false claims. Users who mistakenly fall for this trap could lose all their investments. Any site attempting to influence your investment decision using trustworthy individuals like Elon Musk is a clear sign of shady business and probably a big scam.
In recent times, a similar attempt was made by a meme token called Grok, which superficially resembles Elon Musk’s AI chatbot of the same name. Grok token grew 2,500% and got traded in millions, which experts believe to come from the project name itself. Since new investors with narrow knowledge believed both to be connected, they didn’t hesitate to put their money on the table. And, probably, such is Binance’s goal in keeping a ticker name that hints at Elon Musk’s association. Before investing, it is suggested to conduct thorough checks, especially when controversial celebrities are intertwined.
The XAI token comes with multiple utilities within its ecosystem and attempts to improve the onboarding experience of traditional gamers. The cryptocurrency wallet integration is certainly a spotlight feature on the XAI platform, which opens up opportunities for smooth gaming. Apart from that, even traders can join by staking their tokens on the launch pool for rewards and airdrops. New adapters are also welcomed into governance using staked XAI tokens.
The uprising of blockchain in the gaming domain is still unclear, but the Binance XAI token could be a forward step. Even NFT partners and node operators of Binance are getting a slice of the pie, which increases participation and helps the token with mass adoption. With such high prospects, the similarity of the name brings further attention to the token. Since there is no real association with Elon Musk, investors are advised to be mindful while making an investment decision.