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Gnosis Chain (xDAI)

What is the Gnosis Chain ?​

Here are 5 key points about the Gnosis Chain :

  • Prediction Market Platform: Gnosis Chain provides a decentralized prediction market platform, allowing users to create, trade, and settle prediction markets on various topics.

  • Decentralized Exchange (DEX): Gnosis Chain offers a decentralized exchange that supports automated market making (AMM) and enables efficient trading of digital assets with minimal fees and high security.

  • Scalability and Interoperability: Gnosis Chain emphasizes scalability and interoperability, integrating with various blockchain networks and leveraging layer-2 solutions to enhance transaction efficiency and reduce costs.

  • DAO Governance: Gnosis Chain supports decentralized autonomous organizations (DAOs), enabling community-driven governance and decision-making processes.

  • Dual-Token: Gnosis Chain uses a unique dual-token model; xDai is a stable token used for transactions, payments, and fees, and Proof of Stake protection will be provided by GNO with the consensus-layer Gnosis Chain Beacon .

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Learn more about Gnosis Chain by reading the Gem Wallet Learn article:
What Is The Gnosis Chain ?

Gnosis Chain on Gem Wallet​

Gem Wallet has the following features enabled for Gnosis Chain :

Gnosis Chain on Gem Wallet Gnosis Chain Chart on Gem Wallet

What are ERC20 tokens on Gnosis Chain?​

  • ERC20 tokens are a type of digital assets issued via smart contracts on the Ethereum network.
  • Gnosis Chain supports the transfer and interoperability of ERC20 tokens from the Ethereum network to the Gnosis Chain Network. Gnosis Chain itself does not have its own native ERC20 tokens.
  • They allows users to access a wide range of ERC20 tokens and decentralized applications (dApps) on Gnosis Chain while benefiting from its scalability and low transaction fees.

xDAI and ERC20 tokens Gnosis ERC20 tokens on Gem Wallet

How to Get Gnosis Chain (xDAI)?​

Here are some ways to acquire some Gnosis Chain (xDAI):

  • Buy Gnosis Chain (xDAI) directly on the Gem Wallet app. (TBA)
  • Receive xDAI with the unique Gnosis Chain address on the Gem Wallet app.
  • Swap ERC20 tokens to xDAI. This requires that you already have xDAI on your wallet to pay for fees.

Receive xDAI on Gem Wallet Receive USDC Gnosis Chain on Gem Wallet

Transaction Fees on the Gnosis Chain​

The fees on Gnosis Chain are summarized as follows:

  • Low Transaction Costs: Gnosis Chain is built to offer low transaction fees, making it cost-effective for users to execute transactions and deploy smart contracts. For example, the network can handle 500 transactions for just $0.01, significantly reducing the cost barrier for users and developers.

  • Stable Fee Payments: The Gnosis Chain uses xDai, a stablecoin, to pay for transaction fees. This ensures that the costs associated with transactions are stable and predictable, protecting users from the volatility typically associated with cryptocurrency fees.

  • Fast and Efficient Transactions: The network is designed for quick transaction times, typically around 5 seconds, which not only reduces wait times but also helps keep the fees low by ensuring efficient processing of transactions.

Gas Fee when Sending xDAI Gnosis Chain Transfer on Gem Wallet

How to Check Gnosis Chain (GNO) Balance?​

Gem Wallet app connects to the Gnosis Chain to show the xDAI balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on GnosisScan.

View Address Link to GnosisScan Checking Balance on GnosisScan

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GnosisScan is the default xDAI explorer of Gem Wallet. You can manually check balances and transactions by going to GnosisScan and search for your xDAI address.

Why Choose Gem Wallet for Gnosis Chain?​

Here are three reasons why you should use Gem Wallet for your xDAI and GNO tokens:

  • Enhanced Security: Gem Wallet employs robust security measures, including advanced encryption and secure key management, to protect your xDAI and GNO tokens from unauthorized access and potential threats.

  • Open-Source Transparency: As an open-source wallet, Gem Wallet allows for community review and audits of its code. This transparency ensures that there are no hidden vulnerabilities and builds trust among users.

  • Multi-Currency Support: Gem Wallet supports a wide range of cryptocurrencies, including xDAI and GNO tokens. This multi-currency support allows users to manage various assets in one secure and convenient platform.