XAI airdrops $70 million to gamers – token price drops double digits

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The first major gaming token airdrop of 2024 began this morning, with the Xai Gaming Network (XAI) distributing tokens to qualified users.

Xai is known as a “layer 3” network based on Arbitrum, Ethereum’s layer 2 extension network.

According to the Xai Foundation, the project is making 125 million XAI (or 5% of the token supply) available to qualified users, which include owners of a certain number of Xai NFTs and those operating sentinel nodes or validators to help support the network user.

Binance exchange also allows customers to earn pre-launch XAI token rewards by staking other cryptocurrencies.

XAI debuted early Tuesday at a price below $0.68 and rose to a peak above $0.77 before falling to its current level of around $0.56, down 15% on the day and 20% below its current peak.

Source: TradingView

Airdropped tokens are notoriously volatile, but even so, the total value of the airdrops so far is still close to $70 million. The project currently has a market capitalization of just over $154 million, with more than 277 million tokens in circulation, including airdrop tokens.

Dear Xai Community,

When we process XAI token claims, it is important to remain alert to potential scams.

Please read and follow these instructions carefully:

Official contract statement address: the only legal address $XAI The airdrop collection contract address is…

— XAI (@XAI_GAMES) January 9, 2024

“Dear Xai Community:

When claiming XAI, it is important to be alert to potential scams.Please read carefully and pay attentionohg commandsAustralia:

Official contract collection address: Airdrop collection contract address siai The only legal one is 0x149107dEB70b9514930d8e454Fc32E77C5ABafE0. Any contract address quiteRelated c statements Verify nXAI ownership is a scam.

The only legal XAI contract address is 0x4Cb9a7AE498CEDcBb5EAe9f25736aE7d428C9D66.Any other contract address claimed to be related to siai It’s all a scam.

XAI Official Claims Website: The only legal XAI claims website is Sentry.xai.games/#/claim-token.

Official start time: receive tokens XAI officially starts at 9:30 UTC (16:30 Vietnam time), Tuesday, January 9, 2024. Please do not attempt to submit a claim to any source prior to this start time. Do not click on any links below this article. “

Sentinel node operators and some possible NFT holders claim.advocate XAI tokens are worth hundreds of dollars. For example, a node operator can claim 1,658 XAI for each key owned, which is worth nearly $925 at current prices. Vanguard NFT owners can claim 1,307 XAI, equivalent to approximately $730, while Legendary NFT owners can claim 290 XAI (approximately $162).

The Xai Foundation has launched a “second season” of token airdrop rewards, but has not yet detailed how users can receive additional rewards. Some Xai NFT holders below the “Vanguard” or “Legendary” level complained on social media about not being included in the first airdrop.

Xai Network is developed by the Xai Foundation in partnership with Offchain Labs, creator Arbitrum and studio Ex Populus. The Xai Foundation also announced a partnership with popular esports organization Team Secret to promote and participate in the network, with a focus on competitive gaming.

Xai’s first games, developed by Ex Populus, include Final Form, a deck-building card game with auto-battle elements.

Another game from the studio is LAMO, an online world where cartoon characters battle each other. LAMO launches physical toys inspired by famous gaming influencers such as Ninja and Dr. With respect, toy owners can then unlock these characters in-game.