how to buy xdai on metamask

To purchase xDAI on MetaMask, follow these steps: create a MetaMask wallet, add the xDai chain to it, deposit ETH to the mainnet, bridge ETH to the xDai chain, and finally swap ETH for xDAI on a decentralized exchange.

Nov 05, 2024 at 08:26 pm

How to Buy xDAI on MetaMask: A Comprehensive Guide

Introduction:

xDAI is a stablecoin pegged to the value of the US dollar and operating on the xDai blockchain, a sidechain of the Ethereum network. It provides a faster and more cost-effective alternative to trading on the congested Ethereum mainnet. This guide will provide a step-by-step tutorial on how to purchase xDAI using MetaMask, a popular crypto wallet.

Step 1: Create a MetaMask Wallet

• Install MetaMask: Install the MetaMask extension or mobile app from the official website.
• Create a new wallet: Click on "Create a Wallet" and follow the prompts to create a new MetaMask wallet.
• Store your Secret Recovery Phrase: Make sure to write down or securely store your Seed Recovery Phrase, which consists of 12 random words.

Step 2: Add the xDai Chain to MetaMask

• Open MetaMask: Click on the MetaMask extension icon or launch the mobile app.
• Select "Settings": Click on the profile icon in the top-right corner and select "Settings."
• Add a network: Scroll down to the "Networks" section and click on "Add Network."

• Enter xDai chain details: Fill in the following network details:

  • Network name: xDai
  • New RPC URL: https://xdai.poanetwork.dev/
  • Chain ID: 0x643
  • Currency symbol: xDAI
  • Block explorer URL: https://blockscout.xdai.io/

Step 3: Deposit Funds into MetaMask (Mainnet)

• Get ETH on the Mainnet: You will need some ETH on the Ethereum mainnet to purchase xDai. You can buy ETH from exchanges like Coinbase or Binance and send it to your MetaMask wallet's mainnet address.

Step 4: Transfer ETH to the xDai Chain Using a Bridge

• Use an ETH-xDAI bridge: Visit a bridge service like xPollinate (https://xpollinate.io/) or Anyswap (https://anyswap.exchange/).
• Connect your wallet: Connect your MetaMask wallet to the bridge.
• Select the number of ETH: Specify the amount of ETH you wish to transfer.
• Initiate the transaction: Approve and confirm the transaction, which will initiate the transfer of your ETH across the bridge to the xDai chain.

Step 5: Swap ETH for xDAI on a Decentralized Exchange (DEX)

• Connect to a DEX: Use a DEX that supports xDAI trading, such as Honeyswap (https://app.honeyswap.org/) or ApeSwap (https://trade.apeswap.finance/).
• Swap ETH for xDAI: Connect your MetaMask wallet to the DEX and place an order to swap your ETH for xDAI.
• Confirm the transaction: Approve and confirm the transaction, which will execute the swap and deposit xDAI into your wallet on the xDai chain.

Conclusion:

By following these steps, you can successfully buy xDAI on MetaMask and enjoy the benefits of trading on the xDai blockchain. Remember to store your xDAI securely and monitor market conditions before making any transactions.