How to Buy Governance xALGO Crypto (XALGO)
What is Governance xALGO Crypto?
According to Coingecko, Governance xALGO is : What is xALGO? xALGO is an interest-bearing asset that brings Algorand governance yield to other chains, allowing for a continuous governance commitment without periodic burning. Thanks to its interest-bearing nature, xALGO is the perfect fit for bridging Algorand Governance to other chains. What makes your project unique? - xALGO users get Algorand Governance rewards without needing to vote or periodically commit, as the voting power is delegated to Algo Liquid Governors, and the locked ALGOs are automatically recommitted by Folks Finance smart contracts. - xALGO value grows in value over time due to its interest-bearing structure. - Users can provide liquidity to DEXs’ liquidity pools and get trading fees. What is Folks Finance? Folks Finance is a non-custodial DeFi protocol providing financial tools for digital assets. Smart-contract technology empowers Folks Finance to offer advanced strategies while eliminating risks of centralized interference. Users can deposit assets to earn yield, as well as use their deposits as collateral for loans. Implementing the Folks Router aggregator enables native swaps on the protocol and composability with the other operations. Flash loans give developers the keys to deep liquidity. Algo Liquid Governance and Cross-chain Algo Liquid Governance provides the most efficient method of participating in Algorand Governance through gALGO and xALGO, whose use cases continue to expand rapidly. FAQ What does it mean for a wrapped token to "depeg" from its underlying asset? When a wrapped token "de-pegs" from its underlying asset, it means that the market value of the wrapped token has deviated from the value of the underlying asset. Ideally, a wrapped token is intended to be maintained at a predefined ratio with its underlying asset. However, external factors such as market fear, uncertainty, and doubt (FUD) can cause the wrapped token's value to fluctuate independently. What is the ratio of xALGO to Algo? The ratio depends on the amount of Algo deposited in the xALGO mint pool compared to the amount of xAlgo in circulation. For example, if there are 100 Algo and 100 xALGO at the beginning of governance, the ratio is 1:1. At the end of governance, assuming a reward rate of 15%, 15 ALGO will enter the pool. The new ratio will be 115/100 = 1.15 Is ALGO still held and maintained at this ratio with xALGO? The underlying Algo is still held and maintained at the above-mentioned ratio. The de-pegging is a market phenomenon and does not affect the collateralization or backing of the xALGO token by the underlying Algo. How does temporary market volatility affect xALGO’s peg? When there is heightened volatility in the market, i.e., excessive selling pressure, combined with a lack of liquidity, the price of xALGO can deviate from the underlying Algo. However, as volatility reduces and normal trading activity resumes, combined with arbitrageurs who spot the price mismatch and buy the underpriced xALGO to be redeemed subsequently, the peg is restored eventually. What factors will contribute to the resolution of the de-peg? At the end of the current governance period, xALGO can be burned for the committed Algo + the accrued rewards (through the mint and burn mechanism). Therefore, the burning mechanism would eventually provide the resolution for the de-peg.
Where can I buy XALGO Crypto?
You can buy Governance xALGO on PancakeSwap.
Why should you buy Governance xALGO?
Binance Smart Chain has been gaining a lot of traction lately. The main motivation for this is the very low fees that it offers. Ethereum gas fees are way beyond acceptable. I've seen transaction fees of 100$+ in Uniswap, and nobody wants to pay that. Ethereum 2.0 has been in the works for years now, and there is still no solution for these absurd gas fees on the Ethereum Network.
Governance xALGO is amongst the best projects on BSC.The roadmap is incredibly promising and if the dev team can keep up with the with it, it's only a matter of time for the market to catch up. It's a very risky play but one that can yield amazing profits. Do you own diligence and research the project further so you can make your own decision.
How to Buy Governance xALGO Crypto?
Step 1 - Setting up a Metamask Wallet
Metamask is by far the most used walled in the world of Ethereum. Whenever you want to buy and sell cryptocurrencies or even use blockchain apps that run on the Ethereum Network, Metamask will be your best friend. Setting up the wallet is also very simple and easy.
Head over to metamask.io and click Download. You'll need to use Google Chrome, Brave Browser, Firefox, or Microsoft Edge for this to work. So make sure you are using one of these four browsers. Now at the end of the page, click on the browser you're using and install the extension.
You are now the Welcome Page of Metamask. Click on 'Get Started.' Now click on 'Create a Wallet.' Choose a strong password for your Metamask wallet and continue.
Very Important Part! Keeping your backup phrase safe is the difference between having millions in your account or be that guy on the landfill looking for his old hard drive.
Click on reveal your backup phrase and write every word down on paper. Make sure you don't save your backup phrase on anything digital. This is for your security. After you wrote down your backup phrase, you'll be asked to confirm it. Click on every word in the correct order, and you should be done.
Now since we are using the Binance Smart Chain, we'll need to add the Network. I'll go over this very quickly. If you need a more in-depth tutorial for this part, you can check out Binance's tutorial right here.
Click on the upper right corner where you see the image and then click Settings. Select Networks and click on Add Network.
Fill out the boxes with this info:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Click Save, and now you have Binance Smart Chain installed on your Metamask.
Step 2 - Buy BNB on Simpleswap
Simpleswap is the easiest way to buy crypto today. Free from registrations, KYC and third-party custody. With Simpleswap we can buy BNB and receive it directly on our on-chain Metamask wallet, skipping most of the steps we'd have to take through a traditional exchange.
Click here to access Simpleswap
Just click the Buy/Sell Crypto tab, insert the USD amount you want to trade for BNB, and click "Exchange", just like this:
Now all you have to do is click the Metamask fox logo to directly copy and paste your Metamask BNB address. It should add it automatically.
You can now choose between Google Pay or card to complete the payment:
Once you complete the payment, all you gotta do is wait a few minutes for the payment confirmation, and for the on-chain transaction to complete. Once all that is completed you should see your updated balance in Metamask.
Step 3 - Buy Governance xALGO on PancakeSwap with BNB
Before we head over to PancakeSwap, we need to prepare your Metamask Wallet to receive XALGO. Open Metamask, scroll all the way down, and click here:
Select Custom Token and paste this token contract address there:
0x0034719300501b06e10ebb1d07ea5967301f0941
The rest should autofill, and you need to click next and then add tokens. Your account is now ready to receive XALGO.
You can check the price of Governance xALGO, and confirm the Token Contract address on Coingecko.
Let's buy some XALGO!
Go to Pancakeswap. On the upper right corner, click on Connect Wallet and select Metamask. A confirmation popup should open on Metamask (click on the "little fox logo" if you don't see it). Now you need to accept, connect, and your wallet should be connected to Pancakeswap.
Click on Select Token and paste this contract address: 0x0034719300501b06e10ebb1d07ea5967301f0941
Select it.
Now you have to select the amount of BNB you want to trade for XALGO. After you confirm it, another popup will appear from the Metamask extension and you should approve the transaction.
Wait a few minutes, and your XALGO should appear on your Metamask Wallet.
Congratulations! You are now a proud Investor of Governance xALGO!
In case your transactions keep on failing, adjust your slippage tolerance. To do that, click on Pancakeswap's gear icon, and put 5% here:
Check out Governance xALGO links:
