Posted by Ambire Wallet on April 20th, 2022
Today we integrated the 8th supported blockchain on Ambire Wallet, namely the stable payments EVM Gnosis Chain. With the addition of Gnosis Chain we open another world of opportunities in DeFi for the Ambire users.
What is Gnosis Chain
Previously known as xDAI, the Gnosis chain is a stable payments EVM (Ethereum Virtual Machine) blockchain designed for fast and inexpensive transactions. The network has been around for a long time, in fact it is one of the first EVM sidechains, long before sidechains became a thing.
How does Gnosis Chain work
The chain uses a unique dual-token model; xDai is a stable token used for transactions, payments, and fees, and GNO is used for governance and staking on the Gnosis Beacon Chain.
Some of the benefits of using Gnosis Chain as taken from Gnosis Chain’s website:
✅ Fast transaction times (5 seconds) & low transaction fees (500 tx for $.01).
✅ Digital cash. A stable chain is ideal for real world value exchange where 1 xDai = 1 US Dollar.
✅ A stable token for transactions & gas fees.
✅ A green, energy-efficient and ecologically aware blockchain network.
✅ Permissionless delegated Proof-Of-Stake based consensus with public POSDAO.
✅ Wide-ranging Community Support
✅ Growing ecosystem designed to support stable person-to-person transactions, micro transactions, conference currencies, community currencies, DeFi, NFTs, DAOs, games and more.
✅ Full-featured BlockScout Explorer.
✅ On-chain, decentralized Random Number Generator.
✅ Smart Contract, DApp & toolset compatibility with other Ethereum-based chains like Ethereum, Ethereum Classic, BSC and others.
Gnosis Chain and Ambire Wallet
In Ambire Wallet, you can easily enter the Gnosis Chain world and tap into the already emerging DeFi ecosystem that is growing there (Check stats). No need to add Gnosis Chain as a custom network, as you will see it in the dropdown menu in the top right corner of your Ambire Wallet — you can easily switch between all supported networks, including Gnosis Chain.