XPLA (XPLA) is a governance token for the XPLA Chain, a Tendermint-based Layer 1 blockchain designed to support a vibrant ecosystem of decentralized applications (dApps) and top-tier developer tools. It aims to become a digital media platform hosting various cultural content. The token allows holders to participate in ecosystem governance through voting and can be staked to earn rewards. XPLA is built for flexibility, scalability, and stability, supporting both the COSMOS ecosystem and Ethereum Virtual Machine (EVM) compatibility.
XPLA is the native staking token of the XPLA Chain, a proof-of-stake blockchain. It serves multiple purposes within the ecosystem:
Governance: XPLA holders can exercise their rights on operational matters through a distributed network voting system, allowing them to participate in the governance of the XPLA Chain.
Staking: Users can stake XPLA to validators, earning staking rewards in return. This process helps secure the blockchain and ensures its accuracy. Validators with larger stakes are chosen more often to propose new blocks and earn proportionally more rewards.
Delegation: Delegators can stake their XPLA to validators, adding to the validator’s weight and receiving a portion of transaction fees as staking rewards. Staked XPLA remains in the possession of the delegator and can be unbonded after a 21-day process.
Medium of Exchange: XPLA functions as a medium that links diverse activities within the platform, facilitating transactions and interactions within the ecosystem.
Payment for Gas Fees: XPLA is used to pay for gas fees when performing transactions, such as token swaps, on the XPLA Chain.
Overall, XPLA plays a central role in maintaining the security, governance, and functionality of the XPLA Chain, while also providing incentives for users to participate in the network.
To store XPLA tokens securely, you have several options:
Exchanges' Wallets: You can store your XPLA on exchanges like Binance Wallet. However, these wallets are "hot wallets" and are always online, which makes them more vulnerable to hacking risks.
Crypto Wallets: You can store your XPLA in crypto wallets like Trust Wallet. These wallets offer more security than exchange wallets but are still online and thus carry some risk.
Cold Wallets: For long-term storage and maximum security, use cold wallets. There are two types of cold wallets:
- Paper Wallets: Generate a public and private key offline and print them on paper. Store the paper securely. You can scan the QR codes for transactions.
- Hardware Cold Wallets: Physical devices like USB drives where you can store your cryptocurrency. These are highly secure and preferred for storing large amounts of coins or tokens.
It is essential to choose a storage method that balances convenience and security based on your needs and risk tolerance.
To buy XPLA (XPLA) tokens, follow these steps:
Create an Account:
- Open a free account on a cryptocurrency exchange that supports XPLA, such as MEXC, Bitget, Bithumb, Cofinex, CoinEx, or Crypto.com.
- Complete the necessary identity verification steps, including KYC (Know Your Customer) and two-step verification for security.
Choose a Funding Method:
- Select a payment method that suits you, such as credit/debit cards, bank transfers, peer-to-peer trading, or third-party payment services like Simplex, Banxa, or Mercuryo.
Buy a Stablecoin (Optional):
- If you cannot buy XPLA directly with fiat, purchase a stablecoin like USDT first, which can be easily bought with fiat. Then, use the stablecoin to buy XPLA on the spot market.
Buy XPLA:
- Navigate to the exchange's "Buy Crypto" or "Buy & Sell" section and select XPLA as the cryptocurrency you want to buy.
- Choose the desired trading pair, such as XPLA/USDT, and execute the trade.
Transfer and Store XPLA:
- Once you have bought XPLA, you can hold it in your exchange account or transfer it to a personal cryptocurrency wallet for additional security and flexibility.
Remember to research the exchange's reputation, fees, and security before making a purchase.
