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A complete guide to Gnosis Chain

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How Gnosis Chain Works

The Gnosis Chain is built for quick and cheap transactions. Just like similar, new blockchains, Gnosis Chain is an EVM (Ethereum Virtual Machine) blockchain. This lets developers easily deploy smart contracts and DApps from Ethereum to the new chain.

Gnosis Chain uses two tokens. xDai is a stable token used for transactions and fees, and the STAKE token can be staked (as the name suggests) to power the chain’s Proof-of-Stake consensus. Later, the GNO token will be used as a staking token.

xDai is Gnosis Chain’s version of Dai, the stable coin issued by MakerDAO. Being used for fees, users can easily calculate any fees in USD value.

Gnosis currently supports two cross-chain bridge methods: xDai bridge and Omni bridge.

Gnosis Chain Features

  • Low fees
  • Fast transactions
  • Dual-token model: Stable coin xDAI and governance token STAKE (later: GNO)
  • EVM-compatible

How to use Gnosis Chain 

Let's take a look at how to use Gnosis Chain with imToken. First download imToken (https://token.im) to create/import a wallet and add a Gnosis Chain account.

NOTE: Please check how to download imToken safely before downloading.

If you did not add a Gnosis Chain account when creating/importing your wallet, please navigate to "My Profile" -> "Manage wallets" -> "Add", select the “Gnosis Chain” network, and confirm. Then, return to the wallet homepage to access your newly created Gnosis Chain account. Now you can transfer/receive tokens and try out popular DApps on the Gnosis Chain network.

Note: Please ensure you have sufficient xDAI tokens in the wallet to pay the miner fee before transferring.

Recharge on Gnosis Chain

You can transfer tokens to Gnosis Chain by two bridges: xDai Bridge and OmniBridge. Both are accessible in your wallet.

Converting Dai to xDai through the cross-chain bridge, your Dai will be locked in a smart contract in Ethereum. Your address on Gnosis Chain will generate an equivalent xDai token.

Converting xDai back to Dai through the cross-chain bridge, your xDai will be destroyed by the smart contract of Gnosis Chain. The locked Dai in the Ethereum smart contract will be returned to your Ethereum wallet address.

xDai Bridge

xDai bridge is a cross-chain bridge natively designed by Gnosis Chain team, which allows users to :

  • Send Dai tokens from Ethereum to Gnosis Chain and convert them into xDai tokens
  • Send xDai tokens from Gnosis Chain to Ethereum and convert them into Dai tokens

Omni Bridge

The Omni Bridge allows users to transfer tokens between Ethereum, Gnosis Chain, Binance Smart Chain and POA Chain.

Explore Gnosis Chain

A explorer helps you verify Gnosis Chain blocks, transactions, tokens, addresses and other information. It updates all node information of Gnosis in real time.

GNO price

Gnosis Chain Ecosystem

  • POAP
  • Ankr
  • Tornado Cash
  • Chainlink
  • SushiSwap
  • PoolTogether
  •  …

More Information