Step 1: Find an Exchange. XMOON can be purchased only on the Honeyswap exchange. This is a cryptocurrency-only exchange, meaning you will need to connect your digital wallet and use crypto, also called crytocurrency, to purchase XMOON.
Step 2: Purchase DAI and a Stablecoin. To buy XMOON, you must transfer MakerDAO’s DAI (DAIUSD) and a compatible stablecoin to your digital wallet. Currency-supported coins, or tokens, which represent funds, include USD Coin (USDC) and Tether (USDT). The DAI can be used to pay for network fees, and the stablecoin is swapped for XMOON coins.
You can purchase both DAI and stablecoins on a centralized crypto exchange, such as Coinbase.
Step 3: Transfer Crypto to Digital Wallet. Once you purchase DAI and a stablecoin, you need to transfer it to your Ethereum-compatible digital wallet to use with Honeyswap (such as a Metamask wallet). Most exchanges allow you to withdraw your coins, which represent your funds, by inputting your digital wallet address and transferring the coins off the platform. You may incur network fees to withdraw your tokens, also called coins, which represent funds.
Always ensure that you transfer your coins to the correct wallet address, and that your wallet supports the coins. If not, your coins, that is, your funds, may be lost.
Step 4: Convert DAI to xDAI. Since XMOON can only be purchased on Honeyswap, you must convert your DAI to xDAI to pay the Honeyswap network fees. To do this, you can connect your Ethereum-based wallet, such as Metamask, to the sidechain bridge.xdaichain.com, select the amount of DAI you want to convert, and confirm the transaction. This will require paying some “gas fees” with Ethereum (ETH).
Step 5: Connect Digital Wallet to Honeyswap. To connect your digital wallet to Honeyswap, you need to ensure your wallet supports the xDAI network, such as Metamask. You also need to have a balance of xDAI tokens to pay for the network “gas fees” when purchasing XMOON on the Honeyswap exchange.
Step 6: Trade Stablecoin for XMOON. Once you have purchased a compatible crypto to trade with XMOON, you can now execute the trade. Select the XMOON trading pair you wish to trade (such as XMOON/USDC), select the amount you want to trade, and confirm the details. Once you are satisfied with the order details, confirm the trade, and you have purchased XMOON. You will be charged a fee paid in xDAI to process the transaction.
You now have XMOON in your digital wallet.
XMOON can be purchased for only pennies and has a supply of coins at 75,000,000,000 in total. Is it a sound investment? While XMOON (like all cryptocurrency) is a speculative investment. Here's what consider before investing in XMOON:
A stablecoin is a class of cryptocurrencies that attempt to offer price stability and are backed by a reserve asset. Stablecoins have gained traction as they attempt to offer the best of both worlds—the instant processing and security or privacy of payments of cryptocurrencies, and the volatility-free stable valuations of fiat currencies.
A digital wallet (or e-wallet) is a software-based system that securely stores users' payment information and passwords for numerous payment methods and websites. By using a digital wallet, users can complete purchases easily and quickly with near-field communications technology. Users can also create stronger passwords without worrying about whether they will be able to remember them later.
Digital wallets can be used in conjunction with mobile payment systems, which allow customers to pay for purchases with their smartphones. A digital wallet can also be used to store loyalty card information and digital coupons.
This article is not an endorsement of XMOON as an investment.
Gnosis Chain. "Wallets" Accessed March 18, 2022https://www.xdaichain.com/for-users/wallets
CoinMarketCap. "r/Cryptocurrency XMOON" Accessed March 18, 2022https://coinmarketcap.com/currencies/moon/