Xen Crypto Gains Wide Acceptance and Makes Ethereum Deflationary: What you need to know.
Xen is the brainchild of the Fair Crypto Foundation, backed by Jack Levin– an open-source technologist and an early Google Engineer.
Xen mint increased Ethereum gas fees and reduced the supply of circulating Ethereum. From the data on Etherscan.io, XEN Crypto transactions account for 40% of network-wide gas consumption in the past 24 hours. And at the time of writing, the Xen network has 600k+ active minters. Here is a brief on what you need to know about this new token.
What is XEN?
As a Proof of Participation (PoP) consensus system, XEN launched on Saturday, October 8th. Xen is the brainchild of the Fair Crypto Foundation, backed by Jack Levin– an open-source technologist and an early Google Engineer. The Fair Crypto Foundation envisions Xen as a universal cryptocurrency that is, inter-alia, decentralized, transparent and resistant to counterparty risk. It has no intrinsic value. “As more and more people join and participate in minting”, it will accumulate worth.
XEN Crypto Usecases
Crypto OGs may not like to hear this. Xen has no use cases at the moment.
According to their Lite paper,
“Anything you can do with ERC20 token, you can do with XEN. Trade it for other crypto tokens or NFTs, tell your friends about it, and play with the Uniswap ecosystem by creating Limit orders or Liquidity Pools to automatically trade your XEN crypto. At the end of the day, XEN strives to achieve maximum liquidity through maximum adoption, so holders of XEN crypto are invited to give it away to as many people as possible.”
Does this sound convincing enough? It doesn’t; but who cares?
XEN Mint and Eth On-chain Gas Spike
As seen on the XEN Network dashboard, there have been 600k+ active minters since genesis. The token is available for anyone to mint. You only need a custodial wallet like Trustwallet or Metamask and the intent to participate which is registered when you initiate the mint. The only challenge at the moment is the cost of gas on the Ethereum Blockchain which has risen due to the high demand for XEN mint. This on-chain activity by “XEN-ists” have made Ethereum deflationary.
XEN makes Ethereum Deflationary
Deflation in crypto means a reduction in the supply of a coin or token over a given period. Ethereum deflation is about the reduction in Ethereum supply. This Ethereum deflationary mechanism ensures that a portion of Ethereum gas fees, paid to validators, is burned to limit Eth’s supply. EIP-1559 upgrade made this possible but The Merge failed to accelerate it as expected. Upon launch, XEN accelerated Ethereum’s deflation- more Eth was burned than created. Three days ago, data from Ultrasound.money showed a -0.41% decline in supply growth and a significant drop of over 4000 Eth tokens. Also, users have paid more than $1.8million in transaction fees interacting with the XEN Network.
ETH is turning deflationary again thanks solely to a token named XEN, which has consumed half of all Ethereum blockspace over the last day
Users have paid almost $1.8 million in gas fees to interact with the token contract, which has a marketcap of $500k pic.twitter.com/gJ8h2Zl0IF
— foobar (@0xfoobar) October 9, 2022
Will Xen be available on other Blockchains?
Yes. Xen launched on the Ethereum chain and will be added to more chains in the future. Jack made this known in his latest Tweet:
— Jack Levin (@mrJackLevin) October 10, 2022
In the long run, the future of Xen remains in the hands of time, as it is an experiment that is gaining traction and time will tell if it will be successful.