Xen Crypto Gains Wide Acceptance and Makes Ethereum Deflationary: What you need to know.

XEN CRYPTO

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.

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.

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:

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