- Launched on October 8th, XEN, which allows users to freely mint coins, has become one of the most active Ethereum projects.
- Of the 16,958 ETH burnt in the last week, XEN contributed the highest amount with 4,540 burnt.
- The project has also slowly expanded, launching on five blockchains including Ethereum, Avalanche, Polygon, and ETHPoW.
- XEN is also scheduled to launch on the Binance Smart Chain with a token-burning feature.
Created by the Fair Crypto Foundation, XEN crypto is a joint virtual mining project initially launched on the Ethereum chain. XEN crypto is based on a unique Proof of Participation (PoP) mechanism.
The unique PoP mechanism allows all XEN ecosystem participants to use Ethereum-compatible wallets to mint XEN. XEN had no initial supply or supply cap but allowed users to mint tokens by paying only the related gas fees in Ethereum (ETH).
This makes XEN the crypto with the lowest barrier to entry compared to the rest of the coins on the market today. In addition, its tokenomics focus on the mass adoption of the crypto with peer-to-peer value exchange and self-custody.
The XEN project burns ETH for the same amount of XEN minted, helping to add the deflationary mechanism to Ethereum. So, how has XEN crypto fared since its October 8th launch?
In helping ETH become a deflationary asset, XEN has received massive attention and adoption since its launch. In the last week, over 16,958 ETH has been burnt across all platforms, with XEN contributing the highest at 4,540.
Not only has XEN pushed the burn rate of ETH, but it has also caused a significant drop in Ethereum’s inflationary status. According to data from UltraSound Money, Ethereum’s inflationary status is at 0.07% per year, from a high of 0.21% before the launch of XEN.
Within days of its launch, the XEN team announced that the protocol would be launching on ETHW, the proof-of-work (PoW) hard fork that retains the original codes of the Ethereum network.
XEN went live on ETHPoW and Avalanche (AVAX) on October 14th. On October 13th, Binance, the world’s largest crypto exchange, listed XEN. The expansion comes just days after launching on the Polygon chain.
In the first five days of its launch, XEN has been listed on five chains. In addition, the XEN crypto has been listed on multiple exchanges, including Gate.io, Huobi, MEXC Global, Phemex, and LBank exchange.
The massive interest in XEN translated into major price increases days after its launch. However, despite the high activity on the Ethereum chain, the price of XEN has suffered a major decline as the project has become a victim of attacks.
The 24-hour price chart for XEN Crypto (XEN). Source: CoinMarketCap
In the last 24 hours, the price of XEN has fallen by 25% as the crypto reels from the impact of multiple attacks. XEN now trades at $0.00007968 despite trading over $1 at its launch.
In continuation of its expansion, the XEN crypto will be launching full functionality on Binance Smart Chain (BSC) on Monday, October 17th. To celebrate the launch, XEN will be giving 500 Binance Coins (BNB) for the first 500 participants.
XEN has also announced that after its launch on the Binance Smart Chain, a burning option will be added for the crypto. This could possibly improve the deflationary mechanism XEN has added to Ethereum (ETH).
On the Flipside
- The huge interest XEN has enjoyed in its first week of launch has also come with some negative attention.
- XEN has suffered multiple attacks, which have seen an attacker mint over 100 million XEN tokens for free.
- The project is also experiencing a Sybil attack, with 80% of participating addresses being Sybil addresses.
One of the major objectives of XEN is to become a community-building crypto asset that connects like-minded people. In less than a week of its launch, the project has done a stellar job of gathering a vast community.
Although early, XEN has gathered a community of like-minded people, who share a common interest in helping the project grow and making ETH more deflationary. Celebrating the launch of the project, @phiatcrypto wrote on Twitter:
Reacting to the listings, @ackebom wrote:
Another user, Captain Cash, in sharing his opinion about XEN, wrote;
Why You Should Care
The uniqueness of XEN has helped the project attract a lot of attention just after its launch. However, to sustain the momentum, the XEN team has already announced that more functionalities, including the building of dApps, will come to the XEN chain.