XEN Crypto, a new project on Ethereum, is responsible for over 40% of ETH burns and has made the network’s issuance deflationary for consecutive days, according to ultrasound.money data.
When XEN launched — Ethereum supply shows reduction from Oct 8th onward… (Note 50% of Ethereum gas fees get burned). Bullish for Ethereum. pic.twitter.com/vA51H4rum5
— Jack Levin (@mrJackLevin) October 9, 2022
Etherscan data shows that XEN minting is responsible for 40% of all Ethereum transactions and has pushed the network’s transaction fee above $1. Users have paid over $1.8 million in gas fees to interact with the token contract
What is XEN?
XEN is an ERC-20 token created by the Fair Crypto Foundation, a group supported by former Google Employee Jack Levin. According to its website, the goal of the token is to help users mint their way to freedom.
The token takes a novel approach with no premint and fixed supply. Holders can continue to mint the token perpetually; however, the minting difficulty is expected to rise as more people join the network. XEN has no immutable contracts or admin keys.
According to its website, the project aims to promote the first crypto principles of “self-custody, trust through consensus, transparency, and decentralization.”
XEN gaining traction
As of press time, XEN has seen over 416,288 active minters, and its total supply has reached 771,520,659 XEN.
Meanwhile, some holders have begun to stake their tokens as the current number of active stakes is 116, with around 10 million already staked -the project incentivizes users to stake their tokens with a 20% APY.
✅Follow @HuobiGlobal @XEN_Crypto
✅RT, Like, Tag 3 Friends
? 5 $USDT * 10 Winners
— Huobi (@HuobiGlobal) October 10, 2022
With the increased interest in the token, some exchanges like Gate.io, Huobi, MEXC exchange, and Uniswap have listed the token.
According to Coinmarketcap, XEN has shed over 80% of its value in the last 24 hours. The asset is trading for $0.001036 after briefly peaking above $1.