XEN Crypto (XEN): Project Reviews, Recent Developments, Future Events, Community
- Launched on October 8, XEN, which allows users to freely mint coins, has become one of the most active projects.
- Of the 16,958 ETH burned in the last week, XEN contributed the highest amount with 4,540 ETH burned.
- The project has also gradually expanded, launching on five blockchains including Ethereum, Polygon, and ETHPoW.
- XEN is also scheduled to launch on Binance Smart Chain with token burning.
Created by the Fair Crypto Foundation, XEN crypto is a generic cryptocurrency mining project that was initially launched on the Ethereum chain. The XEN cryptocurrency is based on a unique Proof of Participation (PoP) mechanism.
The unique PoP mechanism allows all participants of the XEN ecosystem to use an Ethereum-compatible wallet to mint XEN. XEN has no initial supply or supply limit but allows users to mint tokens by paying only the associated 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 tokennomics focuses on mass adoption of cryptocurrencies with peer-to-peer value exchange and self-custodial.
The XEN project burns ETH for the same amount of XEN mined, which adds a deflationary mechanism to Ethereum. So, how has the XEN cryptocurrency performed since its launch on October 8?
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To help ETH become a deflationary asset, XEN has received massive interest and adoption since its launch. In the last week, over 16,958 ETH was burned across all platforms, with XEN contributing a peak of 4,540.
XEN not only pushed the ETH burn rate, but also caused Ethereum’s inflation to drop significantly. According to data from UltraSound Money, Ethereum’s inflation is at 0.07% per year, from a high of 0.21% prior to the launch of XEN.
Within days of its launch, the XEN team announced that the protocol would be launching on ETHW, a proof-of-work (PoW) hard fork that retains the native tokens of the Ethereum network.
XEN went live on ETHPoW and Avalanche (AVAX) on October 14. On October 13, Binance, the world’s largest cryptocurrency exchange, listed XEN. The expansion comes just days after its launch on the Polygon chain.
In the first five days of launch, XEN was listed on five chains. In addition, the XEN cryptocurrency has been listed on many exchanges, including Gate.io, Huobi, MEXC Global, Phemex, and the LBank exchange.
Massive interest in XEN turned into massive price rallies after its launch. However, despite the high activity on the Ethereum chain, the price of XEN suffered a severe drop as the project fell victim to attacks.
24-hour price chart for XEN Crypto (XEN). Source: CoinMarketCap
In the past 24 hours, the price of XEN has dropped by 25% as the cryptocurrency suffers from the impact of multiple attacks. XEN is currently trading at $0.00007968 despite trading above $1 at launch.
To further expand, XEN cryptocurrency will launch fully functional on Binance Smart Chain (BSC) on Monday, October 17. To celebrate the launch, XEN will be giving away 500 Binance Coin (BNB) for the first 500 participants.
XEN has also announced that following its launch on the Binance Smart Chain, a burning option will be added to the cryptocurrency. This could improve the deflation mechanism that XEN added to Ethereum (ETH).
- The massive interest XEN received in its first week of launch was also accompanied by some negative attention.
- XEN has been subject to multiple attacks, for which the attacker saw one attacker withdraw 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 main goals of XEN is to be a community-building crypto asset that connects like-minded people. In less than a week since its launch, the project has done an outstanding job in gathering a large community.
Though early on, XEN has assembled 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:
Congratulations @askconradzen on the launch of Xen Crypto! I’m excited to see where this journey takes us. #XENCrypto
– Phiat.io (@phiatcrypto) October 13, 2022
Reacting to the list, @ackebom wrote:
BAAM! 5 days 5 chains! @XEN_Crypto for win pic.twitter.com/IDjtmta5qC
– XEN TZU (@ackebom) October 13, 2022
Another user, Captain Cash, while sharing his opinion about XEN, wrote;
#XenCrypto is everyone’s cryptocurrency
– Captain Cash (@CaptainCashh) October 13, 2022
Why should you care?
The uniqueness of XEN helped the project attract a lot of attention as soon as it was launched. However, to keep the momentum going, the XEN team has announced that more functionality, including building dApps, will be coming to the XEN chain.