Home Cryptocurrency Interest in XEN Crypto makes Ethereum deflationary

Interest in XEN Crypto makes Ethereum deflationary

by Lottar

XEN Crypto, a new project on Ethereum, accounts for more than 40% of ETH burns and has made the network’s issuance deflationary for consecutive days, according to ultrasound.money data.

Etherscan data shows that XEN mining accounts for 40% of all Ethereum transactions and has pushed the network’s transaction fee above $1. Users paid more than $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 backed by former Google employee Jack Levin. According to its website, the purpose of the sign is to help users find their way to freedom.

The token follows a new approach with no predetermined and fixed inventory. Holders may continue to mint the token continuously; however, the mining problems are expected to increase 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-preservation, trust through consensus, transparency and decentralization.”

XEN is gaining traction

At press time, XEN has seen over 416,288 active miners, and its total supply has reached 771,520,659 XEN.

Meanwhile, some holders have started to stake their tokens, as the current number of active stakes is 116, with around 10 million already in play – the project incentivizes users to stake their tokens with a 20% APY.

With the increased interest in the token, some exchanges such as Gate.io, Huobi, MEXC exchangeand Uniswap listed the token.

According to Coinmarketcap, XEN has lost more than 80% of its value in the last 24 hours. The asset is trading for $0.001036 after briefly reaching above $1.

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