Ethereum’s new project, XEN Crypto, has burned more than 40% of Ethereum, putting the network into a continuous deflationary state, according to Ultrasound. data.
When XEN launched — Ethereum supply has shown a decline since October 8… (Note that 50% of Ethereum gas prices burn off). Bullish on Ethereum. pic.twitter.com/vA51H4rum5
— Jack Levin (@mrJackLevin) October 9, 2022
Etherscan data XEN minting accounts for 40% of all Ethereum transactions, indicating that the network’s transaction fees exceed $1.Users paid over $1.8 million in gas fees to interact with token contracts
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 token is to help users make their way to freedom.
The token takes a novel approach with no pre-mints and no fixed supply. Owners can continue to issue tokens forever. However, the minting difficulty is expected to rise as more people join the network. XEN has no immutable contracts or administrative keys.
According to its website, the project aims to promote the first cryptographic principles of “self-custody, trust by consensus, transparency, and decentralization.”
XEN Gains Momentum
At press time, XEN is saw There are over 416,288 active miners with a total supply of 771,520,659 XEN.
On the other hand, with 116 active stakes now and around 10 million already staked, some holders are starting to stake their tokens.
✅Follow @ Huobi Global @XEN_Crypto
✅ RT, like and tag 3 friends
💰 5 $USDT * 10 winners
— Huobi (@HuobiGlobal) October 10, 2022
As interest in tokens grows, Gate.io, Huobi, MEXC Exchangeand Uniswap listed tokens.
According to Coinmarketcap, XEN is hut More than 80% of that value in the last 24 hours. The asset is trading at $0.001036 after briefly peaking above $1.
