XEN Crypto, an ERC-20 token launched in October, accounts for about 15% of all Ethereum gas fees.
XEN (Pointless Scam Token) is currently around 15% of gas spending on Ethereum.
– 4x all L2.
– 20% higher than OpenSea.
– Not far from Uniswap v3.
Currently, the net issuance of ETH is effectively zero. If on-chain activity returns, ETH deflation will be chaos. pic.twitter.com/PVqXgRTeUR
— mhonkasalo.lens (@mhonkasalo) December 11, 2022
Recent chart shared on twitter Mhonkasalo showed that XEN token gas as of December 11 is four times more than all layer 2 networks and more than 20% of the largest NFT market, OpenSea.
Net issuance of Ethereum dropped to zero on December 11th due to a surge in gas spending on the network. This means that the number of tokens issued and the number of tokens burned are on the same level.
Given the current low level of activity on the Ethereum blockchain, an increase in network activity such as a bull market or DeFi summer would deflate the supply of ETH.
Interestingly, the first time ETH supply deflation was in October, which was due to the launch of XEN. At that time, XEN Minting accounted for his 40% of all his Ethereum transactions, and ETH was in a deflationary state over his 24 hours.
in the meantime, ultrasonic money According to the data, the total 24-hour ETH burn is 1,672.94 ETH and the 7-day burn is 12,806.70 ETH. During that period, XEN Crypto was responsible for his 209.28 ETH burn, which is his fourth highest after new contracts, Uniswap V2 and OpenSea.
Currently, ETH has a burn rate of 1.27 ETH/min and an issuance offset of 1.07.
The XEN crypto mint surge appears to mark the 60th day since its launch.
Meanwhile, the token supply is currently 118.11 billion. According to available data, its value has dropped 96.5% since its launch and is currently trading at $0.00000438.