XEN Minting Makes Ethereum Deflationary: What Exactly Is XEN Crypto?

A new project on Ethereum, XEN Crypto, has caused more than 40% of ETH burned and deflated the network’s issuance for days on end, according to Ultrasonic.money.

According to Etherscan data, XEN minting accounts for over 40% of all Ethereum transactions and has made the network’s transaction fee above $1. Users have paid more than $1.8 million in gas fees to interact with the token contract

What exactly is XEN crypto?

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 is gaining great momentum

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.

With the increased interest in the token, some exchanges like Gate.io, Huobi, MEXC exchange, and Uniswap have listed the token.

Coinmarketcap data shows that XEN has lost more than 80% of its value in the last 24 hours. After briefly breaking $1, the asset is trading at $0.001036.

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