In the world of cryptocurrency, XEN Crypto stands out with its innovative approach to social mining and community building. Launched on October 8, XEN Crypto allows any user with a compatible Ethereum wallet to mint its native XEN tokens, promoting wide participation and decentralization. This Proof-of-Participation (PoP) cryptocurrency eliminates the need for pre-minting, admin keys, and OA wallets, ensuring equal opportunities for all. During the Ethereum Merge, XEN notably occupied nearly 50% of Ethereum's block size, significantly impacting gas prices and ETH supply. Dive into this article to discover how XEN Crypto is reshaping the landscape of digital currencies.

What Is XEN Crypto?

XEN Crypto is a social mining project that aims to build a community of like-minded individuals. The XEN token, the native cryptocurrency of the XEN Crypto ecosystem, is designed to maintain transparency by using the ERC20 token standard and a streamlined codebase. By removing pre-minting, admin keys, and origin (OA) wallets, XEN ensures equitable treatment of all participants. Any user can mint XEN tokens on Ethereum using compatible wallets.

XEN is categorized as a Proof-of-Participation (PoP) cryptocurrency, distinguishing it from Proof-of-Stake (PoS) or Proof-of-Work (PoW) tokens. Ownership rights are granted to those who participate in the creation of XEN and hold their coins through self-custody.

After the Ethereum Merge, XEN used nearly 50% of Ethereum's block size at one point, dominating the burn leaderboard and causing a rise in ETH gas prices. Since its launch on October 8, XEN has caused a decline in ETH supply for a period of time.

Who Are the Founders of XEN Crypto?

The XEN token was designed by the Fair Crypto Foundation and launched in October 2022. Jack Levin, supposedly a former Google executive, is the creator of XEN Crypto. Levin's background in infrastructure engineering at Google, where he built the first cloud and the first six datacenters, adds significant credibility to the project.

What Makes XEN Unique?

XEN provides users with similar functionality to an ERC20 token, allowing them to trade other cryptocurrencies and NFTs. Users can also connect to the Uniswap ecosystem to create liquidity pools and limit orders. XEN's ultimate objective is to achieve maximum liquidity by promoting widespread adoption.

The tokenomics of XEN are disinflationary due to the naturally sloping adoption curve, which follows a logarithmic pattern. This makes it increasingly difficult to mint more tokens as more participants join. Although XEN does not have a cap, the growing difficulty of generating additional tokens ensures that its tokenomics remain disinflationary.

How Many XEN Coins Are There in Circulation?

The supply of XEN is created solely through the minting of coins by individuals participating in the Proof-of-Participation (PoP) protocol, with no initial supply of coins available for the cryptocurrency. The circulating supply is not available as well.

How Is XEN Secured?

XEN operates on the Ethereum blockchain as an ERC-20 token, secured through Proof-of-Stake — the Ethereum network’s consensus mechanism after the Merge. This mechanism uses validators to confirm transactions, and validators stake 32 ETH to participate in consensus and validating transactions.

XEN is also available on other chains like BNB Smart Chain, Polygon, Avalanche, and more.

Where Can You Buy XEN?

As of April 2023, XEN is listed on numerous cryptocurrency exchanges, including Uniswap, Huobi, and MEXC. The top exchanges to trade XEN are Uniswap v2, Uniswap v3 (Ethereum), and PancakeSwap v2.

Want to keep track of XEN prices live? Download the CMC mobile app.

Tokenomics and Distribution Model

XEN Crypto's tokenomics and distribution model are designed to create a fair and transparent ecosystem for the community. XEN Crypto is launched with zero supply, with no pre-mining or token sale. The community controls the minting of tokens through a free process, which is a unique feature of XEN Crypto.

The NEX reflection token is a significant aspect of the XEN Crypto distribution model. NEX is a reflection token that is allocated by a smart contract to all the users participating in the daily distribution rounds and to all those who burned XEN to create XENFTs or Staking XENFTs. The NEX supply is limited to 100 million, and the distribution period is 5 years. The allocation will be highest at the beginning and decrease by 1% every day, so those who get in early will get more NEX than those who participate later.

The NEX daily distribution works by burning XEN tokens, and the distribution is pro-rata. For example, when two users, one with 1B and the other with 2B XEN, burn the tokens, the one who had 1B will get ⅓ and the other will get ⅔ of the entire daily pool allocation of 10,000 NEX. NEX relies on the burn function, and there are smart contracts implementing it, like Limited and Apex XENFTs and Staking XENFTs. Regular XEN burns and Collector class XENFT burns are also eligible for NEX distribution.

The XEN Crypto token does not have a maximum supply cap, and the total token supply is not explicitly stated in the provided sources. However, the NEX reflection token has a limited supply of 100 million, and the distribution period is 5 years.

Purpose and Utility of XEN Crypto

The XEN Crypto token aims to become a community-building asset that connects like-minded people and promotes the values of control over one's own resources. The token is designed to be a universal cryptocurrency for all users, with a free minting function open to anyone with an Ethereum-compatible wallet. The purpose of this feature is to encourage users to actively participate in token mining, which in turn helps to limit the supply and may affect the value and stability of the cryptocurrency.

The XEN Crypto project is based on the three core blockchain tenets: decentralization, transparency, and self-custody. Decentralization is achieved through high supply distribution, the presence of multiple chains, and reliance on blockchain technology. Transparency is ensured by making the XEN crypto smart contract entirely open source and recording all XEN mints on-chain. Self-custody is a fundamental principle of XEN,