XEN is the ticker symbol for a cryptocurrency called Xen Network imagined by Jack Levin from the Fair Crypto Foundation. The project has been launched in October 2022 and in only few months already over 333 million adresses have minted XEN on 10 chains.
It is a digital asset that is designed for the masses and built to deliver on the First Principles of Crypto:
XEN crypto has been designed to reach mass adoption and thus to become the people's token, for doing
so
the team developed a very simple yet sophisticated set of smart contracts
that are deployed into the most used blockchains like Ethereum, Polygon and Binance.
Being a multi-chain asset each blockchain has it's own dependant and isolated Token with the same set of
smart
contracts deployed on it.
Users can "Mint", "Stake" or "Burn" the XEN token on the different blockchains MainNet.
XEN crypto introduces an innovative mining algorithm called Proof of Participation (PoP) where any user from the most used blockchains can participate for free in the network of course it's not entirely for free because there is this variable underlying gas costs associated with each transaction.
To spread adoption, XEN is designed to be inflationary at first, so the supply of XEN tokens increases over time because users can "Mint" XEN by paying only the gas fees from the underlying blockchain. The XEN crypto will become more scarce later in approximately 4-8 years similarly to Bitcoin mining difficulty, indeed XEN’s supply is estimated to reach close to 550 Trillion tokens by Dec 2030 . There are several cryptocurrencies in the top 100 crypto market cap with a similarly large supply, the most famous is of course Shiba Inu with 549 Trillion SHIB tokens.
The XEN Staking mechanism is relatively simple: XEN Staking APY started at 20% at XEN Genesis time (October 2022) and decreases by 1 percentage point every 90 days until it reaches 2%. Once an user have certain amount of XEN tokens in is own crypto wallet, staking can be done through the official xen.network website or via centralized exchange like Bitrue.
The smart contract includes a burn function that is used by various systems such as the official
XeNFTs and Penality features but also from ecosystem project like DBXen or
Fenix.
Indeed XeNFTs integrates the first strong scarcity that requires people to burn a large amount of XEN to
mint
the set of 10 000 Official NFTs. The total burning of all the NFT minting will reduce the current
circulating supply by half!
By adding Penality on the minting, people must be on time to claim the minting they planned many
days before else the token will be burned.
You can discover the others community burning mechanisms like DBXen and Fenix in the XEN Ecosystem.
Xen Network has been designed by Jack Levin from the Fair Crypto Foundation. He is a software engineer and was an early Google Engineer between 1999 and 2005. He also founded other famous startups between 2005 and 2020 such as Imageshack and Imagizer
After few months the statistics are impressive, at one point XEN accounted for over 40% of all Ethereum transactions, significantly reducing the inflationary status of Ethereum 2.0. Now that XEN has expanded to over ten mainstream blockchains, already 333 million adresses have minted XEN on 10 chains.
If you want to buy XEN, you will need to find a cryptocurrency exchange that supports it. Some popular
exchanges
that may offer XEN include Bitrue, Gate and Okex.
Buy XEN Now on
Bitrue
We are not affiliated with the XEN crypto so this website is not an official XEN Website. It is a community website similar to the other community websites you can find above.
It's important to note that the value of any cryptocurrency can fluctuate significantly, and there is a risk of loss when you invest in it. As with any investment, it's important to do your own research and carefully consider your risk tolerance before buying XEN or any other cryptocurrency.