XEN Crypto (XEN) is a cryptocurrency project based on a social mining mechanism called Proof of People (PoP). It operates on the Ethereum blockchain and allows any crypto user to connect compatible web3 wallets and mint XEN tokens by paying the associated gas fees and selecting a waiting period.

Since its launch on October 8th, 2022, XEN has been a regular presence among the top gas guzzlers on the Ethereum network, causing a dent in ETH emissions and making the currency deflationary for the time being. At its peak, XEN accounted for almost 50% of Ethereum's block size, contributing to increased ETH gas prices.

The creation of XEN and its popularity has significantly impacted the Ethereum ecosystem. It has led to a decline in ETH supply, making it deflationary for the first time since Ethereum shifted to a Proof-of-Stake (PoS) consensus mechanism.

More ETH is currently being burned through transaction validation than is being issued. While XEN is no longer the top burner, it remains among the top five burners, according to on-chain data.

The XEN tokenomics are designed around the number of users and the minting period. As the number of participants increases, the minting difficulty also increases, reducing supply. This mechanism aims to create scarcity and value for the XEN tokens.

XEN Crypto aims to provide an inclusive and accessible way for users to participate in the blockchain ecosystem through social mining and the minting of XEN tokens on the Ethereum network. It allows any cryptocurrency user to connect compatible web3 wallets and mint XEN tokens by paying the associated gas fees and selecting a waiting period.

The XEN cryptocurrency allows users to mint XEN tokens on Ethereum by paying the associated gas fees and choosing a waiting period. XEN minters have paid substantial amounts in ETH to interact with the XEN dApp, and the project has significantly reduced the network's inflationary status.

XEN Crypto promotes self-custody, trust through consensus, transparency, and decentralization. It has garnered attention for its impact on ETH emissions and contribution to making ETH deflationary.

XEN was founded as a joint virtual mining project on the Ethereum network by the Fair Crypto Foundation, with backing from Jack Levin, one of the early Google employees. The concept behind XEN revolves around principles such as self-custody, trustless consensus, and decentralization, positioning it as the people's token.

Since its launch on October 8th, 2022, XEN has been a regular presence among the top gas guzzlers on the Ethereum network, causing a dent in ETH emissions and making the currency deflationary for the time being. At its peak, XEN accounted for almost 50% of Ethereum's block size, contributing to increased ETH gas prices.

The projects mentioned in the XEN Crypto roadmap are as follows.

Stake XEN and Get Tradable XENFTs: Users can stake XEN and receive tradeable XENFTs (XEN fungible tokens).

Reflection Token: Users who burn XEN tokens can participate in a monthly allocation of a reflection token, distributed pro rata based on the amount of XEN burned. XENFTs as collateral to borrow against future XEN Mints: Users can stake XENFTs and use them as collateral to borrow XEN tokens.

XEN Mint Flash Loans: This concept allows users to utilize flash loans with XEN as collateral, which are paid back within the same block with a portion of the XEN minted during the process.

Why is XEN an interesting crypto to add to your portfolio?

Deflationary Impact on Ethereum (ETH) Supply

XEN has significantly contributed to reducing ETH emissions and making the currency deflationary. By burning a portion of the gas fees and eliminating them from circulation, XEN has caused a dent in ETH emissions, decreasing its supply rate. This deflationary effect has increased interest in XEN and its potential as an investment.

XENs Innovative Tokenomics

XEN operates on a social mining model based on a Proof-of-Person (PoP) mechanism. Any crypto user can connect compatible web3 wallets and mint XEN tokens on the Ethereum blockchain. XENs unique approach to token minting may attract investors looking for novel and innovative projects.

XEN Networks Founder and Backing

XEN was created by the Fair Crypto Foundation, founded by Jack Levin, who is known as one of the first Google employees. The project's vision concerns self-custody, trustless consensus, and decentralization. Having a reputable founder and backing from an established foundation can provide confidence to investors.

Impact of Gas Fees and Ethereum Network

XEN has significantly impacted the Ethereum network, consuming much of Ethereum's block size and contributing to increased gas fees. This demonstrates the project's traction and user engagement. The interest surge in XEN has influenced ETH emissions and reduced the network's inflationary status.

What factors should you monitor to understand the price movements and trends in XEN crypto?

Level of Adoption of XEN Platform

The adoption and usage rate of XEN Crypto in real-world applications can influence its price. Increased adoption by individuals, businesses, or institutions can increase demand and drive the price.

Future Developments in XEN Crypto Ecosystem

Technological advancements and updates related to the XEN blockchain and its underlying technology can influence the price of XEN Crypto. Enhancements that improve scalability, security, privacy, or introduce new features can attract investor attention and drive up demand.

Overall Sentiment in the Crypto Market

The general sentiment and trends in the cryptocurrency market can influence the price of XEN Crypto. Positive sentiment and increased demand for cryptocurrencies as a whole can have a positive impact on the price of XEN Crypto.

What are the use cases of XEN Crypto?

Social Mining and Minting

XEN Crypto is a social mining project based on a Proof of Participation (PoP) mechanism. Users can connect compatible web3 wallets and mint XEN tokens on the Ethereum blockchain.

Deflationary Mechanism for ETH

XEN Crypto has significantly impacted the Ethereum network by contributing to the burning of ETH, making Ethereum temporarily deflationary.

Secure Communication

XEN Crypto's encryption capabilities can be utilized for secure communication between parties.

Data Protection

XEN Crypto can be employed to secure data stored on computers or servers.

Digital Signatures

XEN Crypto supports the creation of digital signatures, which can verify the authenticity and integrity of messages or documents.

Password Protection

XEN Crypto can be utilized to store and encrypt passwords securely.

Trade or HODL XEN

Trade XEN Crypto against other cryptos on the BYDFi Spot Market or other supported platforms or hold it long-term if you believe in the future potential of the XEN Crypto project.

How can you stake XEN crypto to earn passive income?

Set Up a Compatible Wallet

Before staking, you need a compatible wallet to store your XEN tokens.

Mint or Buy XEN

You first need to mint or obtain some XEN tokens.

Connect to XEN.Network dApp

Visit the XEN.Network website to access the staking functionality.

Visit XEN Staking Interface

On the XEN.Network website, navigate to the staking section or interface.

Select the Staking Option

Once your wallet is connected, choose the specific staking option that suits your preferences and requirements.

Confirm and Approve the Staking Transaction

After selecting your preferred staking option, review the details and confirm the stake transaction using your connected wallet.

Which networks does XEN crypto support for mining XEN?

XEN crypto supports mining XEN on several networks beyond Ethereum, including BNB Chain, Polygon, Avalanche C-Chain, Ethereum PoW, Moonbeam, Evmos, Fantom, Dogechain, OKC, PulseChain, X1 Devnet, and X1 Fastnet.