- The new Ethereum project aims at strenghthening the crypto market by providing its users with a token that starts with a zero supply and has no pre-mint, CEX listings, admin keys, or immutable contracts
- After its launch, the Xen crypto caused a significant drop in Ethereum, consuming nearly half of Ethereum’s block space
- The XEN crypto has caused a frenzy in the crypto market and currently has 416,288 active members, a majority residing in the Mexc exchange
Ethereum Network has been a platform for brilliant innovators to actualize their work. Projects such as DEX, Online Casinos and Minecraft-like virtual real estate are some trending projects Ethereum has to offer. Crypto enthusiasts and miners have kept track of all these latest trends has caused a significant buzz.
The XEN crypto, a new Ethereum project, has made recent crypto trends. The new altcoin detonated the crypto market. According to the Mexc global exchange, the altcoin took everyone by surprise and gained traction, adding to Ethereum’s already great fame.
What is the XEN project
XEN is an Ethereum project that was a collaboration between the Fair Crypto Foundation and was backed by Jack Levins, a veteran employee at Google in the cloud infrastructure. Levins launched the Xen crypto on the Mexc global exchange on October 8 2022.
Xen crypto contains the standard features of any ordinary crypto coin; users can claim, mint and even stake it. Its basic principles revolve around; self-custody, transparency, trust through consensus and permissionless value exchange without counterparty risk.
The new Ethereum projects aim to empower the crypto market by providing its users with a token that starts with a zero supply and has no pre-mint, CEX listings, admin keys, or immutable contracts.
According to the Mexc global exchange, Xen crypto has a total supply of 174 million and offers an APY of 20% for staking the token.
It offers free minting, but this feature subsequently causes high gas consumption.
The new Ethereum project is a joint virtual mining project based on a recent consensus mechanism; Proof of Participation.
The Ethereum project causes a dip in Ethereum token supply
After its launch, the Xen crypto caused a significant drop in Ethereum, consuming nearly half of Ethereum’s block space. It has generated considerable buzz in the crypto market, attracting the participation of more than 364,114 wallet addresses. This has triggered a surge in Ethereum network gas fees for the past few days. On October 9, it reached 200wei.
The minting of the Xen crypto reached 2,271 processes and, by October 10, accounted for 19.46% of the total burning of the Ethereum network. Since it first launched on the Mexc global exchange, they have accounted that the total circulation of XEN has exceeded 183 million and 37.36% of the total deposited within their ecosystem.
This recent crypto trend has turned various eyes to the intriguing altcoin.
Mexc exchange has greatly profited from this significant contribution of XEN, becoming the most liquid trading platform for the new Ethereum project.
According to Mexc global exchange ranking, XEN has risen from 0.0001 USDT to 0.018 USDT. This is the highest gain of 17900% Mexc exchange has recorded.
XEN crypto shows potential
The XEN crypto has shown a significant decline in the Ethereum network since its launch. It has caused at least a 0.41% decrease in supply growth. To generate the total supply demand for the new Ethereum project, it burns 1300ETH. This is equivalent to spending $1.7 million.
The XEN crypto has caused a frenzy in the crypto market and currently has 416,288 active members, a majority residing in the Mexc exchange. Due to its high-profit gain, many of its active members have begun staking their tokens. Everyone is gunning to take advantage of this rare peak this crypto winter.
As a new brand, many still have a few questions. The most recent inquiry about this current crypto trend is its authenticity. Some have attributed it to Ponzi-type schemes that have recently emerged. Many have speculated, but the new Ethereum project vouches for itself.
The crypto winter has taken its toll on the new Ethereum project, and its price is steadily stabilizing to match other peers. Xen crypto might stem its instant surge from its hidden potential, but it is still a speculation. Turning to the Mexc Exchange might be the smartest choice to benefit significantly from the Xen crypto, but other exchange platforms, such as Coinmarketcap, have listed it.
The recent crypto trend is causing various heads to turn, but it’s doubtful it will keep the indecisive ‘crypto-viewers’ in a trance for a long. There is still a bit of hope, and many of its new users have high expectations for the coin. Will Xen crypto outgrow its recent crypto trend and stand tall with its competitors and earn its place in Ethereum? This a question best left to you/