One of the major objectives of XEN is to become a community-building crypto asset that connects like-minded people. The project is also experiencing a Sybil attack, with 80% of participating addresses being Sybil addresses.XEN has suffered multiple attacks, which have seen an attacker mint over 100 million XEN tokens for free.The huge interest XEN has enjoyed in its first week of launch has also come with some negative attention.
This could possibly improve the deflationary mechanism XEN has added to Ethereum (ETH). XEN has also announced that after its launch on the Binance Smart Chain, a burning option will be added for the crypto. To celebrate the launch, XEN will be giving 500 Binance Coins (BNB) for the first 500 participants.
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In continuation of its expansion, the XEN crypto will be launching full functionality on Binance Smart Chain (BSC) on Monday, October 17th. XEN now trades at $0.00007968 despite trading over $1 at its launch. In the last 24 hours, the price of XEN has fallen by 25% as the crypto reels from the impact of multiple attacks. The 24-hour price chart for XEN Crypto (XEN). However, despite the high activity on the Ethereum chain, the price of XEN has suffered a major decline as the project has become a victim of attacks. The massive interest in XEN translated into major price increases days after its launch. In addition, the XEN crypto has been listed on multiple exchanges, including Gate.io, Huobi, MEXC Global, Phemex, and LBank exchange. In the first five days of its launch, XEN has been listed on five chains. The expansion comes just days after launching on the Polygon chain. On October 13th, Binance, the world’s largest crypto exchange, listed XEN. XEN went live on ETHPoW and Avalanche (AVAX) on October 14th. Within days of its launch, the XEN team announced that the protocol would be launching on ETHW, the proof-of-work (PoW) hard fork that retains the original codes of the Ethereum network. According to data from UltraSound Money, Ethereum’s inflationary status is at 0.07% per year, from a high of 0.21% before the launch of XEN. Not only has XEN pushed the burn rate of ETH, but it has also caused a significant drop in Ethereum’s inflationary status. In the last week, over 16,958 ETH has been burnt across all platforms, with XEN contributing the highest at 4,540. In helping ETH become a deflationary asset, XEN has received massive attention and adoption since its launch. Social Media: Website |Twitter |GitHub |Discord |Telegram |Reddit |WhitePaper | Gitbook So, how has XEN crypto fared since its October 8th launch? The XEN project burns ETH for the same amount of XEN minted, helping to add the deflationary mechanism to Ethereum. In addition, its tokenomics focus on the mass adoption of the crypto with peer-to-peer value exchange and self-custody. This makes XEN the crypto with the lowest barrier to entry compared to the rest of the coins on the market today. XEN had no initial supply or supply cap but allowed users to mint tokens by paying only the related gas fees in Ethereum (ETH). The unique PoP mechanism allows all XEN ecosystem participants to use Ethereum-compatible wallets to mint XEN. XEN crypto is based on a unique Proof of Participation (PoP) mechanism.
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