The new crypto project caused a large amount of ETH transaction fees
The new crypto project caused a large amount of ETH transaction fees over the weekend, leading to its deflationary issuance.
The recent launch of XEN Crypto has caused quite a stir in the Ethereum community. The project has quickly consumed nearly half of Ethereum's block space, leading to a fall in network issuance and a rise in gas prices. Some are concerned that this could lead to centralization of the Ethereum network, while others see it as a positive development that will help spur adoption and growth.
“Users have paid almost $1.8 million in gas fees to interact with the token contract, which has a market cap of $500k,” reported DeFi analyst ‘@0xfoobar’.
The Ethereum network has been in a state of decline since October 8th, with a recent report from Ultrasound.Money indicating that the network is now in a state of deflation. This is a significant development for the Ethereum network, as it has traditionally been considered an inflationary asset. However, this recent turn to deflationary conditions may be a sign of things to come for the network, as it faces increasing pressure from competitors such as EOS and TRON. Only time will tell how this situation will develop, but for now, it appears that Ethereum is in a state of flux.
With over 1,300 ETH being burnt in the past 24 hours, XEN Crypto is on track to become one of the most successful crypto projects in recent history. Worth approximately $1.7 million, this project is sure to shake up the industry and change the way people think about crypto.
ETH is turning deflationary again thanks solely to a token named XEN, which has consumed half of all Ethereum blockspace over the last day
Users have paid almost $1.8 million in gas fees to interact with the token contract, which has a marketcap of $500k pic.twitter.com/gJ8h2Zl0IF
— foobar (@0xfoobar) October 9, 2022
XEN is a powerful virtualization platform that enables you to run multiple operating systems on a single server.
The XEN project is an ambitious effort to create a new kind of cryptocurrency that is fairer and more egalitarian than existing options. The project is backed by Jack Levin, a veteran of the tech industry with experience at Google. The goal is to create a token that starts with a zero supply and has no pre-mint, CEX listings, admin keys, or immutable contracts. This would give users more control over their own finances and allow for a more decentralized and democratic cryptocurrency ecosystem.
It is important to remember that there are Ponzi-type properties to some APYs, as Foobar commented. Always do your research to make sure that you are not being taken advantage of.
The XEN protocol is a game-changer for the crypto industry. It offers a unique mix of features that make it ideal for a variety of use cases. For one, it is based on the first principles of crypto: self-custody, transparency, trust through consensus, and permissionless value exchange without counterparty risk. This makes it a great choice for those looking for a more secure and trustless way to transact.
The XEN Network's recent launch has been a huge success, with over 369,515 active minters since genesis. The total supply of 174 million tokens is almost entirely spoken for, and the 20% annual staking interest rate is attracting a lot of attention. However, gas prices have risen due to the increased demand, so minters need to be aware of the potential costs.
Overall, Levin remains bullish on Ethereum despite the recent transaction fee hikes. He believes that the long-term potential of the platform outweighs the short-term inconvenience of higher fees. However, he acknowledges that some Ethereum users may not feel the same way and may be discouraged by the increased costs.
When XEN launched — Ethereum supply shows reduction from Oct 8th onward… (Note 50% of Ethereum gas fees get burned). Bullish for Ethereum. pic.twitter.com/vA51H4rum5
— Jack Levin (@mrJackLevin) October 9, 2022
XEN price sees positive reaction following news of upcoming release.
It is great to see the token price pump to $1 after genesis. However, it is important to note that the price has fallen back to $0.0032 according to Coinmarketcap. It is essential to keep an eye on the market and understand the listing process in order to make informed decisions when investing in any cryptocurrency.
It is still early to tell if the latest hot cake in crypto will turn out to be just another swindle. At the moment, it can only be traded on Uniswap, where there is very little liquidity. Some commentators are already suggesting that it could be a scam, but time will tell.
The post Ethereum Turns Deflationary as XEN Crypto Degens Dive In appeared first on CryptoPotato. In this article, the author discusses how the Ethereum network has turned deflationary due to the recent influx of XEN tokens.
