A Deep Dive into XEN Crypto: The Culprit Behind Ethereum Gas Surge
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A Deep Dive into XEN Crypto: The Culprit Behind Ethereum Gas Surge
In the past few hours, $XEN became the largest gas consumer on ETH.
Navigating Web3 tides with focused insights
Author: Xencrypto, Hyunme
Translation: TechFlow
Over the past few hours, $XEN has become the largest gas consumer on ETH.
What is $XEN?
A project from the Fair Crypto Foundation, founded by Jack Levin.
Jack Levin, "one of Google's earliest employees." As an infrastructure engineer, he built Google’s first cloud and established its first six data centers. He is also an angel investor, biohacker, and founder of imageshack.com and other companies.
Unlike any token on the market, $XEN was designed as a universal cryptocurrency to fulfill blockchain's original mission—upholding decentralization, transparency, counterparty risk resistance, peer-to-peer value exchange, and self-custody. Like Bitcoin users, XEN holders practice self-custody, with everyone retaining full control and responsibility over their economic energy.
$XEN is free because it does not require participants to deposit any funds to mint XEN.
$XEN aims to be a community-built crypto asset that connects like-minded individuals.
There is no initial supply of $XEN. Supply is generated by all participants through the Proof-of-Participation (POP) protocol by minting their own tokens. There is no maximum supply cap—initially inflationary, it becomes deflationary as adoption increases.
No investors, no venture capital support, no pre-sale, no pre-minting, and no inherent initial value.
$XEN is immutable—unchangeable and unstoppable by anyone. With its open-source code, it achieves true trustlessness through consensus.
$XEN has no controlling or managing team; it is simply immutable code secured by the blockchain. It is not a Layer 1; it will not run on its own blockchain but will be deployed on the Ethereum mainnet.
You don’t need any deposit or investment, nor do you need to lock up or stake any assets to mint. Of course, except for gas fees when minting and claiming.
The number of tokens you can mint depends on the minting duration—the length of time (in days) you are willing to wait. The first 5000 participants can choose between 1–100 days, and as more participants join the protocol, the available durations increase logarithmically. $XEN rewards are based on game theory (refer to the official website), involving several variables that affect the final reward.
Your final reward is calculated by multiplying several variables, such as the gap between your rank and the global cRank, the time between minting and withdrawal, time-based reward (AMP), early adopter advantage (EAA), and others.
Minting difficulty increases as more people join the network, similar to Bitcoin. Due to the impact of the aforementioned variables, XEN's initial inflation rate is extremely high. However, over time, XEN will transition from a highly inflationary token into a deflationary one. Eventually, it will reach a fixed annual emission rate used to pay APY rewards to stakers.
According to founder Jack Levin, XEN will launch first on Ethereum, then roll out on other networks such as Polygon/MATIC, BSC, Avalanche, and ETHw (or ETHpow) a few days later, with more chains to follow. XEN Crypto has already completed testing across multiple chains.
However, most value is expected to be stored on Ethereum, as this incurs the highest gas costs. Activity may be higher on other chains due to lower transaction costs, speed, and capacity, but prices on Ethereum will likely be higher. Therefore, the price of XEN will depend on many factors, including:
- Gas and ETH prices;
- Utility;
- Community size;
- User activity;
- Deflationary effects;
- Waiting time;
- ......
Regardless, XEN adheres to blockchain's foundational principles and ensures fair minting access for everyone.
Although it is a multi-chain token with identical code, XEN is not the same asset on each chain. Because the economic energy invested in its production varies, users must decide where to focus their attention when minting XEN.
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