XEN Crypto News — Edition 1
Hello and welcome to XEN Crypto News. Today’s edition will provide an overview of XEN Crypto and focus on the latest developments.
XEN Protocol
XEN is a new self-custodial cryptocurrency based on the Ethereum ERC-20 standard focusing on exchange of value. The project was founded by the 21st Googler Jack Levin and Fair Crypto Foundation team. XEN aims to become a community-building crypto asset that connects like-minded people together. XEN is a universal cryptocurrency to achieve the original mission of Blockchain, following the Blockchain Tenets of decentralization, transparency, counter-party risk resistance, peer-to-peer value exchange, and self-custody. Its unique tokenomics focuses on the mass market adoption with the lowest barrier to entry compared to the rest of tokens on the market today.
XEN protocol is immutable, open-source, and permissionless to interact with, has no admin keys, is audited, and has no origin address. The token distribution model is unique. No pre-mine was made to the founder or team. Supply and price started at 0 and minting began by the community. The supply is highly inflationary and will never stop. However, the formula has time and adoption-based amplifiers which makes it harder to mint for each iteration.
XEN Protocol was launched on the Oct 8th, 2022 on the Ethereum Mainnet. Since then the contract has been deployed to 9 more chains; Binance Smart Chain, Polygon, Avalanche C-Chain, Ethereum PoW, Moonbeam, Evmos, Fantom, DogeChain, and OKX Chain.
Wallets participating in minting XEN
More than 8.7M wallets are participating in minting XEN on Ethereum and over 270M wallets across all chains:
- Ethereum — 8,725,700
- Binance Smart Chain — 15,530,541
- Polygon — 37,990,442
- Avalanche C-Chain — 834,201
- Ethereum POW — 37,546,509
- Moonbeam — 1,534,473
- Evmos — 5,378,188
- Fantom Opera — 44,548,653
- DogeChain — 17,760,825
- OKX Chain — 100,800,161
XEN Torrent Protocol & XENFTs
XEN Torrent protocol is run by an ERC721 compatible smart contract that interacts with Xen protocols ERC20 smart contract, by virtue of bulk minting XEN as well as the implementation of the Proof of Burn function native to the ERC20 contract. XEN torrent issues non-fungible tokens, XENFTs, which contain up to 128 user-encapsulated cRanks (future mint claims), with the same maturity date. Since XENFTs adhere to ERC-721 NFT standard, they are transferrable. This means that one user instantly can transfer a XENFT owned by them to another user or trade them on NFT marketplaces.
The XENFTs come in three different categories. ‘Apex’ is limited by the amount and requires burning of Xen to mint. ‘Limited’ is limited by time, will only be able to mint for 365 days, and will also require burn. ‘Collector’ does not require burn.
The current supply of XEN is roughly 6T. All Apex XENFTs will require 15.5T XEN to be burned. The XEN Community also voted to approve half of the XENFT trading fees to be used as buyback and burn of XEN.
XEN Torrent protocol is an immutable contract, with no admin keys, 100% transparent and open-source. The protocol is audited and the audit report was shared with the XEN community prior to launch. There will be no pre-mint of XENFTs, whitelists, blacklists, or sacrifices.
XENFTs launched on Dec 30th, 2022 on Ethereum Mainnet and many are already listed on Opensea. The team plans to deploy XEN Torrent protocol on the other chains in the near future.
Staking XENFTs
XEN Crypto launched their latest iteration of XENFT’s on the Jan 27th, 2023 known as ‘Staking XENFTs’. Staking XENFT’s allow you to stake your liquid XEN, obtain an NFT and have your stakes be portable so they can can be bought or sold on Opensea, this means that your stake can be sold without unstaking it and someone else will inherit your stake. Staking XEN generates yield for up to 1000 days.
Interview with Jack Levin by Crypto Kindness on YouTube covering the Staking XENFTs
Learn more about Staking XENFTs with this Xenducation video:
NEX Token
NEX is a new reflection token current being developed by the XEN team.
- Token standard: ERC-20
- Limited supply: 100M NEX
- Supply distribution: Inverse exponential over 5 years
- Inflation: Predetermined — daily
NEX = Token distribution model with sustainable incentives.
Worlds first deflationary limited supply cross chain token based on first principles. Store value in something that wont inflate away but still is liquid.
- Distribution (of token)
- Reflection (of yield)
Distribution
Competition for distribution through burning of XEN.
Reflection
Yield generated distribution.
Behaviour to maximise NEX:
- Burn as much as XEN as fast possible
- Stake NEX for as long as possible
User can mint new very scarce token and also stake it to generate yield coming from users who unstake before user, transaction taxes and allocations from competitions.
So first it’s the competition of whoever burns the most and second is the competition of whoever stakes the longest.
Whoever burns the most and whoever stakes the longest gets the most tokens and the most yield.
Utility is to convert XEN which has long time horizon to something that has lower time horizon.
It’s like you are converting XEN in into something more rare, similar to an NFT, but super basic, like bitcoin.
Learn more about NEX with this Xenducation video:
X1 Chain
X1 is a new blockchain currently in development by Jack Levin and the team. There is no planned date for the launch of X1 although Jack mentioned we might see something in Q1 2024.
The chain will be named X1 and its native coin will be $XN.
Proposed tokenomics:
- 1 Billion deflationary supply
- 50% of all TX fees burned
- 50% of supply burned over a set period of time
- XEN will be the fuel you burn in order to obtain the $XN gas token
X1 Chain — Devnet is live
On Jan 29th, 2023 the XEN team went live with X1 Devnet. The team is testing out the airdrop function and if you have minted XENFTs you should’ve received $XN to play with. Devs are deploying all sorts of contracts and the XEN team are optimising the network with heavy volumes iteratively.
How to access X1 Devnet
- Go to: https://explorer.x1-devnet.xen.network
- Scroll to bottom of the page and click Add X1
- Accept Switch to X1 DEVNET
- Confirm Switch to X1 DEVNET
- Go to the official XEN Website: https://xen.network/
- Change the network to X1 Devnet (top right)
In only 2 days since launch; X1 Devnet has been tested by the community with some incredible stats.
- 12 Gigabytes of space used in 2 days
- 1,000,000 Internal transactions done
- 3000 users minted 7,500 XENTs
- 123 Contracts deployed by developers
- 11,700 XN collect as fees for all transactions
- 33,700 Wallet adresses registered
FENIX Protocol
FENIX is designed to reward crypto community members who believe in the crypto first principles of self-custody, transparency, trust through consensus, and permissionless value exchange without counterparty risk. FENIX’s value is derived from the skills of the community members who have the freedom to assemble and create value for FENIX. Since no one party will own an outsized amount of the initial supply, it encourages the entire community to cooperate and coordinate. The FENIX token is minted from the ashes of burned XEN. XEN is the fastest growing cross-chain protocol with a vision of onboarding 100 million users into crypto.
Fenix Telegram: https://t.co/EzqA8S72zy
Fenix Litepaper: https://github.com/atomizexyz/litepaper
Learn more about Fenix Protocol with this Xenducation video:
Join the XEN Crypto Telegram Community
XEN Network Official Website
