A new crypto project became the top consumer of Ethereum transaction fees over the weekend, causing its issuance to become deflationary.
XEN is a project created by the “Fair Crypto Foundation,” backed by Jack Levin, one of the first employees at Google working on cloud infrastructure. The ethos aims to empower the individual with a token that starts with a zero supply and has no pre-mint, CEX listings, admin keys, or immutable contracts.‘Foobar’ commented that it “copies a couple of HEX-like mechanics, but the important thing is that an APY exists,” suggesting that there are some Ponzi-type properties to it.
XEN, which launched on Oct. 8, can be claimed and minted or staked and is based on the first principles of crypto: self-custody, transparency, trust through consensus, and permissionless value exchange without counterparty risk., there have been 369,515 active minters since genesis over the weekend. The total supply is 174 million, and it is offering an APY of 20% for staking the token. Minting is free, but it does consume gas, and prices are going up due to the degen demand for this new token.
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