People in entrepreneurship are striving for finding the solutions to solve the pain points regardless of bull or bear market. Jack Levin, the founder of XEN, is one of them and his crypto project, XEN Crypto (XEN), has burnt $1.85 million in Ethereum gas fees in 24 hours since its launch on Oct 8, 2022, which has drawn a lot of attention from the Ethereum community. To understand the project, Poloniex , the world’s leading crypto exchange, co-hosted an AMA with Encentive, the Web3 SaaS platform, this week to find out more.
“99.999% of all projects out there……didn’t really have any good ideas, or were purely crypto, and didn’t really embrace the ethos of blockchain and Bitcoin (BTC),” Levin shared his views in a Twitter Space named “Building Viral Projects in Bear Markets”. Therefore, the ex-Google engineer decided to jump on the Web3 bandwagon early this year after exploring the crypto world for more than a decade.
Unlike other crypto projects, Levin claimed that XEN is based on the first principles initiated by Satoshi Nakamoto, the presumed pseudonymous person who developed BTC, in his white paper. Although XEN is a minting token with functionalities like self-custody, transparency, trustless consensus, and decentralization, the project began with no supply and no pre-mint. Having said that, if there is no hard cap or no soft cap, the supply of the token purly exists when people connect their wallets and mint XEN, which also indicates that the token will become less inflationary overtime when the adoption is presumed to be increased. “…that sort of novel approach where an open source software can potentially change the world for better…even during the bear market, ”Levin continued during the live AMA.
When XEN came to earth two weeks ago, the Ethereum network was tumultuous since the XEN contract came up as the biggest gas guzzler, surpassing the likes of Uniswap and OpenSea, as stated on its official website.Within four days, XEN managed to reach a total supply of 10,517,220,554, a liquid supply of 10,195,064,127, and 322,156,427 staked. There are 563,128 active miners all over the world connecting wallets to the xen.network dapp and minting their free XEN.
When asked about the importance of community-first and Proof of Participation (PoP) mechanisms, Levin stressed that both guarantee the full ownership of XEN, and Levn even described the token as “the People’s Crypto”, which can be passed on from generation to generation.
For the reasons why XEN accounted for 42% of the gas used in 24 hours on the launch day, Levin believed that XEN became so popular because it was launched on omnichain as well as without any back doors and admin keys so everyone could play for free, which was truly presented to everyone.
As 2022 is coming to an end, Levin hopes to optimize the official website to bring more data-driven insights to the users on the networks. Meanwhile, Bree Yin from Encentive, another guest, revealed that the company would work with up to a dozen of projects related to GamFi, sport stars, football teams, and beyond, let alone organizing offline events in hopes of growing the ecosystem and educating the public about the digital innovations.
If you wish to learn more about the project, please click here to listen to the archive. To support XEN, you can now acquire the token on multiple exchanges, like Poloniex, XEN through trading a USDT and USDD trading pair: XEN/USDT | XEN/USDD.
Image by Sofia Terzoni from Pixabay