Xen Crypto Guide

What is XEN?

XEN is a distinctive cryptocurrency founded by Jack Levin in October 2022. It diverges from traditional models by allowing users to freely mint tokens, a process that doesn't involve mining or initial coin offerings (ICOs). This mechanism promotes a more democratic and inclusive distribution, aiming to lower entry barriers and encourage widespread adoption within the cryptocurrency community.

The essence of XEN lies in its commitment to egalitarian principles, with its value directly linked to the network's user engagement. This open-minting strategy is designed to foster a broad and diverse user base. Nonetheless, the viability and long-term impact of this approach are subjects of ongoing discussion. Those considering participation in the XEN ecosystem are encouraged to thoroughly research and assess the associated risks.

What is the Supply?

The supply of XEN is governed by an innovative set of rules that blend free minting, staking rewards, and algorithmic adjustments. Unlike conventional cryptocurrencies with a predetermined supply, XEN's tokenomics creates a dynamic and adaptive ecosystem. The supply is influenced by user interactions, time-based factors, and strategic incentives designed to balance early adoption with long-term sustainability.

Here's a detailed look at the elements that shape the supply of XEN:

1. Minting: XEN tokens can be minted for free by anyone with an Ethereum-compatible wallet and some ETH to cover the gas fees. The number of XEN tokens minted depends on several factors, including the user's rank (cRu), the global rank (cRg), the mint term (t), and various multipliers like the Reward Amplifier (AMP) and the Early Adopter Amplification (EAA).
2. Inflation Adjustment: The supply is designed to have a high inflation rate initially, which is regulated by the AMP and EAA. Over time, the algorithmic adjustments aim to achieve a 0% increase rate, stabilizing the global inflation at a flat 2% per year.
3. Staking and APY Rewards: Users can stake XEN, which burns the tokens and reduces the total supply. Staked tokens are then reminted along with APY rewards after the staking period ends. The APY starts at 20% and decreases over time, settling at 2%.
4. Penalties: There are penalties for not minting XEN rewards within a day of the mint term ending, which can lead to a significant loss of APY rewards, impacting the circulating supply.
5. Free Mint Function: Initially, users can claim XEN for a maximum term of 100 days. After 5,000 users, the Free Mint Term increases logarithmically, making it progressively harder to mint more tokens.

Because of these complex mechanisms, the total supply of XEN is not fixed. It fluctuates based on user interactions with the smart contract, staking behaviours, and time-based adjustments within the protocol. As a result, providing a specific total supply figure is challenging without real-time interaction with the XEN network to account for all these variables.

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What Chains Does XEN Support?

XEN Crypto is a multi-chain token. XEN is on 9 blockchains, such as Ethereum, Ethereum PoW, Polygon, BSC, Avalanche, Moonbeam, Evmos, Fantom, and Dogechain, and more chain integration is coming. Our community members are everywhere now, but to be there, they had to cross bridges between chains, do cross-chain swaps, and find token prices and exchanges. That wasn’t always easy because the blockchain space is fragmented, so here we are to guide you on this crypto journey.

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How Do I Mint XEN?

Minting XEN is a straightforward process that involves interacting with its smart contract. Here’s a step-by-step guide:

1. Wallet Setup: Ensure you have a digital wallet compatible with Ethereum or any other blockchain that supports XEN. MetaMask is a popular choice for many users.
2. Fund Your Wallet: You need to have some ETH or the native token of the blockchain to cover the transaction fees (gas fees).
3. Connect to the XEN Contract: Visit the official XEN minting dApp and connect your wallet. This is typically done by clicking a "Connect Wallet" button and authorizing the connection.
4. Mint XEN: Once connected, you’ll have the option to mint XEN. This process doesn’t require you to exchange any currency for XEN; instead, you create new XEN tokens. However, you’ll still need to pay the gas fees.
5. Set the Mint Term: You can decide how long you want to mint XEN. A longer-term generally means more XEN, but it also means your ETH will be locked up for a longer period.
6. Confirm the Transaction: Review the gas fees and other details, then confirm the transaction. Your wallet will ask for final confirmation.
7. Claim Your XEN: After the minting term ends, you must claim your minted XEN tokens. Failing to do so promptly can result in penalties.

Remember, while minting XEN is relatively easy, it’s important to do your due diligence and understand the risks involved in any crypto-related activity.

XEN Stats

XEN's ecosystem showcases significant activity with a current price of $0.0000005404, and a market capitalization of roughly $16.4 million. The network exhibits a total liquid supply of 30.283 trillion XEN, with approximately 51.54% (166.7 trillion XEN) already mined from an estimated maximum supply of 323.509 trillion XEN. 

Additionally, the ecosystem has seen a substantial amount of XEN burned, totaling 9.509 trillion, indicating an active and engaged community. The network's health is underscored by a hash power of 22,606.81 ETH and the utilization of over 50,060.20 ETH in gas, demonstrating the scale and intensity of network activity.

Final Thoughts

In summary, XEN stands out in the cryptocurrency realm with its egalitarian approach to token distribution and its commitment to inclusivity. By enabling free minting across multiple blockchains and eschewing traditional methods like ICOs, XEN paves a new path for user engagement and network growth. Its supply, governed by user interactions and algorithmic adjustments, adds a dynamic layer to its tokenomics, offering both opportunities and complexities.