In this guide, we overview the new cryptocurrency XEN that was built and deployed by the Fair Crypto Foundation and former Google engineer Jack Levin. The XEN token has taken the crypto world by storm and as of today (Oct 10, 2022) accounts for over 40% of the transactions on the Ethereum network.
What is XEN Crypto?
XEN is a new cryptocurrency that is designed to achieve the original mission of blockchain, which is to be a decentralized, transparent, counterparty-free, peer-to-peer currency. The philosophy behind XEN is simplicity. The token started with zero supply and can be minted by anyone who interacts with the XEN network contract with no maximum supply.
The XEN token can be staked to mint more XEN, which can be sold on the open market, or re-staked to compound rewards. XEN uses a smart-contract to manage token distribution, which means all participants are subject to the same set of rules that are secured by the Ethereum blockchain.
How does XEN Generate Rewards?
The XEN staking tokenomics are based on a few variables. Users can stake rewards and select the period in which they want to lock their rewards, the longer you lock, the higher the yield. The smart contract will also give you a XEN rank (cRANK), which will give you a boosted yield depending on how early you are and how many people staked and locked before you.
You can read more about the XEN tokenomics in the whitepaper.
How do I buy XEN?
XEN can be bought on popular decentralized exchanges like Sushiswap or Uniswap. However, the best method to acquire XEN is by minting it on the application by connecting your MetaMask wallet and selecting the 'Mint' button. The tokens are free and you can sell them onto the open market to participants who do not know how to mint the tokens, but want to get in on the hype.
How do I Mint XEN tokens?
If you want to mint XEN tokens instead of buying them on a decentralized exchange, you can follow this simple video guide.
Is XEN Safe?
XEN is a highly volatile token with no real value of utility. Discretion is advised when participating in the XEN network. The smart contract is open-source and has been audited by popular blockchain security firms. However, as with any decentralized application, there is always a risk of loss of capital.
The fact that XEN is not backed by any assets or has any real world utility makes it a very risky investment. If you're thinking about buying XEN, we recommend doing your own research and consulting with a financial advisor.
Final Thoughts
XEN Crypto is a new cryptocurrency that is designed to achieve the original mission of blockchain, to be a decentralized, transparent, counterparty-free, peer-to-peer currency. XEN uses a smart contract to manage token distribution and rewards stakers with higher yields when they lock their rewards for longer periods of time. While XEN is a very risky investment, it has the potential to be a high yield asset with much higher rewards than traditional investments. However, as always, discretion is advised and we recommend doing your own research and consulting with a financial advisor before making any decisions.
Andrew Chen is a lead editor and auditor of content for Buy Bitcoin Bank, with a Masters of Computer Science and extensive knowledge in cryptocurrency and blockchain technology. He has helped ensure the accuracy and quality of the platform's educational resources for new and experienced investors in the crypto space.
