An ERC-20 token launched in October soon started to account for around 15% of all Ethereum gas fees. Heavy usage is accompanied by a brief rally in altcoin price.
This altcoin accounts for 15% of Ethereum gas fees
Launched in October, XEN Crypto (XEN) quickly became the largest Ethereum gas producer. A chart shared by an analyst on Twitter showed that as of December 11, XEN’s gas production was four times higher than all Tier-2 networks and 20% more than OpenSea, the largest NFT market.
With the spike in gas spending on the network, Ethereum net issuance hit zero on Dec. This means that the number of issued tokens and the number of burned tokens are at the same level. In other words, the Ethereum network is becoming more and more deflationary. Ethereum got this mechanism EIP-1559 in 2021. According to the data, XEN token is currently one of the largest gas producers of Ethereum. XEN has burned more than 210 ETH, or about $260,000, last December 12.
Ethereum becomes deflationary for the first time with the launch of XEN
Interestingly, it was in October when the supply of ETH first became deflationary, due to the launch of XEN. At that time, XEN mining accounted for 40% of all Ethereum transactions. Thus, it led to ETH becoming deflationary for 24 hours. Meanwhile, ultrasonmoney data shows that the total of ETH burns in 24 hours is 1,672.94 ETH. The 7-day burning was 12,806.70 ETH. At that time, XEN Crypto was responsible for 209.28 ETH burns, the fourth highest after new contracts, Uniswap V2 and OpenSea.
In terms of price, XEN has been on the decline since October. As of December 12, it fell an additional 4% to $0.000004449.
What is XEN Crypto (XEN) so prominent?
XEN is a cryptocurrency based on the Proof of Participation (PoP) mechanism. The PoP mechanism allows all XEN ecosystem participants to use Ethereum compatible wallets to mint XEN. XEN had no supply or supply limit at first. However, it only allowed users to issue tokens by paying the respective gas fees in Ethereum (ETH).
These features make XEN the crypto with the lowest entry barrier compared to other cryptocurrencies on the market today. The XEN project helps add the deflationary mechanism to Ethereum by burning ETH for the same amount of XEN minted. In October, the date of Lanms, it garnered attention as the altcoin that helped ETH become deflationary. At that time, over 16,958 ETH was burned across all platforms, with XEN making the highest contribution with 4,540. cryptocoin.comAs you follow, it was one of the most sought after altcoins of this importance.
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