{"id":266893,"date":"2022-10-10T15:36:41","date_gmt":"2022-10-10T14:36:41","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=266893"},"modified":"2022-10-10T15:36:41","modified_gmt":"2022-10-10T14:36:41","slug":"interest-in-xen-crypto-makes-ethereum-deflationary","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/interest-in-xen-crypto-makes-ethereum-deflationary\/","title":{"rendered":"Interest in XEN Crypto makes Ethereum deflationary"},"content":{"rendered":"<p>XEN Crypto, a new project on Ethereum, is responsible for over 40% of <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">ETH<\/a> burns and has made the network's issuance <a href=\"https:\/\/cryptoslate.com\/research-is-eth-inflationary-or-deflationary-after-the-merge\/\">deflationary<\/a> for consecutive days, according to ultrasound.money <a href=\"https:\/\/ultrasound.money\/\">data<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">When XEN launched &#8212; Ethereum supply shows reduction from Oct 8th onward&#8230;  (Note 50% of Ethereum gas fees get burned).  Bullish for Ethereum. <a href=\"https:\/\/t.co\/vA51H4rum5\">pic.twitter.com\/vA51H4rum5<\/a><\/p>\n<p>&mdash; Jack Levin (@mrJackLevin) <a href=\"https:\/\/twitter.com\/mrJackLevin\/status\/1579258895364943873?ref_src=twsrc%5Etfw\">October 9, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Etherscan <a href=\"https:\/\/etherscan.io\/gastracker\">data<\/a> shows that XEN minting is responsible for 40% of all Ethereum transactions and has pushed the network's transaction fee above $1. Users have paid over $1.8 million in gas fees to interact with the token contract<\/p>\n<h2>What is XEN?<\/h2>\n<p><a href=\"https:\/\/www.xencrypto.io\/\"><span class=\"s4\">XEN<\/span><\/a> is an ERC-20 token created by the Fair Crypto Foundation, a group supported by former Google Employee Jack Levin. According to its website, the goal of the token is to help users mint their way to freedom.<\/p>\n<p>The token takes a novel approach with no premint and fixed supply. Holders can continue to mint the token perpetually; however, the minting difficulty is expected to rise as more people join the network. XEN has no immutable contracts or admin keys.<\/p>\n<p>According to its website, the project aims to promote the first crypto principles of &#8220;self-custody, trust through consensus, transparency, and decentralization.&#8221;<\/p>\n<h2>XEN gaining traction<\/h2>\n<p>As of press time, XEN has <a href=\"https:\/\/xen.network\/mainnet\/charts\">seen<\/a> over 416,288 active minters, and its total supply has reached 771,520,659 XEN.<\/p>\n<p>Meanwhile, some holders have begun to stake their tokens as the current number of active stakes is 116, with around 10 million already staked\u00a0 -the project incentivizes users to stake their tokens with a 20% APY.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udd25 <a href=\"https:\/\/twitter.com\/hashtag\/Huobi?src=hash&ref_src=twsrc%5Etfw\">#Huobi<\/a> Will List <a href=\"https:\/\/twitter.com\/search?q=%24XEN&src=ctag&ref_src=twsrc%5Etfw\">$XEN<\/a>! \ud83d\ude80<\/p>\n<p>\u2705Follow <a href=\"https:\/\/twitter.com\/HuobiGlobal?ref_src=twsrc%5Etfw\">@HuobiGlobal<\/a> <a href=\"https:\/\/twitter.com\/XEN_Crypto?ref_src=twsrc%5Etfw\">@XEN_Crypto<\/a><\/p>\n<p>\u2705RT,  Like, Tag 3 Friends<\/p>\n<p>\ud83d\udcb0 5 <a href=\"https:\/\/twitter.com\/search?q=%24USDT&src=ctag&ref_src=twsrc%5Etfw\">$USDT<\/a> * 10 Winners<\/p>\n<p>&mdash; Huobi (@HuobiGlobal) <a href=\"https:\/\/twitter.com\/HuobiGlobal\/status\/1579377990751789056?ref_src=twsrc%5Etfw\">October 10, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>With the increased interest in the token, some exchanges like Gate.io, Huobi, <a href=\"https:\/\/twitter.com\/MEXC_Global\/status\/1579171060280614918?s=20&t=pyimJynK4mD-ZoV1CTcK_g\"><span class=\"s4\">MEXC exchange<\/span><\/a>, and Uniswap have listed the token.<\/p>\n<p>According to Coinmarketcap, XEN has <a href=\"https:\/\/coinmarketcap.com\/currencies\/xen-crypto\/\">shed<\/a> over 80% of its value in the last 24 hours. The asset is trading for $0.001036 after briefly peaking above $1.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>XEN Crypto, a new project on Ethereum, is responsible for over 40% of ETH burns and has made the network&#8217;s issuance deflationary for consecutive days, according to ultrasound.money data. When XEN launched &#8212; Ethereum supply shows reduction from Oct 8th onward&#8230; (Note 50% of Ethereum gas fees get burned). Bullish for Ethereum. pic.twitter.com\/vA51H4rum5 &mdash; Jack [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":266997,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76736],"tags":[76128,72190,78115],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Interest in XEN Crypto makes Ethereum deflationary<\/title>\n<meta name=\"description\" content=\"XEN Crypto is responsible for over 40% of ETH burns and has made the network&#039;s issuance deflationary for consecutive days.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/interest-in-xen-crypto-makes-ethereum-deflationary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interest in XEN Crypto makes Ethereum deflationary\" \/>\n<meta property=\"og:description\" content=\"XEN Crypto is responsible for over 40% of ETH burns and has made the network&#039;s issuance deflationary for consecutive days.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/interest-in-xen-crypto-makes-ethereum-deflationary\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-10T14:36:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/xen-ethereum.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/interest-in-xen-crypto-makes-ethereum-deflationary\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/interest-in-xen-crypto-makes-ethereum-deflationary\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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