The price of XEN has seen a significant upward movement after the burn function was activated on different chains. Projects like the XENFTs, Staking XENFTs, and DBXen have been the main cause of the burn. While the XEN Crypto community is still waiting on the release of projects like NEX and FENIX on Ethereum, others have been moving ahead, leading to a shortening of the price gap between the XEN tokens.
How much burn on Ethereum
On March 3, the XEN burn on Ethereum surpassed 1 trillion XEN, which is about 11% of the total supply. It’s worth noticing that the burn function in the XEN Crypto contract is permanent in the sense that the burned token amount is forever deducted from the supply. This is different from other protocols like SHIB or many others where tokens are simply sent to the null address, but they are still accounted for in the supply.
There’s one main mechanism for burning XEN, and that is creating XENFTs in the Limited and Apex categories. One Xunicorn burns 10 billion XEN, and 77 of them have been minted so far. The only Xunicorn listed for sale today costs 24 ETH. 479 out of 10000 total Apex XENFTs have already been minted, along with 262 Limited ones.
The cost to mint XENFTs has risen significantly as the gas price has been significantly higher during the past month.
In turn, buying XEN to burn it and mint a XENFT was much more convenient than ever before as XEN has reached new lows. In fact, when the price dropped to 0.0000007945 over ten Xunicorns were minted in just one day.
To this date, the XENFTs have been launched on Ethereum, BSC, Polygon, Avalanche, and Fantom. Other chains are awaiting XENFT’s deployment, but it’s yet unclear if OKC and Dogechain will see it ever coming due to contract censorship and fee manipulation.
XEN holders have also staked 7.55% of the supply. Staking also burns XEN, but the mechanism is not the same as in standard XENFTs. When the stake function is called, the tokens are burned, and unstaking mints the tokens back, but if this function is not called, XEN remains permanently removed from the supply.
XEN minters on the Ethereum chain are waiting for the NEX and FENIX tokens to burn their XEN. People are also looking forward to the launch of the X1 testnet, which will let users burn XEN to get the XN token. NEX is a reflection token being built by Jack Levin and his Fair Crypto Foundation, while FENIX is a project built by Joe Blau. X1 chain participants are already burning XEN to get an airdrop of XN when the testnet is launched. NEX, FENIX, and the burn auctions will also reward users with XN. The users can now get their test XN on the Devnet.
DBXEN pushing the burn on Polygon and Avalanche
Polygon and Avalanche chains have seen an enormous amount of mXEN and aXEN burned thanks to the DBXen project launched on February 16 and 23, respectively. DBXen has followed in the footsteps of XEN Crypto and had a fair launch, which means that there are no admin keys, no premines, no treasury allocations, no private sales, and no developer fees. The DBXen contract was also audited by Certik.
DBXen is a passive income generating project that proposes a new distribution algorithm based on the burn of XEN. It contributes to XEN deflation, and DXN rewards generation for XEN burners. DXN is a token capped at ~5,01 million whose distribution is limited to 62 years, and its holders receive rewards from network fees, which come from burning XEN and the gas used.
The distribution occurs through participation in daily burn rounds. The first round started at 10,000 DXN, and it decreases every 24 hours by 0.2%. If there’s no XEN burn in a day, then the next round starts. Staked DXN provides the user with passive income from the native token, like MATIC, AVAX, BSC, or any other where the protocol is launched. Native tokens come from the fees on top of regular transaction fees that users pay when burning XEN. These fees go to a pool, which is then redistributed depending on how many DXN stakers there are, by the number of batches the user has contributed in a specific cycle and the gas spent on the transaction. It’s worth knowing that unclaimed rewards mean that they remain staked. Claiming rewards will stop their accrual. The user can get a discount of up to 50% on fees if he burns the maximum allowed number of 10,000 batches of XEN. On Polygon, 1 batch equals 2.500.000 XEN tokens. Bigger batches give a bigger discount.
DBXen protocol is currently on Polygon, Avalanche, and soon also on BSC.
There are 2,481 DXN minters on Polygon who burned 2.8 trillion mXEN for a total of 186,245.21 mDXN and 130,382 MATIC.
On Avalanche, 447 users burned 46 billion aXEN for 118,451.38 aDXN. AVAX rewards haven’t been claimed yet. Due to its very low global rank of 1,389,574, minting yields a very high aXEN. The AMP is at 2,855 and the EAA is still at 8.70%, whereas it’s completely gone on almost all chains.
Everyone who burns XEN for DXN will get a X1 airdrop.