XEN Crypto launched on Ethereum on October 8, 2022, and then Jack Levin, the founder of the Fair Crypto Foundation behind the project, went for a blitz two-month rollup on nine other EVM-compatible networks. There was no roadmap, no timeline of any sort, and yet XEN successfully attracted many minters from different communities and general media attention due to its huge contribution to burning the ETH supply and making it deflationary. Almost three months later, Mr. Levin released the XENFT and XEN Torrent protocols, prepared a new reflection token, and made other plans, so let’s see what’s on the XEN Ecosystem roadmap and what’s next.
The XEN Ecosystem Roadmap
On January 7, Jack Levin tweeted the XEN Ecosystem Roadmap, which contained four main points with no timeframes. These are the upcoming projects that use XEN and will be launched in this order:
* Stake XEN and get tradeable XENTFs
* Reflection Token: Yield from XEN Burn and Staking with XENFT yield amplification
* XENFTs as collateral to borrow against future XEN Mints
* XEN Mint Flash Loans with yield for the loan providers
XEN Ecosystem Roadmap:
— Jack Levin 🟧🦇🟦 (@mrJackLevin) January 6, 2023
* Stake XEN, get tradable XENTFs
* Reflection Token - Yield from XEN Burn and Staking with XENFT yield amplification
* XENFTs as collateral to borrow against future XEN Mints
* XEN Mint Flash Loans with yield for the loan providers
The former Google engineer has hinted at these projects many times in his interviews and provided an indication of when they could be launched. The XEN Crypto and XENFT whitepapers were released prior to project launch, and it is expected that a whitepaper will be released for each of the roadmap projects.
1. Stake XEN to obtain tradeable XENFT
Staking XEN provides an APY that began at 20% and decreases by 1% every 90 days. When the stake function is called, XEN gets burned and taken away from the supply, and you need to wait until the end of your stake term to get XEN back together with the yield it generated. Unstaking early means that you take the XEN back without the yield.
Jack Levin wants to bring a smart contract that will generate a XENFT when XEN is staked so the stake and the yield it contains become tradeable and can be sold before the end of the stake term.
This will potentially create more maximum term staking resulting in burning of more XEN supply.
Mr. Levin mentioned that this project will come out in the first quarter of this year; however, no date should be regarded as final and is purely an indicative measure.
2. Reflection token
The reflection token is a token created by burning XEN. By burning XEN, the users get to participate in a monthly allocation of a reflection token capped at 100 million and distributed over 5 years. The token is distributed pro rata, which means that whoever burns the most XEN gets the most token.
In the second phase of distribution, the users can decide whether to mint the new token directly into their wallets or to stake it. If they mint it, then they will get penalized by taking less of the reflection token.
The penalty will be distributed instead to those who decided to stake the new token. They will also be rewarded with 0.2% of the trading and transfer fees. Read more here.
3. XENFT as collateral
It’s the possibility to stake a XENFT and use it as collateral to borrow XEN from it.
4. XEN mint flash loans
XEN Mint Flash Loans with yield for the loan providers is a concept described shortly by Jack Levin in the video below. When gas fees are high or someone has no money to pay for the upcoming XEN claim, then there will be the possibility to use a flash loan, which will be paid back within the same block with a portion of the XEN minted during the process.
All the projects are in the iteration phase, and they’re subject to change. The timing of the release of whitepapers or projects themselves is purely indicative, and nothing is set in stone. The XEN Ecosystem Roadmap shows the direction that will take the XEN community to the final goal of global adoption.
