First bitcoin trades
Satoshi Nakamoto created Bitcoin as a peer-to-peer cash system, and he created it to get rid of the middlemen. The thing is that when bitcoin started to be traded on the exchanges like Mt. Gox, Bitomat, and later on Bitfinex, etc., first hacks started to appear, and up to this day, cryptocurrency suffers from these errors of the past. When Satoshi exchanged his first bitcoin transaction with Hal Finney, it had no fiat value.
The first time bitcoin has been exchanged for something of value was when Laszlo Haynecz decided to buy two pizzas for 10.000 BTC. On October 5, 2009, bitcoin was listed for the first time on the New Liberty Standard exchange with a value ratio of 1.309,03 BTC for $1. It was believed that that was the energy cost of mining Bitcoin.
Where to buy XEN
Similarly to bitcoin, you couldn’t buy XEN straight away as its done with many preminted tokens. XEN supply started from zero and there was no initial price when first mint happened. XEN can be minted into existence just like bitcoin can be generated only by mining it. XEN couldn’t be bought on any centralised or decentralised exchange when smart contract launched. The moment the first XEN mint terms ended, people wanted to give a monetary value to the token so they listed XEN on a decenetralized exchange. Uniswap was the first DEX where XEN has been listed and that first trade determined the initital price.
Chain specific XEN like for example bXEN on the BNB Chain, mXEN on Polygon, or aXEN on Avalanche can be bought on a chain specific DEXes like for example QuickSwap on Polygon or Diffusion on Evmos. Check out our ultimate guide to cross chain swaps and bridges.
How to mint XEN
Just like bitcoin, XEN Crypto is not tied to user identity, so anyone can mint as many coins as he/she pleases. However, this means that bots can also mint XEN.
XEN can be minted only by connecting your Ethereum wallet to the dashboard of the XEN dapp, and claiming your cRank. There’s no need to buy XEN or to stake other tokens to get it. What you need is some ETH to pay for the gas fees. cRank indicates your spot in the number of total interactions with the contract.
Once you indicate the time you’re willing to wait for your tokens, the contract will start counting the participants that joined after you adjusted for the inflation rate. When your waiting period ends, you can connect your wallet again and mint all your XEN tokens.
Read here: How to mint XEN
One thing to know is that there are penalties applied for every delay in minting XEN after your waiting period has ended.
The penalties are applicable as follows:
0 = 0%
1 = 1%
2 = 3%
3 = 8%
4 = 17%
5 = 35%
6 = 72%
7 = 99%
“When you mint your own coins, you create something out of nothing. The amount of effort it takes to do it, plus community, is what drives the coin’s value higher. BTC has done it, XEN does it, XEN will do it” says Jack Levin.