XEN Crypto Raise on BSC and Ethereum

XEL Wallet Manager

XEN Crypto took everyone by surprise. It launched on October 8 and scaled leaderboards to become the top token by transaction count, sparking some heated conversation within the Ethereum community over the high gas fees it caused.

XEN raise on Ethereum

XEN Crypto is a minting token following the first principles of crypto like self-custody, transparency, trustless consensus, and decentralization. It began with no supply and no pre-mint. The supply comes into existence when people connect their wallets and mint XEN.

Within four days, XEN managed to reach a total supply of 10,517,220,554, a liquid supply of 10,195,064,127, and 322,156,427 staked. There are 563,128 active minters all over the world connecting wallets to the xen.network dapp and minting their free XEN.

XEN Ethereum dashboard
XEN stats on the Ethereum mainnet. Source: xen.network

Since its launch on Ethereum, over 700,000 new addresses have been created. As a result of this activity, 4172.443849868515609239 Eth USD 5,442,009.70 (Adjusted), USD 5,404,566.52 (Current) have been used to engage with the protocol, sending XEN to the top of gas guzzlers, surpassing Uniswap, USDT, and others. XEN smart contract is burning alone 472.69 ETH/day followed by Uniswap with 223 ETH/day.

XEN token stats
XEN Crypto token stats

In total, 2,398.76 ETH get burned per day with a 1.45x offset on issuance. This burn is making ETH deflationary, and supply issuance is currently at -0.22% per year.

XEN is scaling the leaderboards. With 66,631 transactions, it became the top token by unique senders. With 17,919 transactions, it’s the fourth token by unique receivers and the second token by uniques with a total of 73,038 txs.

ETH supply deflation since merge. Source: ultrasound.money

The official Telegram group has over 12,000 members and is first in the world in the English-speaking groups, as reported by the combot ranking. There are other groups like Polish, Italian, Ukrainian, Japanese, Chinese, Vietnamese, and Russian.

BSC shock

Following the launch of BSC, approximately 20,000 unique users are connecting to the xen.network dapp every 30 minutes. XEN Crypto contract with its bXEN token is the biggest gas guzzler with 3.10 BNB ($844.18) burned. PancakeSwap is half of that, with 1.61 BNB ($438.58) burned. The contract received $909.704252410328448813 BNB in fees, or $246,839.15 (Adjusted) $247,794.34 (Current).

In just 11 hours from the launch, XEN ramped the rankings, arriving at 9th place as a top token by unique senders, and by total uniques and at 14th place as a top token by unique recivers.

XEN BSC stats
XEN stats on the BSC mainnet. Source: bscscanner.com

XEN on the BSC chain currently has more than 1,704,121 registered addresses. As of press time, the number of active minting addresses (Active Minters) is 1,533,651.

XEN stats on the BSC mainnet. Source: xen.network
XEN stats on the BSC mainnet. Source: xen.network

After four days, Ethereum’s new claim rank actions continued growing and surpassed 700,000. The growth slowed a little when XEN Crypto launched on the BSC mainnet on October 12 and the gas fees on the Ethereum side dropped to 11 gwei.

The BSC network filled up to 90% of its capacity with XEN claim rank transactions within minutes of its launch. BSC registered 3x more addresses in 11 hours than Ethereum did in four days.

BSC has a higher throughput than Ethereum. It has 3s blocks with 300 transactions per second.

BSC XEN supply

The first XEN will be minted 24 hours after the BSC launch to be traded on exchanges or staked.

It’s visible from chain analysis that BSC users rushed to the chain to extract a short term value and mint the majority of XEN with just 1 day mint term just to dump it on the exchanges when the mint term hits the clock.

At the time of writing, there’s no sale of bXEN tokens on the BSC mainnet. The supply of bXEN hasn’t yet been minted into existence. The price of XEN on Ethereum was subject to high volatility, to the point that MEXC exchange had to stop futures trading. High volatility is also expected on the BSC side.

BSC claim ranks
XEN claim rank terms. Source: dune.com @pavlovofrabbitfarm
BSC claim ranks
XEN claim rank terms. Source: dune.com @pavlovofrabbitfarm

The situation on Ethereum looks different because we see that the distribution in time is less concentrated. A lot of users chose ti mint for the short term gains, but a big part chose longer mint terms, thing that can’t be observed on the BSC side.

XEN claim ranks mint terms. Source: dune.com @pavlovofrabbitfarm
XEN claims ETH
XEN claim rank terms. Source: dune.com @pavlovofrabbitfarm

Deployments to other EVM-compatible networks are planned to be launched in the coming days. The first will be Polygon/MATIC, followed by Avalanche and, most likely, ETHpow.


Watch the post-launch video analysis of our fellow Xenian XEN TZU.