XEN Crypto, an expansive force in the blockchain arena, proudly announces its exceptional accomplishment as a key participant in the Gas Monetization program orchestrated by the Fantom Foundation. With a resounding achievement, XEN Crypto has secured an impressive second place on the program’s esteemed leaderboard, right behind the leading contender, Layer Zero.
Introduced as a significant step in sustainable incentives for blockchain developers, the Gas Monetization program highlights the Fantom Foundation’s commitment to supporting a thriving ecosystem.
This initiative is based on the implementation of a groundbreaking governance proposal to reduce Fantom’s burn rate and redirect network fees towards dApps built on the Fantom blockchain. This decision aims at fostering innovation, retaining skilled creators, and fortifying Fantom’s network infrastructure. Following the decision, the burn rate was reduced from 20% to 5%, dedicating that 15% reduction to the gas monetization venture.
What do these 12 projects have in common?— Fantom Foundation (@FantomFDN) August 24, 2023
They all earned + shared 505,000 $FTM in the quarterly Gas Monetization bonus round!!https://t.co/Ivl1VPKewH
Take a LAP, in the leaderboard thread ⛽️🔽 pic.twitter.com/B2b7ezX5q7
XEN Crypto’s outstanding performance in this program is a testament to its commitment to mass adoption by providing the lowest barrier to entry. Under the program, which required a minimum of 150,000 transactions, XEN Crypto completed an impressive 1,665,349 transactions, demonstrating its active involvement and significant contribution to the Fantom network.
Amid intense competition, XEN Crypto’s position as a second-place entrant highlights its ability to attract users and generate significant activity. The rewards earned by XEN Crypto, amounting to 21,999.93 FTM, further strengthen its effectiveness in the program.
XEN Crypto’s achievements extend beyond this program. With an impressive tally of 14,811 holders on Fantom, XEN Crypto has significantly contributed to the network’s vibrancy. Since its launch in December 2022, XEN Crypto has generated a remarkable total of 117,035,274 transactions, showcasing its extensive impact on the blockchain landscape.
Moreover, XEN Crypto stands as a testament to innovation and versatility. The smart contract isn’t confined to the Fantom network alone; it boasts a presence on twelve other prominent networks, showcasing its adaptability and commitment to expanding the blockchain horizon. XEN generated over 921,726,179 transactions across Ethereum, BSC, Polygon, Avalanche, Fantom, Moonbeam, Evmos, Pulsechain, Ethereum PoW, Base, OKX chain, and Dogechain and is in their token leaderboard top spots.
XEN Crypto‘s success is rooted in its adherence to the first principles of cryptocurrency. The project’s fair launch, devoid of founder allocation and pre-minting, and its decentralized nature with no admin keys, reflect its commitment to transparency and user-centric values. XEN Crypto’s ultimate goal of fostering mass adoption underscores its alignment with the foundational ethos of blockchain technology.
XEN Crypto is positioning itself as a leader in the global blockchain arena. Uniting the entire XEN community on one X1 chain is the next step in bringing the original vision to reality.
Mr. Jack Levin, the founder of XEN Crypto and of the Fair Crypto Foundation, is intending to build X1 on Fantom’s codebase and their DAG technology. The XEN minters can already burn their tokens and get their burn record into the upcoming distribution of the XN gas tokens. The auctions distributing XN to all XEN burners will start in October, while the X1 launch is planned for Q1 2024.