XEN Increasing Crypto Adoption in a 7 Chains Move

XEN adoption

XEN Crypto is the hottest token since it launched on Ethereum on October 8. In the next four days, it was also deployed to Binance Smart Chain, Polygon, Avalanche, Ethereum Pow, and recently to the EVM compatible chains like Moonbeam and Evmos. In just 10 days, circa 10 million addresses claiming the XEN rank have been created. It’s the biggest gas guzzler on these chains, it’s making Ethereum deflationary, and it tops other rankings when it comes to received transactions, the token name, etc. We compare here the on-chain data from different networks and verify user adoption on the above blockchains.

Ethereum

The Global Rank on Ethereum is at 1,250,659, which is the number of addresses that have claimed their rank. In the last ten days, the Ethereum network has grown steadily. The global supply of XEN is 65,456,598,611.

xen dashboard eth
XEN global rank and supply. Source: xen.network

XEN Crypto was the most used smart contract for a few days. It was the biggest gas guzzler for a few days, and since its launch, the gas fees have never returned to the levels from before XEN. The total amount spent on XEN Crypto transaction fees is 5416.97 ETH or USD 7,073,534.75. The high gas burn rate is contributing to making Ethereum deflationary since Merge. In the current bear barket, ETH supply burn is a positive factor.

XEN deflationary effect on the ETH supply. Source: ultrasound.money
xen burn leaderboard
ETH burn leaderboard. Source: ultrasound.money

XEN Crypto is the top contract by volume of transactions received in the last seven days, with 836,131 on its account as well as the top unique sender with 381,695 transactions.

XEN top charts

Binance Smart chain (BSC)

After just 7 days, the BSC Global Rank is 2,516,400, which is more than twice as many addresses as on Ethereum. This is due to the faster block execution, lower fees, and a large community. Most of the users minted XEN with just a 1 day mint term. When BSC launched, user activity shifted attention from Ethereum, alleviating gas pressure there. At one point, XEN Crypto was making 80% of all BSC transactions. The activity has now slowed down a bit, but the minters continue producing bXEN. There are now 151,411,129,851 bXEN in total.

XEN on BSC
XEN's BSC data. Source: xen.network
XEN BSC top charts
XEN Crypto top charts on BSC

The image below shows the sudden spike in new addresses created and in the daily transaction count in the wake of the Binance Smart Chain launch.

XEN's BSC data. Source: Xangle.io

Polygon

Polygon or MATIC launched one day after BSC. The mXEN supply is 219,395,970,144, and the number of addresses that claimed their rank is 5,498,316, which is more than on other chains. The Polygon gas fees jumped to very high levels, surpassing 800 gwei, and are still maintaining high levels at 374 gwei. Many users weren’t able to send their transactions, and the pending queue was filling up for hours. Polygon’s advertised transaction per second is 7200. This means that 720,000 claim ranks should be filled in 10 seconds, while users had to wait more than one hour to have their transactions confirmed. XEN Crypto maintains the top spot on the transaction count received leaderboard where it accounts for a total of 515,216 transactions, and new addresses are constantly being created. mXEN is the token with the highest unique active user spike in recent history and is driving Polygon chain adoption despite fees being higher.

xen polygon global rank
XEN's global rank and supply on Polygon. Source xen.network

Polygon’s transaction count doesn’t appear to be affected in comparison with the average transaction count in the network. The question is why the transaction count remains relatively stable if there has been a spike in the daily new addresses created. Combining this data with the registration of the maximum gas fee surpassing 2200 gwei per transaction means that the network’s throughput isn’t ready to receive a large volume of users and mass adoption just yet.

XEN addresses
New addresses on Polygon since XEN launch. Source: Xangle.io

Avalanche

Avalanche was launched on October 13 and, in one day only, 322,259 ranks have been claimed. This number has increased now to 374,554, so it slowed down but still constitutes a large part of the overall transaction count on the Avalanche chain. The total supply is 11,001,713,355 aXEN. The transaction fee spiked to almost 900 nAVAX and now it has dropped to 27 nAVAX.

XEN ava global rank
XEN Global Rank on avalanche: Source: xen.network

It’s visible on the below charts that XEN benefited Avalanche with regards to new addresses and daily transaction count, increasing its adoption by the sheer number of new users. Despite the drop in activity, Avalanche still enjoys higher numbers within the metrics of interest than they were previously.

Gas fee on Avalanche
Addresses count and gas used on avalanche: Source: Xangle.io
Addresses count on avalanche
Transactions count and New addresses on Avalanche. Source: Xangle.io

Ethereum PoW

The XEN Crypto smart contract on Ethereum PoW was launched within minutes after Avalanche and it has now executed 2,290,267 claim ranks and the total supply is 47,084,836,688 vvXEN.

Ethereum PoW had a slow start, but after a few days it surpassed Avalanche, Ethereum, and is about to take over BSC when it comes to the number of claimed ranks. Ethereum PoW saw lots of activity and attention coming to their chain. Ethereump PoW is following the previous Proof of Work version of Ethereum.

Moonbeam

XEN Crypto was launched on Moonbeam on October 18. Moonbeam is an EVM compatible chain that connects the Polkadot and Ethereum ecosystems together by creating a place where Ethereum smart contracts can be migrated and executed.

In the first 19 hours, 232,567 ranks have been claimed. There’s no supply data for mbXEN yet because the supply will be minted only after 24 hours since the launch. In comparison to Avalanche, Moonbeam is achieving good results.

Evmos

XEN Crypto was launched on Evmos at the same time as Moonbeam, and the users have claimed 288,463 rank so far. There’s no coXEN supply data available yet. Evmos is also an EVM compatible chain, facilitating connections between the Cosmos and Ethereum ecosystems.

Conclusions

XEN Crypto is based on the first principles of blockchain technology, like self-custody, trustless consensus, and decentralization. Wherever the XEN smart contract is deployed, XEN is bringing with it the power of the community based on first principles and increasing blockchain and cryptocurrency adoption. The above data has shown that XEN users’ activity is one of the highest noted in the past 10 days. This is reflected in the gas used, the number of transactions, and the number of new addresses created. XEN had an enormous impact on the Ethereum supply, making it deflationary since Merge. In the wake of global adoption, all the chains should be prepared to receive huge amounts of traffic at any time. Those chains that have registered huge spikes in gas fees and transactions pending for hours should revisit their readiness for mass adoption.

XEN Crypto doesn’t stop here. Further expansion to other EVM-compatible chains is under consideration.