July 4th is celebrated as Independence Day in the USA, and it holds a special significance for the XEN Crypto community. Jack Levin, the founder of XEN Crypto and the Fair Crypto Foundation, chose this day to commemorate Xendependence. This event marks a pivotal moment in the XEN ecosystem and highlights the need for building interoperable and trustless bridge solutions.
What is Xendependence Day
Xendependence Day is centered around the minting of VMPX tokens on the Ethereum network, replicating the process of minting VMPX BRC-20 tokens on Bitcoin. The token supply is strictly limited, with a cap of 108,624,000 tokens. Users are required to pay gas fees to generate VMPX tokens, which will be made available for purchase once they hit the market. The duration of the mint rush is estimated to be around 8-12 hours, depending on user engagement. More active participation from users will result in a shorter minting period; however, a minimum number of blocks need to be produced before the entire supply is minted.
During this event, it is anticipated that gas fees will rise significantly, potentially making the minting process costly. As participants rush to acquire the limited number of VMPX tokens, they will compete with each other by bidding with gas fees on their transactions. Higher fees increase the likelihood of transactions being included in the block before others, creating a situation where non-VMPX transactions may be temporarily excluded.
— ⓧ Cyphereus Prime 🟧🦇🟦 (@mrJackLevin) June 27, 2023
Similar to the minting of VMPX BRC-20 on Bitcoin, this surge in activity could cause congestion on the Ethereum network, leading to delays in other transactions, including Binance withdrawals, as previously experienced during the VMPX mint rush on Bitcoin.
All gas fees will be burned and transactions are immutable so users need to maintain maximum caution because no fees will be returned.
To address concerns of bot manipulation, Mr. Levin has implemented an anti-bot measure in the form of a code that prohibits bots from minting VMPX tokens. Additionally, the gas price acts as a deterrent to bot usage.
To participate in the minting of VMPX ERC-20 tokens, users can visit the Xendependence Day page at getvmpx.com. By connecting their wallets and adjusting the “Power” slider, which represents the number of VMPX tokens to be minted, users can actively contribute to the event. The minimum requirement for minting is 200 tokens. It’s worth noting that Ethereum’s block count is 30 MB, allowing for the minting of up to 39,000 VMPX tokens per block.
For testing purposes, the contract can be evaluated on DevNet at test.getvmpx.com. Obtaining XN for DevNet can be accomplished by minting XENFT on any of the 11 supported chains, which grants users free XN for testing purposes.
Xendependence Day commences when a specific block ID is reached, which is hard-coded in the smart contract and visible on etherscan. Once the available token supply is exhausted, the contract will automatically shut down.
It’s possible to calculate the price of a mint at a specific ETH and gas price. The possibility to easily estimate the cost of the VMPX mint can give the user a head start in terms of preparation for the event. Knowing what to expect and at what price is important, especially in a moment when the network can be easily congested and exchange withdrawals may stop working or dex swaps may become very expensive. Head to xenturbo.io and calculate the number of ETH you’re ready to spend for a set amount of VMPX.
The website also provides VMPX BRC-20 market data information and it’s very likely that after the token is minted on Ethereum and up for trade, the data will be updated with the new information.
VMPX token
VMPX serves as a bridge token between Bitcoin and Ethereum. By creating tokens on both networks with identical characteristics, such as supply, minting process, distribution principles, and token specifications, they can be paired at a 1:1 ratio.
This ratio is maintained through arbitrage performed by bots, ensuring price consistency between the tokens.
Both tokens can be converted to XN based on a progressive conversion schedule and may be subject to conditions such as multi-year timelocks. The intention is to employ time-locked XN for yield generation, following a similar approach to Curve Finance. Users can provide liquidity to the VMPX-based bridge and earn fees. The liquidity pool, designed to maintain a stable ratio between the assets, minimizes the risk of impermanent loss. The transactional activity between the chains with the highest market capitalization will generate fees, thereby constituting a source of passive income.
Conclusion
XENDEPENDENCE Day marks a significant milestone in the XEN ecosystem, combining innovation and bridge-building between Bitcoin and Ethereum. By offering a seamless experience and financial opportunities, the XEN community aims to pave the way for broader adoption and prosperity in the blockchain space.
