The Doge inspired meme coins took over crypto, creating a market cap worth billions of dollars, but they dumped as fast as they rose. Their virality, however, is unquestionable, and the communities around coins like Shiba Inu, Doge or others build very fast. XENDoge is a cryptocurrency inspired by Jack Levin’s dog. It stems from the XEN ecosystem and was created to burn XEN to make it deflationary and fulfill a philanthropic mission of supporting animal welfare shelters. Will it be enough to fire up the XEN meme to the top of the rankings?
Found this pup on a parking lot, no microchip, posted posters everywhere. No Luck. fostering her for now… pic.twitter.com/FV6sKZR073— Jack Levin (@mrJackLevin) December 17, 2022
What is XENDoge
XENDoge is the name of Jack Levin’s dog, which he found on a parking lot and decided to adopt. Since then, Mr. Levin has been posting images of the puppy and getting him on live streams.
Her story and cute big eyes reached the hearts of the XEN community and of the XENDoge founder. He came up with the idea of making a meme token out of it. He initially wanted to contribute to increasing the burn of the XEN supply, but upon contacting the first Google backend architect, he took his advice on adding a second utility for the token. They envisioned the meme as the fuel for donations to animal shelters chosen by XENDoge token holders.
XenDoge pic.twitter.com/HfFD29WlcD— Jack Levin (@mrJackLevin) April 21, 2023
The token was designed to follow the first principles of crypto which makes it a fairly-launched project. The only way to get XENDoge at launch will be to burn XEN.
There’s no allocation to anyone, and the minting will start at zero, so the distribution will be accessible to everyone with no limitations. This should ensure maximum decentralization, as no one has preferential treatment and everyone has access to the same tools.
To mint XENdoge, it’s enough to connect a wallet to the xendoge.network website and burn XEN. Right now, you’ll be connected to the Devnet which will give you only test tokens but when XENDoge launches on 20 May, you’ll be connected to the Ethereum Network. After Ethereum launch, the launch schedule for other chains will be released as well.
What’s the tokenomics of XENDoge
The tokenomics of XENDoge is simple yet powerful. It has a capped supply of 50 billion. For each 1000 XEN burned, the user gets 1 XENDoge plus a bonus. It’s the bonus that makes everything juicy, and it’s because it’s extremely high at the beginning and goes down to zero depending on the quantity of the supply minted. It was conceived after Bitcoin’s halving mechanism and creates a sense of scarcity as the burn progresses. The aim of this bonus is to reward early adopters for the risk they take in participating early and to create a token with limited supply that has high chances of increasing in value because of the game theory involved.
The bonus depends on the percentage of the total supply minted at the time of burning XEN tokens. At launch, the supply of XENDoge is zero, and the bonus is the highest. There’s a clear advantage to burning XEN so early in the game, as it gives participants 1500% more tokens until the first 15% of the XENDoge supply is minted. After that, for each 10% of the supply minted, the bonus falls very sharply until the minting stops when the whole 50 billion are minted. It will be interesting to know how long it will take for the whole supply of XENDoge to be minted, but it’s clear that for that to happen, more XEN needs to be minted because there ain’t enough.
This creates a mechanism where, as XENDoge mint progresses, XEN gets burned, becoming deflationary and more difficult to mint due to the naturally sloping adoption curve, which is logarithmic in nature. If XEN burn is sustained and it becomes scarce, the cost to mint XENDoge increases, making it harder to get.
XenDoge is growing up pic.twitter.com/HMPz1BJHBo— Jack Levin (@mrJackLevin) April 11, 2023
This meme dog has an ignition mechanism other memes lack because it’s not just a meme but it has an economic game theory built into it and is a real dog with a story behind it. You can buy Shiba Inu or Doge from the market and wait for it to go up, but to get XENDoge, you have to burn your XEN. You have to wait a period of time and pay for the gas, so there’s some kind of endurance involved and the value of time. When you really dive into the XEN world and see what you can do with your free mints and where else you can burn them, you will see that XENDoge is supported by the community that is already there.
What the burn!
The XEN community has already burned 5.1 trillion XEN since launch. 3.3 trillion were burned in a few weeks by a protocol called DBXen and 1.5 trillion by XENFTs. XEN Knights burned 80 billion in a one-go auction of XEN NFTs on Bitcoin and Fenix burned 181 billion in a few days.
The current XEN liquid supply is 10 trillion.
The first tier of the XENDoge supply is going to burn 500 billion XEN, and to distribute the entire XENDoge, a whopping 15.8 trillion XEN will need to be burned. The exact calculations can be found in the XENDoge Litepaper.
This is 5.8 trillion more XEN than there currently exists, and it doesn’t take into account other burning protocols that also create a high demand for XEN. The Fenix protocol adds even more fire to XEN. This only makes XENDoge harder to get. Fortunately, XENON with gasless transactions is coming soon, and the PulseChain launch is taking the load off Ethereum, making gas cheaper and lowering the cost of the burn.
The philanthropic aspect of XENDoge
By participating in XENDoge, people have the possibility of making an optional donation to rescued animals. The donation is made at the time of the transaction and is counted in ETH. The ETH of the user who wants to donate gets added to the transaction fee when burning XEN for XENdoge. The ETH is collected into a multi-sig wallet, where Jack Levin is one of the five signers. Each time the funds are moved, four out of five keys must sign the transaction. This is a secure method of storing and managing the funds.
https://t.co/3zPo3uF4Qz pic.twitter.com/48wfBJ2AbY— Jack Levin (@mrJackLevin) May 4, 2023
The XENDoge holders will be invited to participate in a collaborative decision-making process about the destination of the collected donations. They will be asked to determine the most deserving and impactful recipients for the generous donations.
https://t.co/s0hmTZoFNj pic.twitter.com/1LpG72W5pO— Jack Levin (@mrJackLevin) April 26, 2023
No other dog meme helps their dogs and incites the community to do some good.