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An unknown project has turned Ethereum into an anti-inflationary asset! What is the story of the XEN token?

یک پروژه ناشناخته اتریوم را به یک دارایی ضدتورمی تبدیل کرده است! ماجرای توکن XEN چیست؟

For some time now, almost half of the block space of the Ethereum network has been occupied by a new project called XEN Crypto. The start of this project has caused the supply of Ethereum to decrease and the cost of gas to increase.

To Report Cryptopotato As a result of this unexpected change, Ethereum’s circulating supply, which had been increasing at a relatively steady pace until now (despite the Marj update), has been gradually decreasing since October 8th. website “Ultrasound.money” also recently reported a negative 0.44% growth in Ethereum supply over a one-day period, which means that Ethereum has become an anti-inflationary asset, at least for the moment.

An unknown project has turned Ethereum into an anti-inflationary asset!  What is the story of the XEN token?
Ethereum circulating supply changes since Marj’s update.
An unknown project has turned Ethereum into an anti-inflationary asset!  What is the story of the XEN token?
Ethereum supply growth rate in the past one day.

In addition, according to the website data “Etherscan.io“, ZenCrypto has been the most consumed smart contract of the Ethereum network (in terms of gas consumption) in the last 24 hours and has burned more than 1,300 Ether units (equivalent to $1.7 million) during this period.

What is Zen Crypto?

ZenCrypto is a project of the Fair Crypto Foundation and is managed by Jack Levin, one of Google’s first cloud infrastructure employees. The project that Levin launched started with zero supply, has no pre-minted tokens, is not going to be released on any centralized exchange, has not released a key to the original developers, or in other words ” “Admin Keys” and no immutable contract is included in it.

Foobar, a developer familiar with the project, says ZenCrypto has copied many of the mechanisms of the HEX project, but the main difference is the presence of an annual interest payment (APY) mechanism. This means that the former Google employee’s project has some of the characteristics of a Ponzi scheme.

The tokens of this project, which was launched on October 8 (16 Mehr), can be multiplied and invested, and its general conditions are based on the basic principles of digital currencies; Private custody, transparency, trust through consensus and exchange of value without dependence on the license and risks of the counterparty.

According to the information available on the XEN Network website dashboard, this token has so far 413,415 active addresses that have multiplied the XEN token. The total supply of Zen is currently more than 695 million units and the annual profit of investing this token is 20%, which is a relatively high rate. Minting zen tokens costs nothing, but requires spending some gas for fees. In addition, due to the increase in demand for multiplying this token, the price of gas in the Ethereum network is increasing.

Levin, the founder of this project, also commented on Zen’s impact on the supply of Ethereum and said that the flow that this token launched is considered a bullish factor for Ethereum; Of course, those who now have to pay higher fees for their transactions on the Ethereum network probably don’t think like Levin.

Also Read: Why Ethereum Supply Continues to Rise After Merger; Ether is finally anti-inflammatory?

Zen price movements

The price of Zen rose to $1 shortly after the project was launched, and then dropped to $0.0007 in a short period of time. Currently, this digital currency is fluctuating around $0.0013 with a dramatic fall of 78% in its price in the last 24 hours.

An unknown project has turned Ethereum into an anti-inflationary asset!  What is the story of the XEN token?
Zen price chart.

XEN is currently only traded on the UniSwap decentralized exchange and there is very little liquidity for this token; For this reason, many users suspect that this project is a scam. However, time will tell if this new and impressive project is really a scam.

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