XEN Miners Burn Gas, Ethereum Issuance Decreases To Zero

The issue of Ethereum is about to resume being deflationary. On-chain activity and gas usage tend to increase when this happens.

Over the weekend, the Ethereum network saw an uptick in on-chain activity. The increase has led to a rise in gas consumption, which has increased the amount of ETH burned. In August 2021, EIP-1559 added the ETH burning mechanism.

The XEN token network is currently one among the biggest gas consumers, according to the Ultrasound.Money tracker. XEN has burned more than 210 ETH, or almost $260,000, within the last 24 hours.

This exceeds the gas usage of OpenSea, Tether, and Unisoft. As a result, the annual rate of issuance for Ethereum is almost negligible (0.0011%).

What the XEN?

The “Fair Crypto Foundation” is the organization behind the project XEN Crypto. One of the original Google employees to work on cloud infrastructure, Jack Levin, supports it.

With a token that has neither a set supply nor a pre-mint, nor any CEX listings, admin keys, or immutable contracts, the ethos seeks to liberate the person. However, a number of commentators have noted parallels between its Ponzi-style economics and the HEX token.

Beginning in October, XEN was introduced. Additionally, anyone can stake, mint, and claim it. Gas use suggests that the coin and project continue to be quite popular.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Website: coincu.com

Annie

Coincu News