XEN Crypto is a global cryptocurrency designed by the Fair Crypto Foundation, led by Jack Levin to realize the original goal of blockchain technology. It is a community-building crypto asset that connects people of like minds, with unique tokenomics that emphasizes mass market adoption, and the lowest barrier to entry when compared to other coins in the market.
XEN crypto was introduced to solve the problems of the crypto market by creating and launching a cryptocurrency open to all and based on collaborative efforts of the crypto community.
This article on XEN crypto will enlighten you with the important details you need to know about this cryptocurrency. Read on to get a clear idea of what it is and whether or not it is worth your investment.
What Is Xen Crypto?
XEN Crypto, pronounced as “zen” is a cryptocurrency built on the Ethereum blockchain as an ERC-20 token.
The principles XEN crypto employs to achieve this goal include; the self custody principle which keeps you in control of your key, transparency which keeps the XEN mints visible on-chain to clear any form of bias from the process, and lastly, decentralization.
Xen Crypto Features
According to the XEN whitepaper, every participant in the XEN ecosystem mints their own currency using a wallet that is compatible with Ethereum without having to stake any money. Thanks to its open-source code, it is trustworthy according to consensus and belongs to the people.
Unlike some cryptocurrencies, XEN crypto has no initial coin supply and only participating communities will be able to mint XEN.
Also, XEN Crypto is a Proof of Participation (PoP) token rather than a Proof of Stake or Proof of Work token, and it is just a part of an irreversible code protected by the Blockchain that doesn’t have a control or management team.
Xen Crypto Current Price And Live Charts
According to CoinGecko, The current price of XEN crypto is $0.000000498642. Over the previous week, there’s been a -12.21% price decline and a -2.50% decline in the past 24 hours. The market cap value of XEN Crypto is $11,295,185., with a circulating supply of 23 trillion XEN.
How To Mint Xen
The XEN Crypto token is minted for free, and its value feeds on adoption growth, the amount of gas spent on the transaction, and the time interval between the claim and the mint.
The quantity of your XEN depends on your rank and the amount of time you take to mint it. As more users join the network, minting becomes more difficult.
The first step in minting XEN crypto is to connect your wallet- can be metamask or any other compatible wallet, to the XEN Crypto smart contract.
Following this, the XEN rewards you receive depend on the number of people who interacted with the smart contract before you. This means, the more people you introduce to XEN, the more rewards you get.
Here’s How To Mint Xen On The Xen network:
- Download and install meta mask wallet. Ignore this step if you already have a metamask wallet or any other compatible wallet.
- Go to xen.network and connect your wallet. Connecting your wallet gives you a number as your cRank.
- Select the number of days for the mint term you want.
- Start the minting process.
- When your mint term has ended, connect your wallet again to xen.network.
- After connecting your wallet again, you can claim your XEN. When you claim your XEN, it shows in your wallet.
- You can also claim your XEN and share it to another address you wish. Or claim your XEN and stake them for a selected number of days up to 1000 days.
In general, you should be able to claim or mint XEN within a period of 24 hours after the end date. However, if you do not claim or mint XEN near the date of the term you have set up, your benefits will be gradually reduced.
The penalty for not claiming/minting XEN is progressive becomes 99% after 7 days (a Reward Claim Window) and stays at 99% indefinitely thereafter. This encourages users to make Reward Claims even if the window is over and cleans up expensive blockchain storage space.
You can mint multiple times depending on the length of your mint term. You can always restart the minting process afterwards.
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How To Buy Xen
You can buy XEN Crypto on several cryptocurrency exchanges, including KuCoin, CoinEx, gate.io, and MEXC.
XEN tokens are also available on popular distributed exchanges like Uniswap or Sushiswap.
It is crucial to confirm if the exchange is open to users from your country before picking which exchange to use. Additionally, while some exchanges work for active cryptocurrency traders, others are better suited for customers who wish to buy and hold.
Staking XEN means locking the tokens for a specified period of time in exchange for some rewards. This process relies on the mechanism of yield generation.
XEN staking period can be terminated without penalties at any time within the agreed term; however, the APY rewards will not be calculated or given if staking is terminated before the staking period is over.
How it works.
You will be able to stake XEN for any number of days between 1 and 1,000 and receive APY rewards, which will start at 20% on XEN Genesis and will decrease by 1 percentage point every 90 days thereafter until it reaches 2%, whereupon it will stay at 2% indefinitely.
Each of the APY rewards is fixed at the time of staking the token. This depends on the number of days that has passé since the start of the staking.
Summarily, the whole process is;
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Is Xen Good Investment?
Cryptocurrencies are high-risk assets, so your risk tolerance will determine whether or not you decide to invest in XEN Crypto. XEN Crypto and other cryptocurrencies have unstable prices and are likely to change at any time. If you are an investor and believe in making long-term investments, XEN Crypto can be a great choice.
Recently, the price of XEN Crypto has been constantly declining and is expected to slide further in 2023. XEN Crypto token lost its value by 99% in less than 24 hours from listing.
Therefore, if making an investment in XEN Crypto fits with your trading goals, that will determine if you should invest in the cryptocurrency or not. Also, you should conduct proper risk management before making your decision.