A new Ethereum-based token is burning ETH at a rapid clip and has diluted in price just as quickly – but all by design. The XEN token has accounted for nearly half of Ethereum gas in a 24-hour window in recent days. What is it, and where did it come from?
Let’s take a brief look at the XEN mechanism, what it’s all about, and where things go next.
A Costly Token At A Cheap Price
The XEN token has burned nearly $2M in Ethereum in the past two days and peaked at 53% of Ethereum usage, according to the project’s Twitter account. Even as the dust has settled, at time of publishing the project still composed over 35% of gas usage over the past 24 hours. XEN is hogging ETH gas usage, but…. what is it?
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