The Launch of XEN Project Turns Ethereum Supply Deflationary

As the launch of a new crypto project XEN over the weekend, it consumed about $1.8 million in gas fees on the Ethereum blockchain on Monday. This takes about 30% to 40% of the transaction fees on the network which has made XEN the NO.1 gas guzzler. According to Etherscan data, ETH supply has dropped by roughly 4,172 units from Oct 8 to Oct 11. In addition, the average gas prices were climbing since Oct 8 and peaked at 35 gwei on Oct 10, now it seems to slow down a bit at 20 gwei.

XEN ethereum ether
Ether Transaction Fees from Etherscan.io

However, the price of Ether does not reflect the decreasing supply and rising scarcity. At the time of writing, the ETH price is at $1292.54, down 0.48% in 24 hours. On the contrary to what we expected, ETH actually has a down trend over the past few days. Ethereum is the first blockchain that transformed from Proof-of-Stake to Proof-of-Work consensus mechanism through The Merge. Does that let people lose faith in it despite the fact that it consumes less energy? We are excited to see what the future holds for Ethereum.

MEXC Global is the first crypto exchange listing the XEN project. On Oct 10, there’re more than 183 million XEN in total circulation, and more than 68 million of those were deposited on MEXC, making up 37.36% of the total. Not only has MEXC grown to be the network’s most liquid trading platform for XEN, but since the listing, its value has increased from $0.0001 to $0.018 with a maximum gain of 17900%. Buy your first XEN token (XEN/USDT – Trade it here) now on MEXC Global with low trading fees!

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Amber Peng
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