[Feature] XEN Crypto, the Willy Wonka Golden Ticket in Crypto?

Remember the time I was a child watching Charlie and the Chocolate Factory, I imagine myself as the lucky kid Charlie, who won the golden ticket to visit the chocolate factory and inherit Willy Wonka’s fortune in the end. Except for this time, I need not be a good boy to win the golden ticket, in fact, there is a free crypto now that everyone can claim without getting whitelisted or pre-mint whatsoever. All we need is an ERC-20 compatible crypto wallet and $10 worth of ETH for gas fees. Hereby I introduced everyone’s golden ticket in crypto, the XEN Crypto!

Golden ticket for you and me, and everyone in the crypto community

XEN Crypto (XEN) is founded by Jack Levin, the 21^st employee of Google, who had close working experience with Google’s co-founder, Larry Page, as an infrastructure engineer. Jack is also one of the crypto OGs in the early bitcoin days. So why is it big and everybody in the cryptoland never stops talking about it? If you are free to spend 20 minutes on the whitepaper, you will know why. If not, just finish reading this piece will do. XEN is a kind of one-of-a-kind crypto despite already being so many cryptos out there. Neither PoW nor PoS, XEN is born with a brand new consensus called the ”Proof-of-Participation” (PoP) and tokenomics is built around it. That said, the value of XEN is based on the total participation - the number of participants. Each unique wallet address stands for a participant, an individual person can mint as many as he or she wanted, and all it needs are crypto wallets and gas fees. Thanks to XEN, the Ethereum Mainnet gas fee has jacked up triple since the minting launched. I guess you might be curious why I used the term “mint”, XEN is not an NFT, right? Well, here’s the mechanic.

Gas fees have tripled since XEN’s launch, and NFT flippers are not happy about it

Unlike new tokens that always start with either ICO or presale on the open markets, XEN does not require any purchasing, anyone can just mint their own token using Ethereum compatible wallets. This means XEN starts with zero supply and will remain zero if nobody mints. Obviously, this is not the case. As of the time of writing, the participants have exceeded 400K and are still growing.

XEN’s data is all on-chain and transparent, its dashboard is simple and easy to read. There are a few important points to take note of before minting XEN.

1. Global Rank (cRANK) determines how many tokens you are able to claim. The earlier you mint, the more incentives you enjoy, and the more tokens you claim.

2. AMP is the amplifier of rewards. Starting with 3,000 and decreasing by 1 every day until it reaches 1. As today is the second day since the token launched, the AMP is now 2,999 and will be 2,998 tomorrow.

3. EAA is the amplifier of early adopters. It starts at 10% and is decreasing by 0.1% per every 100,000 increase in Global Rank. When the Global Rank hit the 500K milestone, EAA will reduce to 9.5%.

4. APY stands for annual percentage yield, a standard term in crypto. What differs in XEN’s APY is that it will decrease by 1 percentage point every 90 days until it reaches 2%, which is about 4 and a half years later.

As the settings above are all irreversible, early adopters of XEN are getting the maximized rewards. There is no way to alter these figures so you may consider minting as soon as finish reading this piece.

The mission of Fair Crypto Foundation, the team behind XEN, is designing XEN as a universal cryptocurrency to achieve the original mission of blockchain and focus on mass market adoption with the lowest barrier. As mentioned above, no deposit is required, everyone can start minting with a crypto wallet installed and some ETH as gas fees. Minting is very simple but there is important information you must know - the term limits (in days). Minters can choose how many days they wanted to wait to claim the tokens, from one day to the maximum period of days stated in the dashboard. For maximum token rewards, you can key in the max terms; for instant gratification, just go for one day. If you chose to claim rewards after 379 days, which is the maximum term as of now, remember to set your alarm and claim a year later. Bear in mind if you don’t claim in time when it reaches the maturity date, you will suffer a penalty progressively, from a 1% penalty for 1 day late to a 100% forfeit for a week late.

There are a few approaches to minting XEN - short, mid, and long-term. Since there is no minting limitation, you can create a few wallets to mint for different terms, from 1 day, 100 days to 379 days maximum.

In the real case scenario, I have 3 wallets minted for the maximum term only realizing I can actually change the term. Thus, I created another wallet for a 1-day term and it is reaping soon a few hours later. Meanwhile, I have noticed a big change in the token rewards of these 3 long-term wallets. The estimated XEN rewards are increased from 8.5 million to 21 million within half a day. Imagine if one token is worth $0.001, this mint would possibly be worth $21,000 a year later. And that’s why I am saying XEN is everyone’s golden ticket in crypto.

Probably reaching 100 million tokens in a week’s time

Similar to Ethereum, XEN does not have a maximum supply cap. It is inflationary at first, becoming disinflationary as adoption increases. As more and more people join and participate in minting, it will be harder to mint more XEN in the future due to the naturally sloping adoption curve which is logarithmic in nature. While XEN’s supply cap has similarities with Ethereum, its mining difficulty is similar to bitcoin or PoW in particular. Each existing participant makes it harder for new participants to claim XEN, new participants have to extend the amount of time to get better rewards. Even so, claiming XEN has basically no entry barrier, the rewards tokens are reduced but the cost is still gas fees only.

If XEN is so good, should everyone ape in and spend all their ETH to mint? The answer is NO. XEN tokens can now be traded in decentralized exchanges such as Uniswap or Sushiswap and it’s now down 79% from its high. Clearly, those who bought this token off the open market have no clue what the token does. Even though XEN is innovative and transformative in the current crypto landscape, in my opinion, it should worth absolutely zero right now. Why is that so? The value in crypto takes a lot of time to build, just like wine in its making.

Public adoption and participation are the keys to the success for XEN, it won’t live long if the coin is pumped from day 1. XEN pretty much reminded me of bitcoin in its early days and also the legendary memecoin, Dogecoin (DOGE). During the early days of bitcoin, Jack the founder used to give it away to his friend and family. And so did DOGE, which was originally used as gratitude tokens in online communities such as Reddit and Twitter. As holders were being generous in giving away their cryptos back then, it helped to build and spread crypto adoption effectively. Imagine if you ask anyone to give you a fraction of bitcoin or DOGE, you might be treated as a bagger. There are tons of cryptos out there but what made bitcoin and DOGE stay in the game are their “OGness” and wide adoption. XEN has the potential to be the game-changer, not now but I am talking about 5 years at best. Please do not be FOMO whenever something new pops up. No one can guarantee that the hype could live up and the worst-case scenario, rug pull. Hold your horses at least for now, don’t buy, just mint and HODL!