XEN Crypto Storms Crypto Market After Listing on MEXC Exchange

Joint virtual mining startup XEN Crypto has made a grand entry into the crypto space after listing on Monday on the cryptocurrency trading platform MEXC. Hence, MEXC has become its main battlefield.

Despite being a startup, the project has earned a groundbreaking status in the crypto market following its massive adoption, which has triggered a spike in Ethereum network gas fees for about 48 hours. A recent press release disclosed that the mint of the XEN token had attracted the participation of more than 364,114 wallet addresses.

The platform adopts a unique mechanism dubbed Proof of Participation. This mechanism offers the participants of the XEN ecosystem the ability to use Ethereum-compatible wallets to mint XEN.

Following the Proof of Participation model it adopts, participants are charged with about 5USDT; meanwhile, its token reward model is based on the number of participants and the locking time. Thus, the members of the ecosystem have the ownership of mining XEN.

Notably, increasing the number of participants often leads to more mining difficulties. Moreso, as the supply decreases, the locking period increases. This means that the longer the locking period is, the more coins participants tend to get.