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XEN and the art of cryptocurrency distribution
Manage episode 344604320 series 3287389
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The last week has seen the XEN ERC20 token taking up the largest share of Ethereum transactions.
So why should a humble token with no defined utility or extra whistles and bells be achieving that?
The answer is that:
π the token is free to mint (except for gas)
π° there's no pre-mint,
π for an added dash of FOMO, the first people claiming it get the most,
π¦ it has staking (π©),
with a lot of provisos and some untested tokenomics behind it.
In this video, I go through what XEN is, why it's different most of of the tokens out there, who is behind it, and how it implements a novel distribution mechanism.
I only spent a morning investigating the contract, looking into the main founder, and playing with some of the tests to see if I could engineer any attacks on the contract (I couldn't).
It's not a thorough audit, but it's more than most of the reporters out there commenting on this token will have done.
In summary, I'm cautiously optimistic about the safety of this token (but use a new address if you interact with it, just to be sure).
And as for whether it has legs?
No idea. I only give technical and sometimes sociological explanations, not financial advice.
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