Opinion: XEN doomed to failure and why benefits to Ethereum
Author: @0xMavWisdom In recent days, XEN Crypto, a project that claims to be founded by Jack Levin, Google's No. 21 employee, has caused FOMO in communities both at home and abroad. With its unique Proof of Participation mining mechanism, XEN Crypto has raised the original single-digit Gas fee on Ethereum to around 30 gwei and is still going up. At the beginning of the launch, in the face of such a novel model, social media all called it a revolution. MEXC, which has always been chasing hot spots, had already forcibly launched XEN (XEN Crypto claimed that it would never go to CEX). However, after just under 3 days, doubts grew and the XEN price dropped 99% in one day, forcing MEXC to temporarily suspend its trading. In my opinion, XEN Crypto was doomed to failure, having underestimated the determination of the deal-hunters and mistakenly equated long-term holding with value investing. Proof of Participation mining mechanism Proof of Participation (PoP), as the name suggests, is sim...