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XEN founder Jack Levin says his project can change the world ‘even during the bear market’

By Alara Jordan

Edited by Charlie Mellor

11:16, 20 October 2022

Representation of a blockchain with blocks connected to each with links that include a tick
Levin said in a recent interview that his project began with “no supply and no pre-mint” – Photo: Shutterstock

Ex-Google executive Jack Levin believes that his latest project, XEN Crypto, has the power to be “revolutionary” in the crypto market as it looks to gather mainstream adoption. 

Levin said in a recent interview that ​despite the core functionalities of the project’s cryptocurrency, XEN, such as transparency and self-custody, the project actually began with “no supply and no pre-mint”.

He added that his project’s approach with an open source software “can potentially change the world for better… even during the bear market”. 

What is XEN?

XEN is a minting token built on the Ethereum (ETH) blockchain. The token launched on 8 October and burnt around $1.85m in Ethereum gas fees in the first 24 hours of its launch.

ETH to USD

ETH/USD

3,339.72 Price
-4.450% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
-1.410% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

SOL/USD

179.15 Price
+2.380% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

XRP/USD

0.62 Price
+2.640% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

XEN’s website says that the token is directed at “promoting self-custody, trust through consensus, transparency, and decentralisation”.

XEN tokens are free to mint with a goal to increase crypto adoption by lowering the barrier to entry for the average user.

The price of XEN opened at $0.006148 on 9 October 2022 and witnessed a short rally shortly afterwards, according to data from CoinMarketCap

The price spike later on 9 October of $3.68 is still the token’s all-time high, which was trading at $0.00002637 as of earlier on 20 October.

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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