As XDC Usage Escalates, XinFin Community Decides to Burn Partial XDCE Tokens Supply
XinFin is a Singapore based blockchain technology company focused on international trade and finance across the globe. XinFin’s XDC protocol is a hybrid blockchain that allows peer-to-peer contracts over regulated payment rails or using XDC tokens in approved jurisdictions.
The XinFin Network has brought its community members a range of benefits such as smart contract support, near-zero gas fees, rapid transaction speed of fewer than two seconds, and also a reduction in energy consumption by 99% as compared to popular PoW networks.
Growing Demand for XDC
As the demand for XinFin Network grows and they onboard more community members, the usage of the XDC, the native coin of XinFin Network, is also seeing high demand and usage.
Since the launch, many industry players including exchanges, wallet providers, and custodians have partnered with them to integrate the XDC ecosystem or build applications on it. Other platforms such as Blockdegree, TradeFinex, and MyContract also progressed significantly and boosted the utility of the XDC.
On the other hand, there has been a recent spike in Ethereum gas fees, forcing exchanges to increase their gas fees for XDCE (ERC20 token). To help community members pay lower fees, these exchanges have also switched from XDCE to XDC. This shift has caused a high surge in the usage of XDC.
Burning XDCE Tokens
With XDC gaining more popularity among community members as compared to XDCE tokens, the XinFin community has decided to reduce the supply of XDCE tokens.
Hence, the network will burn 5 billion XDCE tokens taking the total supply of XDCE from 15 billion to 10 billion tokens. The community also plans to further reduce the supply of the XDCE tokens in the near future.
Users must, however, note that the swap between XDCE and XDC will be available only on Alphaex.net Exchange so that they may enjoy the utilities of the Ethereum network as well.
The XinFin team is also working on the automatic swap for XDCE and XDC.
People who are still confused with XDC and XDCE please watch the video: youtu.be/SMhAReoVRdc
We Are Open to Feedback
We believe that we can deliver the best of the XinFin network and the XDCE and XDC tokens to our users only when we know what our community members need. This is why we welcome feedback from our community members with open arms and work on them to make the network ready for the digitized future.