Looking at the last 24 hours, an altcoin in the top 100 according to its market cap has shown a surprising performance. XinFin Network’s XDC token has risen 22 percent in the last 24 hours, and 82 percent in the last 7 days. At the time of writing, XDC is trading at $0.1061. The market price is 1,302,997,575 dollars. Well, why did this coin increase?
What does XinFin Network do?
XinFin is an enterprise-ready hybrid blockchain. The platform combines the power of public and private blockchains with interoperable smart contracts. In addition, the blockchain uses the Delegated Proof of Stake (XDPoS) consensus algorithm. XinFin aims to use bockchain to fit the overall vulnerability in the global infrastructure. The protocol uses peer-to-peer processes driven by the community’s digital assets on an open-source platform. Therefore, XinFin makes cross-border processes more trustworthy and transparent.
Also, XinFin works with governments to eliminate inequalities in global infrastructure development. As a result, blockchain helps finance global infrastructure projects that governments cannot sponsor. With XinFin, investors will be able to bid to finance different infrastructure projects. In addition, blockchain will be able to connect developers and investors in a way that allows them to take action against fiat cryptocurrencies.
Why is XinFin’s altcoin project booming?
XinFin’s native token, XDC, is the core utility that powers XinFin. XDC can be used in the system deployment process for decentralized applications (dApps) on the hybrid blockchain. Recently, the XinFin community voted to burn 500 million XDCe tokens. This burning, which will take place after the burning process of 2.1 billion, 300 million and 200 million tokens, will remove 500 million XDC tokens from circulation. The next burn is set to reduce the XDCe supply from 2.4 billion to 1.9 billion coins.
But this is more of a step towards breaking the XDCe contract. Therefore, the community encouraged XDCe token holders to trade their holdings for XDC. XDCe is an ERC-20 token pegged 1:1 to XDC. However, as of December 6, 2021, XDCe will no longer be supported by the XDC ecosystem. At the same time, XinFin developers are working to make XDC interoperable. In particular, XDC is planned to be compatible with the Ethereum ecosystem. Besides these, Cryptocoin. com
As we reported , Santiment listed XDC as an altcoin that performed better than Bitcoin in March.
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