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XinFin Network (XDC) Moves Above 45% in the Past Week

XinFin Network (XDC) Moves Above 45% in the Past Week
  • XinFin Network (XDC) has gone up 45% in the past week.
  • The blockchain is phasing out its XDCe ERC-20 token
  • Also, XDC will soon be interoperable with Ethereum compatibility.

XinFin Network’s XDC token has moved up 12.36% in the last 24 hours and 45% over the last week.

At the time of writing, XDC is trading at $0.08113 with a trading volume of $7,569,696.14 according to CoinMarketCap.

XinFin is an enterprise-ready hybrid blockchain. The platform combines the power of public and private blockchains with interoperable smart contracts. Also, the blockchain uses Delegated Proof of Stake (XDPoS).

Of note, XinFin aims to use blockchain to improve the overall deficit in global infrastructure. The protocol uses peer-to-peer transactions driven by community digital assets on an open-source platform. As such, XinFin makes cross-border transactions more secure and transparent.

In addition, XinFin works with governments to eliminate inequalities in global infrastructure development. As a result, the blockchain helps to finance global infrastructure projects that governments are unable to sponsor.

With XinFin investors will be able to bid to finance different infrastructure projects. Also, the blockchain will be able to connect developers and investors allowing them to transact against secured digital assets.

XDC is XinFin’s native token. As such, XDC is the underlying utility that powers XinFin. XDC can be used to settle mechanisms for dApps on the hybrid blockchain. In addition, the token can also be used for  MyContract, TradeFinex, Kramaa, Land Registry, iFactor, Blockdegree, and TurantPay.

Recently, the XinFin community voted to burn 500 million XDCe tokens. The burn will further reduce the circulating supply of XDCe tokens after a 2.1 billion, 300 million, and 200 million token burn.

The next burn is set to reduce the XDCe supply from 2.4 billion to 1.9 billion tokens. However, this is a step towards completing eliminating the XDCe contract. As such, the community was encouraging XDCe token holders to swap them for XDC.

To clarify, XDCe is an ERC-20 token pegged against XDC at 1:1. 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. Specifically, XDC will be compatible with the Ethereum ecosystem.

As such, the crypto market is clearly responding positively to all the news and developments around XDC.

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Avid reader and writer with a passion for sharing crypto news and trends. Uses her background in finance to help readers better understand the crypto market and investments. Hopes to see mainstream crypto adoption in the near future, especially in Africa.