XMON

What is XMON?

XMON is the native token for the 0xmons project, an experimental NFT initiative that delves into the realm of AI-generated pixel horror on the blockchain. Each 0xmon, represented by the XMON crypto, stands as a non-fungible token with a distinct image, name, characteristics, and story.

The native token, XMON coin, plays a pivotal role within the 0xmon ecosystem, enabling functionalities such as staking for additional token rewards and facilitating the acquisition or breeding of 0xmons. With a limited total supply of 10,000 tokens, approximately 1,200 tokens were initially distributed in an airdrop to early project participants. Notably, XMON deviates from the conventional role of a governance token, as highlighted on the 0xmons website.

The World of 0xmons NFTs

0xmons are scarce digital collectibles residing on the Ethereum blockchain, drawing inspiration from a unique blend of Pokemon, SCP, and Lovecraft. Each 0xmon possesses a distinctive animation, crafted through the use of a Generative Adversarial Network (GAN) trained on pixel art images.

Complementing the visuals, each creature is endowed with a unique name, epithet, and lore, generated by a sophisticated language model akin to GPT-3. To ensure longevity, every aspect of a 0xmon, including animation, name, epithet, and lore, can be fully encoded on Ethereum. This guarantees preservation for as long as the blockchain itself endures, offering users the choice between the cost-effective calldata option or the comprehensive contract storage option, as detailed in a blog post available here.

A Comprehensive NFT Ecosystem

The 0xmons NFT project extends beyond the collectibles themselves, forming an integral part of a larger ecosystem. At its core is XMON, a utility ERC-20 token that plays a multifaceted role within the broader framework. Accompanying this is sudoswap, a peer-to-peer exchange specifically designed for asset bundles.

In terms of sustainability and revenue generation, the project's financial model involves XMON and ETH fees derived from NFT sales and encoding processes. Users can actively participate by staking their XMON tokens to earn XXMON, gaining a share of the fees accrued through 0xmons NFT collection, encoding fees, and secondary market trading.

In essence, the 0xmons project stands as a unique experiment within the NFT space, merging AI-generated horror aesthetics with blockchain technology. As users engage with the ecosystem, the intricate interplay between XMON tokens, 0xmons NFTs, and the broader network showcases a holistic approach to digital collectibles and token utility. Whether through staking for additional rewards or participating in the dynamic NFT marketplace, participants become integral to the evolving narrative of the 0xmons project.

Governance

In the context of current trends where native tokens often serve as governance tokens, the 0xmons project takes a distinct approach by separating the roles. The project is characterized as more of a personal art endeavor open to community participation rather than a protocol governed by a decentralized crowd. The skepticism towards community-based governance stems from the recognition of its inherent challenges and the substantial investment of time and effort it demands.

The 0xmons project, conceived as a personal art project, differs in governance structure. While lacking special minting privileges for the XMON token, the creator retains the ability to adjust various parameters related to the NFT minting process. This includes the capacity to mint new 0xmons independently of the Summoner or Spawner contracts, modify DOOM balances, and alter the delay between spawns for any 0xmon.

Notably, the Azathoth summoning and spawning contracts are experimental, suggesting potential future deployments for minting 0xmon NFTs. To address concerns about rug-pulling, remaining funds have been transferred to a multisig wallet. Acknowledging the nascent community, the creator has enlisted three public and recommended developers to serve as signers for the remaining XMON tokens, ensuring a collaborative and secure approach to the project's evolution.

Security

In terms of security, it's important to highlight that none of the contracts associated with 0xmons have undergone formal auditing. Despite the absence of audits, the creator emphasizes a meticulous testing approach. A comprehensive series of tests for all components has been written and is available here, boasting close to 100% coverage. Additionally, the testing process has benefited from the involvement of several alpha testers who have interacted with the Rinkeby testnet version without encountering any issues.

Despite the rigorous testing and successful trial on the testnet, it is crucial to acknowledge that the initial alpha launch still carries inherent risks. Users are advised to exercise caution and remain mindful of these potential risks as they engage with the 0xmons project.

XMON Price Analysis

As of December 25 2024 XMON has a marketcap of $1.8M. This is {{percentagefromath}} from its all time high of $86.227K. In terms of its tokenomics, there's a total supply of 10K with 25% currently outstanding. Keep in mind XMON has a fully diluted value of $7.2M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.

Summarized in part by ChatGPT 4 and Claude