Ethereum Users Have Been Burning ETH To Mint VMPX Tokens

An unknown project called VMPX caused a surge in gas prices on Ethereum as users rushed to use its smart contract for token minting, surpassing well-known contracts like Uniswap and USDT in terms of burned ETH. VMPX is part of the XEN ecosystem, aiming to bridge the gap between Bitcoin and Ethereum, allowing holders to stake VMPX and earn fees for asset transfers between the two blockchains. XEN, known for its multichain approach, has previously spiked gas usage and burned around $90 million worth of ETH, making it an outlier in the crypto space.