VMPX: a bridge between Bitcoin and Ethereum

• VMPX could be the first bridge between the world’s largest crypto ecosystems, Bitcoin and Ethereum
• VMPX is a token linking Bitcoin and Ethereum, enabling asset transfers. 
• High gas fees caused by VMPX’s popularity surprised users, as other projects usually have higher fees. 
• Founder Jack Levin is building a bridge between the two blockchains, allowing easier asset transfers. 

Overview

VMPX is a special kind of token that connects the Bitcoin and Ethereum blockchains. It allows people to move their assets between these two blockchains. 

When people use VMPX, they have to pay a fee called gas. Recently, lots of people were trying to use VMPX at the same time, which caused the gas prices on Ethereum to reach very high levels. This was unusual because usually, other projects like Uniswap and USDT have the highest fees, but this time it was VMPX.

The founder of VMPX, Jack Levin, explained that they are building a bridge between Bitcoin and Ethereum. This bridge will let people transfer their assets more easily between the two blockchains. People who have VMPX tokens will be able to earn fees by staking their tokens and helping with these transfers.

Burnt

VMPX has become a popular project, and so far, people have burnt (used up) around $90 million worth of Ethereum. This means they have paid that much in fees. Another project in the same group as VMPX, called XENTorrent, also caused a similar increase in gas usage in the past.

The XEN ecosystem

The XEN ecosystem, which includes VMPX, is unique because it works with many different blockchains, not just Ethereum. It is one of the most widely used tokens on blockchains like Avalanche, Polygon, BNB Chain, and Fantom.

The recent minting process of VMPX on Ethereum created a new version of the token, while there was already an existing version that worked on Bitcoin. The existing version of Bitcoin has a market value of $7.8 million. The founder wanted to expand the XEN ecosystem to include Bitcoin, but it wasn’t possible due to the way Bitcoin’s blockchain is designed. So they created a similar product but with a different name because it would have different properties.

Comes VMPX

The founder explained that VMPX was written to work like Bitcoin’s system called Proof-of-Work. XEN and VMPX are experimental projects in the crypto world, and their purpose is not completely clear. The founder compared XEN to a currency used in a game like Monopoly. He said that XEN is like a “marketing token” that allows you to get cryptocurrency without having to buy it from someone else. You can create it for yourself by using the smart contract.

Unlike many other projects, XEN tokens were not given to investors or contributors before launch. The intention was to follow the original way that Bitcoin was created, without raising any money at the beginning.

Use Cases and Applications

The VMPX crypto token acts as a connection between Bitcoin and Ethereum, facilitating the transfer of assets. Its functionalities encompass transferring assets between the two blockchains, earning fees through token staking, and engaging in the XEN ecosystem. 

VMPX empowers users to reach various blockchains other than Ethereum, including Avalanche, Polygon, BNB Chain, and Fantom. The applications of this token revolve around cross-chain functionality, improving interoperability, and broadening the scope of the XEN ecosystem.

Conclusion

VMPX possesses the capacity to cause significant disturbances within the DeFi market, thereby potentially altering its landscape.