solXEN

Proof-of-work mining on Solana

What is solXEN?

solXEN is a fairly distributed 1st principles community token earned through PoW mining on the Solana blockchain. Miners are rewarded solXEN when successfully finding hashes with 420 and 42069.

Why solXEN

XEN Protocol (dApp, docs) has been deployed on 13 EVM chains, as well as VMPX on Bitcoin. Solana is the natural next step in the multi-chain growth strategy as the second non-EVM chain leading up to the launch of X1 blockchain. While meme degenuity, MEV extraction and vote-transactions are the most prevalent activity on the Solana blockchain today, it's high time the chain faces an ultimate stresstest.

Mining

Mining for 420 hashes involves sending a transaction including the solXEN miner program. If the priority fee is high enough the Solana leader as well as the rest of the validator cluster will then run the 420miner program. The program leverages the cryptographic hashing algorithm Keccak256 to find a hash containing a string with 420/42069 in it. Upon successfully finding the correct hash the miner is rewarded with solXEN, as well as becoming eligible for XN airdrop via included ethereum address.

Overview of mining process

Hashing

The 420mining script is a Solana program (smart contract) in the programming language Rust that generates the hashes in HEX, with the cryptographic hashing algorithm Keccek-256. The program searches for a target string with 420 and 42069 respectively.

Successful transaction with a 420 and a 42069 hash

solXEN

A miner is rewarded solXEN for every 420 hash found according to this formula:

420hash * AMP = solXEN where AMP is the amplification.

The AMP starts at 300 and reduces by 1 every 100.000 blocks. Given that each block is 400 ms the AMP will be reduced to 0 in about 139 days, which is makes the limited distribution period for solXEN.

The probability to find a 420 hash is roughly 95%. solXEN is directly issued upon finding a 420 hash and transferable.

Superhashes

If 42069 is found in a hash the amount of solXEN is multiplied with 250. The probability to find a 42069 hash is roughly 0,2%, which is 250X harder to find than a 420 hash.

Supply

The solXEN supply depends on participation and actual solXEN minting dominance ratio of blockspace on Solana mainnet. But we can estimate the theoretical max possible supply based on 100% dominance.

Hashes/block: 48M CU/block / 1,2 CU/tx = 40 tx/block 40 tx/block * 1,5 average hashes/tx = 60 hashes/block (where 1,5 hashes/tx is obsevered occurence on devnet. Hashes/block we can later alter based on real mainnet data)

Blocks/day: 86.400 seconds/day * 0,4 seconds/block = 216.000 blocks/day

Mintphase: Given 216.000 produced blocks/day, the AMP starting at 300 and reduces by 1 every 100.000 blocks, the AMP reduces 2,16/day and the mint phase will then last 139 days or 30M blocks, before the AMP is reduced down to 0.

420hash supply calculation: 60 hashes/block * 100.000 blocks/AMP phase = 6M hashes/AMP phase Since the 420hash solXEN formula = 420hash * AMP = solXEN, The max total solXEN possible to mint = 270,9 T solXEN.

42069hash calculation: Since the 42069hash solXEN formula = 42069hash * AMP = solXEN, the 42060 multiplier is 250, and that the probability of finding a 42069 is 0,4%, the max total solXEN possible to mint is also 270,9T solXEN. Total solXEN supply based on these assumptions are therefor 541,8T solXEN.

Observations on Solana devnet data is 8,7 hashes/block, estimating the supply to 79T. The estimated supply will be further estimated based on real mainnet data after launch.

XN

Additionally upon successfully finding a 420/42069 hash the miner also becomes eligible for XN airdrop on X1 blockhain. A miner have to enter an ETH address before mining in order to be eligible. Amount of XN to receive is tba.

Leaderboard

The leaderboard displays all miners and their corresponding found hashes, superhashes and earned solXEN. Toggle between the ETH and Solana leaderboard, where the addresses are linked with each other.

https://leaderboard.solxen.io/ (devnet)