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Xelis

XEL

Xelis

Date of Issue: 2024-12-20

XEL Price Today

0.388

USD-19.17%

24H Volume (USD)

$2.44

Market Cap (USD)

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Fully Diluted Market Cap (USD)

--

All Time High

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Total Circulation

-- XEL--
Total Supply-- XEL

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XEL/USDT0.388-19.17%6.29

Introduction

XELIS (XEL) is a decentralized Layer 1 blockchain built from scratch around a BlockDAG architecture, Proof of Work consensus, privacy-preserving transactions, and smart contracts. The network uses XELIS Hash, a memory-focused Proof of Work algorithm designed for CPU and GPU mining.

XEL is the native currency of XELIS and is used for transaction fees, smart contract execution, asset creation, and value transfer. XELIS has a maximum supply of 18.4 million XEL, uses a short block interval, and employs a dynamic emission model rather than a traditional halving schedule.

Project Background

XELIS is a Proof of Work Layer 1 blockchain that uses a BlockDAG structure to allow multiple blocks to exist at the same height. The architecture uses topological ordering and cumulative difficulty to determine the canonical ordering of blocks while allowing the network to process multiple branches before they become stable.

XELIS uses XELIS Hash as its Proof of Work algorithm. The algorithm combines ChaCha8 and Blake3 and is designed to be memory-focused and accessible to CPU and GPU miners. XELIS Hash v3 activated on mainnet at block 3,282,150 on December 14, 2025 and introduced a 544 KB scratchpad with changes intended to increase memory access and reduce parallelism advantages.

The network incorporates privacy through Homomorphic Encryption and Zero-Knowledge Proofs. XELIS uses a variant of ElGamal called Twisted ElGamal with the Ristretto group over Curve25519 to encrypt account balances and transferred amounts while allowing required computations to be performed on encrypted values.

XELIS also supports smart contracts through the XELIS Virtual Machine (XVM). Smart contracts are written in Silex, a statically typed programming language with syntax inspired by Rust. XVM provides compilation, bytecode validation, execution, ABI generation, and a sandboxed runtime environment for decentralized applications.

The BlockDAG supports up to three previous block references and uses the heaviest tips during mining. Side blocks can remain part of the DAG while receiving a reduced mining reward, while orphaned blocks are not ordered into the DAG and do not receive a mining reward.

XELIS also supports confidential assets, allowing assets created on the network to use the same privacy features available to XEL. The ecosystem includes full-node software, command-line wallet and mining software, the Genesix graphical wallet, a blockchain explorer, and developer tooling for smart contracts.

History

XELIS development began in 2021, with the project initially focused on creating a new blockchain architecture combining Proof of Work mining, privacy-preserving transactions, and a BlockDAG structure.

The XELIS mainnet officially launched on April 20, 2024 at 3:00 PM UTC. The mainnet introduced the project's own blockchain implementation, XELIS Hash mining algorithm, privacy system, and BlockDAG consensus architecture.

XELIS Hash has undergone multiple iterations as the project developed its mining algorithm. A new version was introduced in July 2024, and XELIS Hash v3 activated on mainnet at block 3,282,150 on December 14, 2025. Version 3 increased the scratchpad size to 544 KB and modified part of the algorithm's memory-access pattern.

Smart contract functionality is provided through XVM and Silex. The project has subsequently expanded its smart contract infrastructure with features including contract events, custom assets, and additional developer tooling.

The XELIS ecosystem has also expanded its wallet and infrastructure software. The official project repositories include the XELIS blockchain implementation, XELIS Hash, XVM, documentation, the Genesix graphical wallet, and the XELIS Explorer.

Current development remains active across the core blockchain and ecosystem repositories. The official XELIS blockchain repository continues to receive development activity, while the project's official GitHub organization maintains separate repositories for the wallet, explorer, hashing algorithm, virtual machine, documentation, and supporting infrastructure.

Tokenomics and Emissions

XEL has a maximum supply of 18,400,000 coins. New XEL enters circulation through Proof of Work mining rewards, with the emission model designed to decrease gradually rather than using fixed subsidy halvings.

The current documented emission model starts each block at approximately 1.41 XEL and gradually decreases according to the network's emission formula and an emission speed factor of 20. The resulting supply curve is asymptotic and approaches the 18.4 million maximum supply.

XELIS does not use a traditional Bitcoin-style halving schedule. Mining rewards are recalculated dynamically as the supply changes, allowing the block subsidy to decline progressively over time.

Because XELIS uses a BlockDAG, mining rewards can also vary depending on the status of a block. Side blocks receive 30% of the normal block reward, while orphaned blocks are not included in the ordered DAG and do not receive a mining reward.

The project also uses a development fee from block rewards. The documented fee was set at 10% from block 0 through block 3,250,000 and is scheduled to decrease to 5% after that point until the project reaches a stable state across major parts of its ecosystem.

XEL is divisible to eight decimal places and is used for transaction fees, smart contract execution, asset creation, and transfers. XEL is the native asset of the XELIS Layer 1 blockchain and is not issued through an external token contract.

Roadmap

XELIS development is currently focused on expanding the BlockDAG architecture, improving smart contract functionality, maintaining privacy infrastructure, and developing tools for users and application developers.

The official roadmap identifies Smart Contract improvements as a 2026 development milestone. These improvements include additional functionality and optimizations for the smart contract platform based on developer and community usage.

BlockDAG improvements are also identified as an ongoing 2026 development area. The work is focused on continued improvements to scalability, security, and network efficiency as the protocol evolves.

Confidential Transfers on Contracts are identified as a planned blockchain milestone. The feature is intended to enable confidential value transfers within smart contracts while maintaining the network's transaction privacy model.

The roadmap also identifies additional Smart Contract Tools and Features as planned development. This includes expanding the developer ecosystem with additional tools and functionality for applications built on XELIS.

Development continues across the core blockchain, XVM, XELIS Hash, wallet, explorer, and documentation repositories. The official blockchain repository remains actively maintained, with current releases continuing to provide updates to the network software.

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