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[HOST] Welcome to X1 Report, your source for the latest in blockchain news. Today, we're covering

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an interesting development from the X1 Labs team: they plan to permanently burn 85 million

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XNT as a tribute to Solana's Alpenglow upgrade.

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[ANALYST] This is significant because Alpenglow dramatically improves Solana's target finality,

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reducing it from about 12.8 seconds to around 150 milliseconds, an 85x improvement.

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[HOST] X1 Labs CEO Jack Levin announced this on X on the evening of October 21, just hours after

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Alpenglow went live on Solana's mainnet.

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[ANALYST] The burn is set to happen by sending the XNT to an incinerator address, which is a special

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address on the Solana blockchain that automatically destroys any balance sent to it at the

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end of each block.

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[HOST] According to Levin, the number 85 was chosen as a nod to where X1 Labs began, and to

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celebrate this massive technical achievement.

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[ANALYST] The transaction is yet to occur, but once it does, it will be easy to verify. The 85

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million XNT will move to the incinerator address, and the total supply of X1 will drop by

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the same amount.

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[HOST] Before the burn, the total supply of X1 was 1,080,909,939 XNT. After the burn, it will be

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reduced to 995,909,939 XNT, a decrease of 7.86%.

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[ANALYST] This means that for every holder who held 1% of the supply before the burn, they now hold

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about 1.085% after, without any change in their balance.

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[HOST] The burn will not affect the price of XNT, as the fully diluted value (FDV) will simply

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decrease by the amount of coins destroyed.

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[ANALYST] However, the market cap and FDV will be affected. At a current price of $0.1808, the FDV

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will drop from about $195.5 million to $180.1 million.

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[HOST] The XNT for the burn is not yet confirmed to come from any specific wallet, but most of

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the XNT is currently in non-circulating treasuries.

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[ANALYST] If the 85 million comes from a treasury, it will only affect the total supply and FDV,

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leaving the circulating supply and market cap unchanged.

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[HOST] Alpenglow, which was activated on October 21, includes Votor, a new voting protocol that

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reduces finality time to about 150 milliseconds.

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[ANALYST] X1 Labs' validator client, Tachyon, is built from Solana's codebase and still runs

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TowerBFT consensus today. X1 has not announced whether or when it will adopt Alpenglow.

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[HOST] We will update this article with the transaction hash and the new total supply once the

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burn is confirmed on chain. Stay tuned for more updates from the blockchain world.

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[ANALYST] That's all for today's report. Thank you for listening to X1 Report.