All transactions carried out over the Electra Protocol use the XEP crypto currency internally to pay for gas fees. The fee for a transaction is small (on average ~0.0002 XEP) and is burnt after each payment. This means that XEP is deflationary in that respect (the number of XEP coins decreases over time). However, also new XEP coins are issued as part of the proof-of-stake mechanism for users who keep the network online, which currently outweight the coins burnt. But this may change over time with increased usage of the network.
Is XEP a deflationary currency?
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