Launch of the mainnet and gamified token airdrop mechanism via Circle-backed Layer 1 Xion

  • Blockchain at Layer 1 In addition to launching its mainnet, Xion gamified its first token airdrop with a “Double or Nothing” method.
  • After raising $11 million from Circle Ventures, Animoca Brands, Multicoin, and other investors, Xion raised $25 million in a Series A fundraising round in April.

Chain abstraction-focused Layer 1 blockchain Xion has launched its mainnet and unveiled a novel method for distributing its first XION token airdrop.

Eligible users can choose to possibly double — or lose — their goodies through a gamified spinning wheel as part of the “Double or Nothing” airdrop feature.

The Cosmos SDK, a software package and developer toolkit used in projects like Injective, Osmosis, and dYdX Chain, and the Comet BFT consensus framework serve as the foundation for Xion. The network eliminates the need for wallet accounts, signatures, and other technical sign-ups by using “generalized abstraction” to create an intuitive blockchain ecosystem. In a more recognizable web2-style interface, users may now connect with decentralized apps without having to remember seed phrases or store private keys.

XION is a utility token that performs a number of tasks throughout the Xion ecosystem, such as proof-of-stake security, governance, and network usage fees. Additionally, Xion is the first blockchain to employ USDC as its main transaction currency, which means that all goods developed on the network will have easily navigable stablecoin pricing.

Participation in testnets and interaction with partner communities were among the criteria used to determine eligibility for Xion’s initial “Believe in Something” distribution. The organization claims that this initial airdrop will receive up to 5% (10 million) of the 200 million XION token supply, which now has a pre-trading value of around $50 million. 69% of this initial airdrop goes to the Xion community, with the remaining portion going to industry players who have demonstrated a strong commitment to the ecosystem.

According to a Xion spokesman, its ecosystem receives 23% of its total token supply, followed by the protocol and foundation (15%), the community and launch (15%), strategic backers (27%), and the core team (20%).

Removing the intricacy of crypto

The network will concentrate on use cases linked to payments, social communities, web subscriptions, loyalty programs, and gaming. It is backed by an ecosystem of more than 75 partners and a reported 4 million active onchain wallets, with the goal of simplifying cryptocurrency.

For instance, Xion asserted that in just 72 hours, EarnOS, a consumer app on the network, attracted 100,000 users from 159 countries. The initiative claims that firms including Uber, Baskin Robbins, The North Face, Sunglass Hut, and Lacoste have tripled their X followings as a result of their campaigns using EarnOS, which allows them to construct “missions” that users can perform in exchange for rewards. Furthermore, the Xion ecosystem is working closely with Injective, Sei, and Pyth and extending its chain abstraction to Solana and BNB.

We’ve created a platform that removes the typical complexity and chaos, allowing the brilliance of cryptocurrency to shine brilliantly behind the scenes. This is about fostering innovation, pushing limits, and lighting up the blockchain world with potential rather than trying to catch up to rivals. Crypto becomes so smooth with Xion that it’s nearly undetectable.

With participation from Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, and GoldenTree, Xion announced in April that company had raised $25 million in a Series A fundraising round. It now has $36 million in funding overall.

Xion raised $11 million from several investors, including Circle Ventures, Animoca Brands, Multicoin, HashKey, and Valor, before launching its testnet in December 2023.

Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.

Author: Puskar Pande

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