XION launches mainnet and token airdrop distribution
Today marks the unveiling of the first walletless L1 blockchain designed for crypto abstraction with the launch of the $XION token Generation Event (TGE) on December 5, 2024.
Mainnet is live.
— XION (@burnt_xion) December 5, 2024
BELIEVE IN XION pic.twitter.com/Qhf3ctFiUb
What is XION?
As the first walletless Layer 1 blockchain designed for consumer use, XION uses cutting-edge protocol-level innovations such as abstracted accounts, signatures, fees, and interoperability to provide a safe, easy-to-use, and seamless user experience. This advanced blockchain enables programmers to create applications that are easy to use while upholding strict security guidelines.
XION project attracts significant funding
After obtaining $11 million from various investors, including Circle Ventures, Animoca Brands, Multicoin, HashKey, and Valor, XION launched its testnet in December 2023. XION saw the onboarding of more than 200 projects, 90 million transactions, and 4 million Meta Accounts during its testnet.
In addition, with $25 million in Series A funding from well-known investors like Multicoin, Animoca Brands, and Arrington Capital, the project has garnered a lot of support in its attempt to develop a blockchain network centered on consumer adoption.
XION whitepaper
In order to address the primary tradeoff in traditional Proof-of-Stake (PoS) systems—security versus accessibility—the XION whitepaper presents Proof-of-Abstraction (PoA), a consensus mechanism. PoA synchronizes adoption, security, and network rewards. Network security gets stronger as XION usage rises, which encourages abstraction and adoption in a positive feedback loop.
XION’s core objective
The main goal of XION is to make Web3 more widely adoptable by streamlining blockchain interactions by abstracting issues like accounts, fees, and interoperability.
Key features of XION
- Staking Security: Staked tokens are the sole basis for inflation calculations, which lowers overall inflation and guarantees sustainable tokenomics. In addition, strategic backers' locked tokens provide extra security without causing inflation right away.
- Transaction Fees: To combat inflation and maintain the network's economic stability, users can also exchange tokens like USDC for XION while also using XION to pay for transactions.
- Cross-Chain Interactions: By enabling users to take action on other blockchains straight from their XION Meta Accounts, the token streamlines cross-chain transactions.
- Collateral and Liquidity: The ecosystem uses XION as native liquidity and collateral. Within the XION network, it facilitates smooth transactions between apps and accounts.
- Governance: Active contributors are rewarded by XION's governance structure. According to reports, decision-making authority is linked to significant contributions rather than just token holdings, in contrast to traditional PoS, guaranteeing equitable and effective governance.
Airdrop allocation
There are 200,000,000 $XION in total supply, and 12.78% of the initial circulation will be unlocked at launch while the remaining percentage will gradually vest. According to the company, up to 23% goes toward ecosystem growth (developer incentives and ecosystem projects), 20% goes toward core contributors, 15% goes toward protocol development, 27% goes toward strategic backers, and 15% goes toward community growth (launch events and XION's global expansion).
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 team claims that this initial airdrop will receive up to 5% (10 million) of the 200 million XION token supply, which currently has a pre-trading value of over $50 million.
Centralized exchanges to list XION
Beginning today, a number of centralized exchanges (CEXs), such as Bitget, MEXC, KuCoin, and BingX, will list $XION, making the token accessible worldwide.
Bitget Launchpool announces XION listing
Bitget, a leading cryptocurrency exchange, is excited to announce that XION (XION) has joined its Launchpool. With this listing, users have the thrilling chance to lock their assets and receive rewards from a total of 330,000 XION tokens. The company stated that from December 5, 2024, at 10:00 (UTC), through December 10, 2024, at 10:00 (UTC), is the locking period, and tokens that are eligible for participation include BGB, XION, and INJ.
“By featuring XION in our Launchpool, we are providing our users with the opportunity to participate in the growth of an exciting blockchain designed for consumer adoption," said Gracy Chen, CEO of Bitget, in response to the listing.
Bitget's Launchpool is a user-friendly staking platform that offers incentives and connects users with promising blockchain projects. By interacting with possible new projects, Launchpool's user-friendly interface allows BGB and other asset holders to unlock additional value. Among the tokens that have launched successfully in the past are ZRC, PEAQ, and CROS.
Disclaimer
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