According to (The Block): Layer 1 blockchain Xion has launched its mainnet and introduced a "Double or Nothing" mechanism to gamify its initial token airdrop.
Xion raised $25 million in a Series A round in April, having previously raised $11 million from Circle Ventures, Animoca Brands, Multicoin, and others.
Xion, a Layer 1 blockchain focused on chain abstraction, launched its mainnet and introduced an unusual mechanism for its initial XION token airdrop distribution.
The “win or lose” airdrop feature means eligible participants can choose to potentially double or lose their rewards through a gamified spin, details of which were mentioned in a statement shared with The Block.
Xion is based on the Comet BFT consensus framework and the Cosmos SDK, which is a development toolkit and software package widely used in projects like Injective, Osmosis, and dYdX Chain. The network adopts 'generalized abstraction' to build a user-friendly blockchain ecosystem without the need for wallet accounts, signatures, or additional technical registrations. This allows users to interact seamlessly with decentralized applications without needing to remember seed phrases or store private keys, providing a more familiar Web2-style experience.
XION is a multifunctional utility token that serves multiple functions within the Xion ecosystem, including network usage fees, governance, and proof of stake security. Xion is also the first blockchain to integrate USDC as its primary trading currency, meaning that all products built on the network will display user-friendly prices in stablecoins.
The eligibility for Xion's 'Believe in Something' initial distribution is determined by factors such as participation in the testnet and interaction with partner communities. According to the team, the first airdrop will allocate up to 5% (10 million) of the total supply of 200 million XION tokens, with a current pre-trade value exceeding $50 million. In this initial airdrop, 69% is allocated to the Xion community, while the remainder is allocated to industry participants that have shown strong support within the ecosystem, including the Berachain, Injective, Pyth, Monad, Milady, Brett, and SPX6900 communities.
A representative from Xion told The Block that 23% of its overall token supply is allocated to the ecosystem, 15% to the protocol and foundation, 15% to the community and launch, 27% to strategic supporters, and 20% to the core team.
Eliminating the complexity of crypto
Aimed at removing the complexity of crypto and backed by an ecosystem of over 75 partners, and claiming to have 4 million active on-chain wallets, the network will focus on use cases related to payments, social communities, web subscriptions, loyalty programs, and gaming.
For example, Xion claims that the consumer application EarnOS on the network attracted 100,000 users from 159 countries in just 72 hours. EarnOS enables companies to create 'tasks' that users can complete in exchange for rewards, and according to the project, brands like Uber, Baskin Robbins, The North Face, Sunglass Hut, and Lacoste saw their engagement triple through these activities. The Xion ecosystem also works closely with Injective, Sei, and Pyth, and is extending its chain abstraction to Solana, BNB Chain, and Avalanche, the team stated.
"We built a platform that allows the magic of crypto to shine behind the scenes, free from the usual chaos and complexity," said one of the core contributors of the Xion network, founder and CEO known as Burnt Banksy. "It's not just about competing with rivals, but about driving innovation, breaking boundaries, and making the blockchain world full of possibilities. With Xion, crypto becomes so seamless that it's almost invisible."
Xion announced in April that it had raised $25 million in Series A funding, with participants including Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, and GoldenTree. This brought its total funding to $36 million.
After raising $11 million from companies like Circle Ventures, Animoca Brands, Multicoin, HashKey, and Valor, Xion launched its testnet in December 2023, as previously reported by The Block.
