PANews, December 4 news, Layer1 project XION officially released its token economic white paper, introducing its token model based on the 'Proof of Abstraction' mechanism. The total supply of XION tokens is 200 million, with an initial circulation of 25,559,333 tokens, accounting for 12.78%. In the token distribution plan, ecological incentives and project incubation account for 23%, strategic investors for 26.81%, the team for 20%, protocol development and foundation for 15%, and community and release for 15.19%.
XION tokens will be used in various scenarios including network fee payments, staking security, governance voting, ecological collateral, and cross-chain fee settlement. It is reported that XION is the first public blockchain without wallets focused on cryptographic abstraction, with its testnet having created over 4 million Meta accounts, processing around 90 million transactions, and receiving support from institutions such as Multicoin, Animoca Brands, and Circle Ventures.