All signs indicate that the Layer1 project XION, which has raised over 36 million in financing, is coming.

According to the official news, XION has completed the largest-scale upgrade. Those who have used it should go to bind their wallet and upgrade their account as soon as possible: https://testnet.dashboard.burnt.com/

Unlike other Layer1 projects, XION focuses on chain abstraction, has no wallet, and no Gas. It aims to solve the biggest obstacle facing the widespread adoption of Web3, provide developers with the infrastructure to create user-friendly Web3 applications, and provide users with a simple and seamless user experience.

While everyone is paying attention to whether snapshots will be taken and when airdrops will occur, we might as well take some time to learn more about XION. After all, this project is somewhat different from other Layer1 projects in terms of team background and technical implementation.

1. About the founder: From live broadcast of painting burning to reconstruction of L1

When talking about XION, we can’t avoid its founder Burnt Banksy.

Burnt Banksy is actually his nickname, named after the painting of graffiti artist Banksy that he burned.

This matter dates back to March 2021. At that time, Burnt Banksy was an NFT enthusiast. He not only held NFTs such as CryptoKitties and CryptoPunks, but also spent $90,000 to buy Banksy's paintings, and then burned them live and cast them into NFTs. The NFT was eventually sold at an auction price of $400,000.

This guy's original intention was to inspire more artists to explore NFTs, but he didn't expect that this "feat" would quickly become popular, and even mainstream media such as Forbes and BBC reported on it, and he himself also made a lot of money.

In the year that followed, Burnt focused on creating a code-free product, Burnt Finance, and early NFT standards for creators, and witnessed firsthand that NFTs hit a bottleneck and Web3 could not be widely adopted due to its complexity.

Therefore, he started to build L1 blockchain XION based on Cosmos, aiming to provide a seamless Web3 experience for mainstream users. In simple terms, users do not need to understand messy professional terms and operating skills, and can easily play with Web3.

Interestingly, Burnt had already been exposed to L1 during his college years. At that time, he and the CEO of Injective used mining machines to mine Ethereum in the university dormitory. This was his first close contact with Web3, which more or less planted the seeds for the later reconstruction of L1.

2. About the product: Building Web2 experience for Web3

Although Web3 has many advantages, its complexity discourages many users. What XION wants to do is to create a Web2 experience for Web3, that is, users do not need to master various professional terms and complex operations, but can also experience Web3 seamlessly.

Specifically, XION provides a comprehensive solution to address the long-standing user experience issues of Web3:

Account abstraction - simplifies user onboarding and enables advanced account management and interaction through Smart Contract Accounts (SCAs)

Signature abstraction - allows transactions to be signed via all cryptographic curves, enabling signatures such as biometrics, passwords, email, etc.

Pricing abstraction - enabling products to be priced in fiat currency, thereby reducing asset volatility

Device Abstraction - Allows users to use Web3 applications seamlessly on all devices Payment Abstraction - Simplifies the payment process through its unique fee abstraction, eliminating the complexity of traditional purchases

Gas abstraction — users don’t need to deal with gas fees or even understand their concept

Interoperability Abstraction – Reduce fragmentation and enable a unified user experience by extending the XION seamless user experience across a connected ecosystem

3. About differentiation

XION is a Layer 1 blockchain ecosystem that is most similar to major Layer 1 ecosystems such as Berachain, Monad, Solana, etc. Other "chain abstraction" projects are usually middleware tools or multi-chain wallets that only focus on solving interoperability problems between ecosystems instead of focusing on the user experience of specific applications. XION solves both problems at the same time, empowering builders to develop the next generation of decentralized applications, and having a high degree of interoperability and composability in all major ecosystems.

As a Layer 1 blockchain, XION is designed with a focus on user-friendly functionality, aiming to provide developers with the foundation for developing Web3 applications, making them as simple and easy to use as Web2 applications.

4. About transcripts

According to official data, XION has made steady progress in the past two years, with good performance in various data:

① Adoption

More than 3,600,000 Meta accounts have been created, and there are more than 200 top deployments, integrations and partners built on XION (including Uber), with 1.3 million community users on various social platforms.

It is worth mentioning that in XION’s large-scale launch with Uber, Baskin Robins, The North Face and Sunglass Hut, there were more than 200,000 verified users, completing more than 600,000 tasks, generating 2M+ real brand interaction results, covering more than 170 countries.

② Chain abstraction

XION is expanding its chain abstraction solutions to all mainstream ecosystems, including Solana, BSC, Avax, injective, Saga, Neutron, Multiversx, Sei, and more.

③ Financing

As of now, XION has raised a total of over US$36 million in financing, with investors including Multicoin, Circle, Animoca Brands, Hashkey, Spartan, Valor, Morningstar Ventures, Mechanism, Figment, Coinlist Seed, Injective, Alliance DAO, etc.