Xion Blockchain Mainnet Launch

Layer 1 blockchain Xion, focused on chain abstraction, has launched its mainnet with a unique mechanism for its initial XION token airdrop distribution.

The “Double or Nothing” airdrop feature allows eligible participants to potentially double — or lose — their rewards through a gamified spinning wheel, as stated in a notice shared with The Block.

Xion is built on the Comet BFT consensus framework and the Cosmos SDK, a developer toolkit used in projects like Injective, Osmosis, and dYdX Chain. The network employs generalized abstraction to create a user-friendly blockchain experience that doesn’t require wallet accounts, signatures, or extra technical sign-ups. This allows users to interact seamlessly with decentralized applications without needing to remember seed phrases or store private keys, offering a familiar web2-style experience.

XION is a utility token serving multiple purposes within Xion’s ecosystem, including network usage fees, governance, and proof-of-stake security. It is also notable for being the first blockchain to adopt USDC as its primary transactional currency, meaning all products on the network display user-friendly prices in stablecoin.

Eligibility for Xion’s “Believe in Something” initial distribution was based on factors like testnet participation and engagement with partner communities. The team allocates 10 million tokens (5% of the total 200 million XION) for this airdrop, valued at over $50 million. Of this initial airdrop, 69% is designated for the Xion community, with the remainder going to supportive industry partners, including Berachain, Injective, Pyth, Monad, Milady, Brett, and SPX6900 communities.

A representative for Xion indicated that 23% of its total token supply is reserved for the ecosystem, 15% for the protocol and foundation, 15% for community and launch, 27% for strategic backers, and 20% for its core team.

Simplifying Crypto Interactions

The network aims to eliminate the complexity of cryptocurrency, supported by an ecosystem of over 75 partners and a claimed 4 million active on-chain wallets. It will focus on use cases tied to payments, social communities, web subscriptions, loyalty programs, and games.

For instance, Xion reported that EarnOS, a consumer app on the network, attracted 100,000 users from 159 countries within just 72 hours. EarnOS enables brands to create “missions” for users to complete in exchange for rewards, boosting social media followings for brands like Uber, Baskin Robbins, The North Face, Sunglass Hut, and Lacoste threefold as a result of their campaigns. The Xion ecosystem is also collaborating closely with Injective, Sei, and Pyth, and expanding its chain abstraction efforts to Solana, BNB Chain, and Avalanche.

Burnt Banksy, the pseudonymous founder and CEO of Burnt and a core contributor to the Xion network, expressed, “We’ve built a platform that allows the magic of crypto to operate seamlessly behind the scenes, unhindered by the usual complexities. This initiative aims to innovate, break boundaries, and illuminate the blockchain space with new opportunities. With Xion, crypto becomes almost invisible.”

Xion announced in April that it had successfully raised $25 million in a Series A funding round, with participation from Animoca Brands, Laser Digital, Multicoin, Arrington Capital, Draper Dragon, Sfermion, and GoldenTree. This increased its total funding to $36 million.

Xion launched its testnet in December 2023 after receiving $11 million from Circle Ventures, Animoca Brands, Multicoin, HashKey, and Valor, among others, as previously reported by The Block.