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Xion Blockchain Mainnet Launches with Gamified Token Airdrop

Key Takeaways

  • Cosmos-based layer-1 blockchain Xion has officially announced the launch of its mainnet, alongside a unique gamified airdrop event to distribute its native XION token to network participants and supporters. 
  • Xion utilizes a system called “generalized abstraction” to build a user-friendly decentralized ecosystem that allows users to interact in a frictionless manner, without requiring wallets or signatures, similar to Web3. 
  • The project is backed by industry leaders such as Circle, Berachain, Injective, Pyth, Monad, Milady, Brett, and SPX6900. It will use the USDC stablecoin as its primary transaction currency, with all its products priced in the dollar-backed cryptocurrency. 
  • The “Double or Nothing” rewards program allows users to participate in a spinning wheel game where they can double their share of XION tokens that will be received via an airdrop. 

Xion, a blockchain focused on chain abstraction and purpose-built for mainstream adoption by bridging Web2 and Web3 experiences, has officially launched its mainnet. It has also introduced an unusual airdrop distribution mechanism for its native XION token. The project, backed by USDC stablecoin issuer Circle, raised $25 million in fundraising efforts earlier this year. 

Circle-Backed Layer-1 Blockchain Launches Mainnet 

As a layer-1 solution, Xion offers seamless integration for developers and businesses through its innovative abstractions. Its approach eliminates the complexities traditionally associated with blockchain technology, making it accessible to both seasoned crypto users as well as beginners. 

Xion is deployed on the Cosmos SDK and utilizes the Comet BFT consensus framework. Cosmos’ SDK is a developer toolkit and software package that has been used in blockchain projects such as Injective, Osmosis, and dYdX Chain. 

The protocol uses a mechanism called “generalized abstraction” to build a user-friendly ecosystem that doesn’t require sign-ups using wallet accounts, or signatures. This allows users to interact with decentralized applications (DApps) in a frictionless manner without needing to remember seed phrases or store private keys. The mechanism enables user interactions with Xion in a more familiar Web2-style experience. 

The Xion token (XION) is a utility and governance asset that serves multiple functions across the ecosystem. It can be used to pay network usage fees, vote on governance proposals, and can be staked to secure the network.

Xion is also the first blockchain to integrate USDC as its primary transactional currency, which means all products and services built on the protocol will display their prices in the stablecoin instead of XION. 

Xion Introduces Gamified Airdrop Event For XION Token

The mainnet launch also coincides with the XION token airdrop, which introduced a novel distribution mechanism called “Double or Nothing”, where participants could either double or lose their rewards through a gamified spinning wheel. 

The team has allocated 5%, or 10 million of the total 200 million XION token supply to its first airdrop event called “Believe in Something”. The token currently has a pre-trading value of more than $50 million.

The initial airdrop allocated 69% of the supply to the Xion community, with the rest distributed among industry contributors who have shown strong support for the ecosystem, including Berachain, Injective, Pyth, Monad, Milady, Brett, and SPX6900. 

According to the team, 23% of all XION tokens are allocated to the ecosystem, with 15% designated for the protocol and its foundation, 15% to the community and launch, 27% to strategic backers of the project, and 20% to the core team. 

Xion is supported by over 75 partners and reportedly has 4 million active on-chain wallets. It will focus on use cases related to payments, social communities, web subscriptions, loyalty programs, and games. 

EarnOS, a DApp powered by the Xion network, has demonstrated significant global traction. Within 72 hours of the app’s launch, it managed to register over 100,000 users from 159 countries, highlighting the platform’s appeal across diverse demographics. EarnOS enables companies to create “missions” that users can complete in exchange for rewards. 

Firms like Uber, Baskin Robbins, The North Face, Sunglass Hat, and Lacoste have managed to increase their social media following from campaigns supported by Xion. The blockchain firm is also working closely with Injective, Sei, and Pyth, and is incorporating chain abstractions for SOL, BNB, and AVAX, among others, reflecting its scalability and adaptability. 

At the time of writing, XION is trading at $5.41 – down 22% in the last 24 hours. 

Also Read: Bitcoin’s Record-Breaking Surge Sparks Trader Liquidations Worth Over $670 Million



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