Layer 1 protocol Xion network has launched on the mainnet and commenced its token airdrop distribution.
By Godfrey Benjamin
Edited by Julia Sakovich
Updated
3 mins read
Xion, a Circle-backed Layer 1 blockchain, is changing how users interact with crypto by making it as simple as using everyday apps. The network officially launched its mainnet with a unique spin literally on its token airdrop. By gamifying the distribution process and focusing on user-friendly technology, Xion is paving the way for a more accessible blockchain ecosystem.
Xion’s launch is grabbing attention with its innovative “Double or Nothing” airdrop. Eligible participants can spin a wheel to double their XION token rewards or lose them entirely. This exciting and risky approach has energized the community, turning a routine distribution into a thrilling experience.
The airdrop’s eligibility depends on contributions during Xion’s testnet phase and interactions with its partners. The initial distribution allocates up to 5% of the 200 million XION token supply. This is valued at over $50 million pre-trading to participants and ecosystem supporters. Notable partners include Berachain, Injective, and the trendy Milady community.
At its core, Xion aims to eliminate the technical barriers that make crypto intimidating for many users. By using chain abstraction, the network does away with complex processes like creating wallets, signing transactions, and managing seed phrases.
Instead, it offers a web2-like experience, allowing users to interact with decentralized applications (dApps) seamlessly. The Cosmos SDK and the Comet BFT consensus framework power this user-first design. Notably, these are the same tools used in popular projects like Osmosis and dYdX.
Xion also stands out using Circle’s USDC USDC $1.00 24h volatility: 0.0% Market cap: $52.19 B Vol. 24h: $6.62 B , a stablecoin, as its main currency. This means transactions on the network are priced in dollars, making them easier for everyday users to understand.
Xion is not just a blockchain; it is building a full ecosystem that touches various industries. The network aims to make blockchain practical for real-world applications, from payments and loyalty programs to social apps and games.
One standout feature is EarnOS, a consumer app built on Xion. In just 72 hours, EarnOS attracted over 100,000 users from 159 countries. The app allows brands to create “missions” where users complete tasks in exchange for rewards.
Companies like Uber, Baskin Robbins, and Lacoste have seen significant growth in their social media followings through campaigns powered by Xion.
Xion is already collaborating with other blockchains like Injective and Sei. It plans to expand its technology to support Solana (SOL), Avalanche (AVAX), and BNB Chain. This cross-chain capability positions Xion as a major player in the broader crypto ecosystem.
The XION token plays a central role in the network. It is used for transaction fees, governance, and powering the protocol’s security through staking. XION tokens are distributed across key areas to support the network’s development and sustainability.
Xion has strong financial backing, raising $25 million in April 2024 in a Series A round on top of an earlier $11 million investment. With supporters like Animoca Brands, Circle Ventures, and Multicoin Capital, the project is well-funded for growth.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
