Burnt’s Xion Mainnet Goes Live – Bybit Lists XION on Convert

Key Points

• XION was listed on Bybit Convert today at 11:00 AM (UTC).
• Xion blockchain launched its mainnet and a “Double or Nothing” mechanism for its airdrop.

Earlier today, Bybit crypto exchange announced the listing of XION on Bybit Convert. The launch was scheduled for 11:00 AM (UTC).

In their official announcement, Bybit also highlighted that with its Convert function, users can seamlessly convert over 300 crypto assets without any fees. Users can also enable swift transactions across multiple fiat and crypto assets.

XION is a utility token, serving multiple functions across Xion’s ecosystem.

L1 Blockchain Xion Launched Mainnet and Innovative Airdrop Mechanism

Xion, an L1 blockchain focused on chain abstraction, launched its mainnet and introduced an innovative mechanism for its initial XION token airdrop distribution.

MorningStar Ventures, one of Xion’s earliest backers, also announced that the Xion mainnet is live.

“Double or Nothing” Airdrop

The Double or Nothing airdrop feature means that participants who are eligible can choose to potentially double or lose their rewards via a gamified spinning wheel, the project stated for The Block.

The official website of the project presents the necessary steps for the Airdrop claim.

The Welcome notes highlight that belief is the foundation of progress and reveal that the XION tokens have been allocated to those who believe in something, see the bigger picture, and stay loyal over time.

Eligible Participants in Xion Airdrop 

The official notes reveal that eligible participants for the airdrop:

• Played a key role in the Xion community from the beginning
• Believed in and actively engaged with apps on Xion testnet
• Earned special recognition from the official Xion community activities

Users have to create a Xion Meta Account on the Xion mainnet to proceed and receive their tokens. The XION tokens will go to the created account once ownership is verified.

Airdrop Official Details

• 5% (10 million) of the total 200 million token supply is allocated to the 1st airdrop.
• The pre-trading value is over $50 million.
• The initial airdrop allocates 69% to the Xion community.
• The remainder is distributed among industry participants who supported the ecosystem.

A rep of the project told The Block more details about token allocation:

• 23% of the overall token supply goes to the ecosystem
• 15% goes to the protocol and foundation
• 15% goes to the community and launch
• 27% goes to strategic backers
• 20% goes to the core team

What is Xion?

According to notes from its official website, Xion represents the first wallet-less blockchain built for mainstream adoption. Xion empowers developers to build, launch, and scale consumer-ready products from the ground up while removing technical barriers for users via its Chain Abstraction feature.

What is Chain Abstraction?

Chain Abstraction simplifies the Web3 UX, removing technical complexities to empower builders to create powerful user-friendly Web3 apps.

By decoupling the UI from the underlying blockchain infrastructure, Chain Abstraction ensures that users can interact with Web3 apps without needing specialized knowledge or dealing with the technical complexities of the technology.

Key concepts include protocol-level innovations that enable:

• UX improvement
• Functional simplification
• Enhanced accessibility

These include user accounts, transactions, device support, fees, pricing, fragmentation, and distribution.

Chain Abstraction focuses on delivering a seamless and intuitive experience, similar to using any web app, encouraging more people to use blockchain technology, and boosting mainstream adoption.

Today, mainstream adoption of blockchain technology faces more challenges including the following:

• Complex user interfaces
• High technical barriers
• Cultural resistance to new technologies

Xion’s Chain Abstraction addresses these issues by enabling devs to build apps that make UX easier, and the project bridges the gap between blockchain technology and mainstream users.

In April, Xion announced that it raised $25 million in a Series A funding round, with participants including Animoca Brands, Laser Digital, Multicoin, and others. The project’s total funding reached $36 million.

Xion launched its testnet in December 2023, after raising $11 million from Circle Ventures, Animoca Brands, HashKey, and Valor, among other participants.

What is the XION Token?

XION is the native utility token that powers the Xion ecosystem, and it’s used to govern and secure the network, using a stake-based mechanism proof-of-abstraction (PoA) mechanism. Both validators and delegators can participate in staking.

XION token is used as an anti-spam mechanism and economic security among others. The token is governed by its community which passes proposals concerning chain upgrades, protocol integrations, and more.

The Xion blockchain is the initiative of Burnt.

What is Burnt?

Burnt is a Web3 foundry that has the mission to advance society’s financial and creative freedom, by any means necessary, according to the official website of the project. To achieve this vision, the project works with blockchain technology and Web3.

Burnt integrates and teams up with like-minded individuals to build the infrastructure, products, and tools required to remove the cultural and functional barriers that keep crypto from resonating with society at large.

Burnt Banksy, the CEO of Burnt, said that the team built a platform that lets the magic of crypto burn brightly behind the scenes, free of the usual mess and complexity.

He said that this is not about playing catch-up with competitors, but about fueling innovation, breaking boundaries, and setting the blockchain world on the path to many possibilities.