Burnt Launches Xion, a New Layer-1 Blockchain Protocol
Burnt, a layer-2 scaling solution, has introduced Xion, a layer-1 blockchain protocol. This new protocol is the first to utilize the USDC stablecoin as its primary currency for transactions. With USDC, users can pay for gas fees on the blockchain network.
Xion aims to provide developers and crypto brands with a user-friendly Web3 experience by removing technical barriers. It offers a toolkit that allows users to engage with the Web3 ecosystem without extensive technical expertise.
Strategic Investment Partners and Functions
The Circle consortium is a strategic investment partner in the launch of the Xion network. In addition to Circle, Xion will be supported by 75 other investment partners including Polygon Ventures, Valor, Spartan, Hashkey, and Figment Capital. These partners will provide essential functionalities and facilitate onboarding and management of community members.
Xion plans to focus on solutions related to payments, social communities, web subscriptions, loyalty programs, and games in the long term. The protocol aims to make the crypto ecosystem accessible to everyday users by leveraging familiar Web2 tools.
USDC: Security, Stability, and Familiarity
One of the reasons behind choosing USDC as the primary currency is its security and stability. USDC is consistently redeemable on a one-to-one basis with fiat currency, ensuring a safe transaction experience for users. It is also relatively stable compared to other cryptocurrencies due to being backed by fiat reserves and other financial instruments.
Xion’s Unique Features
Xion aims to offer a robust infrastructure similar to Web2 apps while maintaining a permissionless atmosphere. Fees generated using USDC will be converted into the Xion network token and distributed to the protocol’s validators. However, details about the native token will be revealed later.
Strong Investor Interest in Xion
Xion has attracted significant investor interest, securing over $11 million in investments from angel investors and venture capital firms. Circle Ventures’ Principal Wyatt Lonergan believes that Xion provides a development template for creating purpose-built protocols and expects its use of USDC to drive widespread adoption of the stablecoin.
Hot Take: Burnt Launches Xion, a User-Friendly Blockchain Protocol with USDC Integration
Burnt has introduced Xion, a layer-1 blockchain protocol that aims to provide a frictionless Web3 user experience. By adopting the USDC stablecoin as its primary currency, Xion allows users to pay for gas fees and ensures secure and stable transactions. The protocol’s strategic investment partners, including Circle and other prominent firms, will support its development and community management. With its focus on payments, social communities, subscriptions, loyalty programs, and games, Xion aims to break down the complexities of the Web3 space and make crypto accessible to everyday users. Xion has already garnered strong investor interest and is expected to drive the adoption of USDC as a widely used stablecoin.
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