Coin overview
XION
In progress5.78-0.17%
Last price (USDT)
5.16K
24h total (USDT)
312.24K
Total vol (USDT)
2024-11-12 07:00:00 ~ Pending
Trading time (UTC+0)
Pending
Delivery time (UTC+0)
Introduction
XION is the first L1 blockchain for crypto abstraction. It enables developers to build, launch, and scale consumer-ready Web3 products from the ground up. XION Total supply: 200,000,000
XION is now open for token airdrop enquiries
Layer1 project XION has announced in a post on the X platform that it has opened up access to its token airdrops, stating that users who have actively participated in the XION Test Network Dapp, received special recognition for XION community events, and are active in multiple ecosystem partner communities can check their XION token airdrops.
XION (XION): The Future of Secure, Accessible Web3 Accounts
What is XION (XION)? XION (XION) is a layer-1 blockchain that is designed to make managing digital accounts in Web3 easier, more secure, and more flexible than ever with no wallets. What sets XION apart from other Web3 accounts is its Meta Accounts. These are highly adaptable accounts that are modular in design, meaning they can be customized to meet the needs of individual users. This flexibility allows for a wide range of uses, from digital banking and gaming to content streaming and decentralized messaging. Who Created XION (XION)? XION was created by Burnt, a company that has dedicated itself to advancing society’s financial and creative freedom through blockchain and Web3 technology. Burnt's mission is not just about creating cutting-edge digital tools but also about breaking down barriers that currently limit people’s ability to participate in the crypto space. Burnt integrates and partners with organizations that share its vision to build the tools, products, and infrastructure needed to make Web3 relevant and accessible to society. What VCs Back XION (XION)? XION has already raised over $36 million from top venture capital firms and investors in the blockchain industry. Some of these big-name backers include Animoca Brands, Circle Ventures, Multicoin, Valor, Hashkey, Spartan, Mechanism, Figment, Stateless Ventures, Coinlist Seed, Injective, Alliance DAO, and more. The project has also attracted personal investors like Sandeep Nailwal, co-founder of Polygon. How XION (XION) Works Here are XION’s main features: 1. Generalized Abstraction Layer XION’s Generalized Abstraction Layer is designed to simplify user interaction with dApps and blockchain networks. Typically, when someone wants to interact with a blockchain, they have to understand different blockchain networks, tokens, and wallets. This can be confusing for people who are new to the space. The Generalized Abstraction Layer hides the complexity of blockchain operations behind the scenes, allowing users to focus on what they want to do rather than how to do it. For example, instead of worrying about which specific blockchain a transaction is happening on, users can make transactions easily and securely without having to understand the technical details. 2. Meta Accounts One of the most revolutionary features of XION is its Meta Accounts, which is a new kind of user account that’s built to work with decentralized applications without requiring a deep understanding of blockchain technology. Meta Accounts allow users to log in with familiar methods, like email, and to use the same account across multiple devices. For those who aren’t tech experts, this means they can still access dApps without having to learn about private keys, gas fees, or wallet management. Meta Accounts are also built for security and flexibility. They support time-limited sessions and customizable account rules, which means users can set transaction limits or even recurring payments. If a user loses one of their authentication methods (like their phone or email), they can still recover their Meta Account. This makes XION’s Meta Accounts a safer and more convenient option for new users and veterans alike. 3. Signature Device Abstraction Another unique aspect of XION’s technology is Signature Device Abstraction. Traditionally, when users interact with a blockchain, they need to sign transactions with private keys—a complex process that can be intimidating for beginners. Signature Device Abstraction allows users to sign transactions securely without worrying about managing these private keys. Instead, this feature lets users sign in and interact with Web3 apps through more familiar methods. Users can interact across devices, which makes it easier for people to use Web3 on their phone, tablet, or computer without having to manage multiple private keys or wallets. 4. Parameterized Fee Layer The Parameterized Fee Layer is a feature that makes paying transaction fees simpler and more flexible. Usually, each blockchain transaction requires a fee, often paid in that network’s native cryptocurrency (like ETH on Ethereum or MATIC on Polygon). This can be challenging for new users who don’t have these tokens handy. With XION’s Parameterized Fee Layer, developers can create applications where users can pay fees using different tokens, or even no fees at all in some cases (called "gasless transactions"). For example, if someone is using a decentralized messaging app built on XION, they could send a message without needing to own a specific token for transaction fees. This system makes it easier and more affordable for new users to get started with Web3 apps. 5. Abstracted Interoperability Abstracted Interoperability is another core feature of XION. One of the current limitations in Web3 is that different blockchains often operate independently, and users can’t easily interact with multiple networks in one place. XION addresses this issue by making it possible for users to interact across multiple chains seamlessly. For example, a user could send assets or data between different blockchains without needing separate accounts or wallets for each one. This interoperability makes XION’s technology incredibly flexible and practical, allowing users to participate in various blockchain ecosystems without being limited by a single network. Abstracted Interoperability means that whether users are playing a game, accessing a social media app, or transferring assets, they won’t have to worry about switching networks or managing multiple wallets. XION Goes Live on Bitget XION’s innovative approach to account management, transaction processing, and blockchain interoperability could make it much easier for everyday people to use Web3 applications. By simplifying complicated processes and adding familiar login and transaction methods, XION could help make Web3 applications feel as user-friendly as today’s most popular apps. With XION, developers don’t have to choose between crypto-native and non-crypto-native audiences—they can design dApps that appeal to both, helping to grow the Web3 community. With backing from major investors and partnerships with industry leaders, XION has a strong foundation to fulfill its mission of making Web3 accessible and usable for everyone. XION on Bitget Pre-Market XION is a part of Bitget Pre-Market, a platform where users can trade tokens over-the-counter before the token is listed for spot trading. Join now to get the best out of it! Start time: 12 November, 2024, 07:00 (UTC) Bitget Pre-Market offers flexibility in trading activities with two settlement options: ● Coin settlement, which uses a 'cash on delivery' method where a security deposit is forfeited if the seller fails to deliver. ● USDT settlement, a new option where trades are settled in USDT at the average index price at the last minute. To use Bitget Pre-Market, follow these simple steps: ● Step 1: Go to the Bitget Pre-Market page. ● Step 2: ○ For Makers: ■ Choose the desired token and click on ‘Post Order’. ■ Specify Buy or Sell, enter price and quantity, review details, then confirm. ○ For Takers: ■ Choose the desired token, pick ‘Sell’ or ‘Buy’, select the pending order, enter quantity, and confirm. For detailed instructions on how to use Bitget Pre-Market, please read Introducing Bitget Pre-Market: Your Gateway to Early Coin Trading Get XION on Bitget Pre-Market now! Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.
Bitget pre-market trading:XION (XION) is set to launch soon
We're thrilled to announce that Bitget will launch XION (XION) in pre-market trading. Users can trade XION in advance, before it becomes available for spot trading. Details are as follows: Start time: 12 November, 2024, 07:00 (UTC) End time: TBD Spot Trading time: TBD Delivery time: TBD Pre-market trading link: XION/USDT Bitget Pre-Market Introduction Delivery method: Coin settlement, USDT settlement Coin settlement Coin settlement: Utilizes a "cash on delivery" method. If the seller fails to deliver the required coins, the security deposit will be forfeited as compensation for the breach of contract. USDT settlement USDT settlement: A new option for pre-market trades. This is the second settlement option offered by Bitget for pre-market trades. Orders are settled at the average index price at the last minute as the delivery execution price. The losing party will pay the difference to the winning party. Both parties can lose or gain up to 100% of the security deposit, excluding transaction fees. Example: The user buys 10 tokens at 10 USDT (the filled order is called Order A) and sells 10 tokens at 15 USDT (the filled order is called Order B). At delivery time, the system calculates the delivery execution price based on the average index price from the last minute. Assuming the execution price is 5 USDT, the calculations are as follows: PnL of Order A = (5 – 10) × 10 = –50 USDT PnL of Order B = (15 – 5) × 10 = 100 USDT The total PnL for the user in pre-market trading is 50 USDT. For USDT settlement, orders are settled at the average index price from the last minute as the delivery execution price, determined by a weighted average of prices at leading exchanges to ensure fairness and transparency. Introduction XION is the first L1 blockchain for crypto abstraction. It enables developers to build, launch, and scale consumer-ready Web3 products from the ground up. XION Total supply: 200,000,000 Website | X | Telegram FAQ What is pre-market trading? Bitget pre-market trade is an over-the-counter trading platform specializing in providing a pre-traded marketplace for new coins before their official listing. It facilitates peer-to-peer trading between buyers and sellers, enabling them to acquire coins at optimal prices, secure liquidity in advance, and complete delivery at a mutually agreed upon time. What are the advantages of Bitget pre-market trading? Investors often have expectations regarding the price of a new coin before spot trading becomes available. However, they may be unable to purchase the coin at their preferred price and secure liquidity in advance due to lack of access. In response to this, Bitget pre-market trading offers an over-the-counter (OTC) platform where buyers and sellers can establish orders in advance to execute trades as desired and complete delivery later. In this scenario, sellers are not required to own any new coins; instead, they only need to obtain sufficient new coins for delivery before the designated delivery time. How are pre-market trades deliveries completed? The system will pre-freeze the funds required for the current order between the buyer and seller as a transaction guarantee. Prior to the delivery time, the seller must ensure that their spot account holds the required amount of new tokens; otherwise, the transaction will be canceled. Similarly, the system will unfreeze the buyer's funds and compensate the buyer with the seller's frozen margin. Once the delivery is completed, the corresponding quantity of tokens will be transferred to the buyer's spot account, and the buyer's frozen funds will be transferred to the seller's spot account after deducting the transaction fee. Note: (1) Upon reaching the delivery time, the system will execute the delivery according to the transaction time in sequence, which is expected to be completed within one hour. The seller should refrain from any transactions involving the delivery currency funds within 30 minutes after delivery initiation to mitigate the risk of delivery failure due to insufficient funds. (2) If you have both buy and sell orders, ensure that your spot account holds the required quantity of the sell order currency at the time of delivery. Orders with insufficient balance will be processed using the "compensate with margin" approach. How can I make a pre-market trade as a seller? As a seller, you are required to use the USDT in your spot account to pay the margin. You can list your new tokens on the order market at your preferred price via Post Order, or you can find a suitable buy order on the order market and sell it to the buyer at the buyer's asking price. Once the order is filled, you just need to wait for the delivery. How can I make a pre-market trade as a buyer? As a buyer, you are required to use USDT from your spot account to pay for the trade. Using the Place Order function, set the quantity of coins you want to buy at your preferred price and list the maker order in the order market. Bitget will then lock the funds for the purchase and handle any related fees. Alternatively, you can directly select a sell order from the marketplace and buy the coins at the seller's designated price. Once the order is filled, simply await delivery. Do I have to fill the entire maker sell/buy order at once in pre-market trading? No, the platform allows you to trade any quantity of coins as long as it meets the minimum transaction limit. Disclaimer Cryptocurrencies are subject to high market risk and volatility despite high growth potential. Users are strongly advised to do their research as they invest at their own risk. 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XION: A L1 blockchain focused on chain abstraction, helping Web3 mainstream adoption
Original title: XION: L1 blockchain focusing on chain abstraction, boosting mainstream adoption of Web3 Original author: GaryMa With the rapid development of blockchain technology, more and more projects are emerging on multiple chains. Whether it is the main chain, application-specific chain or Layer-2 expansion solution, the diversity and complexity of the blockchain ecosystem continues to increase. Although the multi-chain system provides users and developers with greater flexibility and choice, it also brings significant challenges, including decentralized liquidity, complexity of cross-chain operations, and insufficient user experience. This makes users face more complex operation processes in the Web3 world than in Web2. Chain Abstraction came into being and became a key path to solve this problem. By abstracting the differences of the underlying blockchain, users do not need to care about the details of the underlying blockchain. Chain abstraction technology can greatly simplify the user experience and enable them to interact seamlessly on different chains. As one of the innovative representatives of chain abstraction, XION is committed to providing a wallet-free experience through generalized abstraction technology, further lowering the threshold for users to use Web3 applications. By abstracting accounts, signatures, gas fees, and interoperability, the user experience (UX) is improved at the protocol level. In the process, XION eliminates barriers to entry for new users while circumventing the fragmentation challenges that developers encounter in other ecosystems. By abstracting interoperability, XION can also extend seamless user experience to all integrated public chains and support many novel use cases. This article will delve into the project background of XION and analyze its innovations in blockchain user experience, including how to solve user experience problems through generalized abstraction and how to use interoperability abstraction to improve cross-chain experience. In addition, the article will analyze the token economics design of XION and interpret the competitive landscape of the chain abstraction track. Project Background XION was founded by Burnt Banksy, and the name comes from a Banksy artwork called "Morons" that he once burned. Through this event, Burnt Banksy demonstrated the concept of digital scarcity and the potential of blockchain technology. However, he also realized that the average blockchain user faced many obstacles due to the poor experience caused by the complexity of the technology. To this end, he founded XION to create an L1 blockchain for mainstream audiences, making digital ownership truly accessible to everyone through simple and easy-to-use dApps. XION has received support from well-known investment institutions in multiple financing rounds: · On May 6, 2021, XION completed a seed round of financing with a financing amount of US$3 million. Investors include Injective, Multicoin Capital, Mechanism Capital, Tribe Capital, Solana Foundation and Alameda Research. · On January 17, 2022, XION completed a Series A financing with a financing amount of US$8 million. Major investors include Animoca Brands, Multicoin Capital, Mechanism Capital, Alliance DAO, Sonic, DeFiance Capital, Spartan Group, HashKey Capital, Figment Capital, Tribe Capital, Play Ventures, Valory, Terraform Labs and Alameda Research. · On October 5, 2023, XION received strategic financing from Circle Ventures, and the specific amount has not been disclosed. · On April 1, 2024, XION completed a new round of financing of US$25 million, with investors including Multicoin Capital, Animoca Brands, Arrington Capital, Sfermion, Spartan Group, etc. These financing rounds show that XION has received widespread attention and support in the field of blockchain and cryptocurrency, and have laid a solid capital foundation for its further development. General Abstraction: Encapsulate Complexity and Create a User-Friendly L1 The so-called complex blockchain operation threshold is usually concentrated in account management, signature, payment and Gas fees. Traditional blockchain systems rely on private key management and address generation, and on private keys for transaction signatures. Each public chain also needs to use its own native tokens for Gas payments, and the fees are uncertain. At the same time, the price of cryptocurrencies fluctuates greatly. If products and services are priced in cryptocurrencies, the erratic prices will also create a less friendly user experience. These are barriers that keep new users out of the circle. In order to eliminate the encryption complexities that users need to face when using blockchain, XION proposed the "universal abstraction" solution, which directly implements universal abstraction at the protocol level, abstracting encryption terms such as accounts, signatures, Gas, interoperability, pricing, devices, and payments. Account and Signature Abstraction XION uses a "meta-account" system, which allows users to log in through familiar methods (such as email or biometrics) and achieves secure access across devices without having to deal with complex private keys. Meta accounts support multiple login methods (such as social accounts, Face ID), and integrate flexible permission management functions such as private key rotation and custom rules to enhance account security. Gas Abstraction XION completely abstracts Gas fees, and users can pay transaction fees with any token. XION will automatically convert these fees into platform tokens, thereby achieving a transparent fee settlement process for users. In addition, through the PlatformSend mechanism and FeeGrant function, XION allows developers to pay transaction fees on their behalf, reducing the cost burden of users in blockchain operations. Device Abstraction XION eliminates the need for users to store and manage private keys, which indirectly eliminates the security risks and complexity that traditionally arise when users use their accounts on multiple devices. XION users can seamlessly interact with their meta accounts across a variety of devices, including PCs, smartphones, or tablets. This device-diverse architecture significantly simplifies the user experience, promoting mass adoption by new users by reducing barriers to entry for new users and improving ease of use for all applications accessed from XION. When interacting with an application through XION, users are presented with multiple login methods, including email, social accounts, Face Id, or can log in using a Web3 wallet such as Keplr or MetaMask. As a result, XION is able to meet the needs of all audiences while retaining a very simple user experience for non-crypto users. Pricing and Payment Abstraction XION's abstraction makes it a blockchain that supports stablecoin payments such as USDC. Users can complete payments directly with stablecoins without worrying about token fluctuations or cumbersome exchanges. This design improves the user experience, making blockchain applications closer to mainstream payment habits and easier to promote to a wider user base. Through the design of these abstract layers, XION provides users with an intuitive experience close to traditional applications, significantly lowering the threshold for users to enter Web3. Interoperability Abstraction: Solving the Dilemma of Multi-Chain Liquidity Fragmentation In addition to allowing users to enjoy smooth blockchain operations on the current chain, XION still spares no effort in cross-chain interoperability abstraction. XION is mainly implemented through "Package Forwarding Middleware", which enables users to operate any other public chain from a control chain (such as XION). With the integration of this middleware and the general abstract framework, XION provides a simplified protocol-level interface. As shown in the figure below, XION allows users to seamlessly perform operations on any chain integrated with XION, with a consistent and smooth experience. XION's interoperability abstraction effectively solves the problem of decentralized user accounts in the current multi-chain environment. Users can link accounts on different blockchains to the XION meta account, thereby managing assets on all chains with a "central account". To achieve this goal, XION uses a variety of symmetric communication methods to build reliable, orderly and authenticated communication channels between different blockchains. This interoperability abstraction makes it possible to innovate new cross-chain applications, allowing multi-chain users to enjoy a smooth and integrated operating experience. Token Economics Design XION is a Proof of Stake (PoS) blockchain based on the Cosmos SDK. Its native token, XION, has multiple uses, giving the ecosystem wider utility: · Network fees: Transactions on the XION network require fees, which are innovatively used to offset the number of new tokens minted. As network usage increases, this mechanism may even achieve token deflation. · Proof of Stake Security: As a PoS network, XION relies on validators to maintain the security of the network. XION holders can delegate tokens to validators, or stake tokens to run their own validator nodes. In addition, XION's inflation is calculated only based on staked tokens, which significantly reduces the overall inflation rate of the token and ensures the sustainability of the network economy. · Governance: XION holders can participate in network governance through proposals and voting, and influence important decisions in the ecosystem. · Transaction medium and collateral: In the XION ecosystem, XION can be used as native liquidity and collateral, and supports peer-to-peer transactions between different applications and accounts in the ecosystem. Among them, the "network fees offset the newly added inflation tokens" and "only staked tokens are counted in inflation" mechanisms in the first two functions represent the innovative adjustments made by XION to optimize inflation. In the past few years, many new public chains and their ecosystems have tried to attract validators and stakers through abnormally high staking rewards. However, this practice often leads to hyperinflation, causing tokens to depreciate rapidly, and ultimately affecting the stability and security of the network. Therefore, XION makes the following two important adjustments to alleviate inflation by expanding the Cosmos mint module: · Fees offset inflation: XION uses the fees collected in each block to offset the number of new tokens minted. For example, if the inflation demand is 1,000 tokens and the block fees accumulate 600 tokens, only 400 tokens need to be added, thereby reducing the pressure on the total supply. As user activity increases, this mechanism is expected to further alleviate inflationary pressures and may even bring deflationary effects. · Only staked tokens are counted for inflation: Unlike the inflation model of Cosmos Hub, XION only calculates inflation based on staked tokens. This approach makes the annualized rate of return (APY) of stakers more stable and is not affected by fluctuations in the number of unstaked tokens, thereby attracting participants who focus on long-term returns and effectively reducing short-term arbitrage. In addition, XION officials recently announced that they will use the USDC stablecoin issued by Circle as the main trading currency, becoming the first blockchain priced in USDC. All products built on XION will be denominated in USDC, and all transactions will be free of gas fees. This design significantly reduces the risk of market volatility and provides users with a more predictable and secure way to trade. It not only reduces users' concerns about crypto market volatility, but also simplifies the trading experience, making XION more acceptable and usable by the mainstream market. Chain abstraction track competition pattern Chain abstraction aims to solve two key problems in the blockchain industry. The first is that the user experience is not friendly, and the threshold for understanding blockchain-related use is high. Various cryptographic concepts such as externally owned accounts (EOA) wallets and Gas are all barriers that discourage new users, making it difficult to achieve seamless interaction like Web2 applications. Secondly, the status quo of multiple chains inevitably leads to the dispersion of liquidity and users, forming isolated ecosystems. Of course, different projects have different understandings and entry points of chain abstraction. From the perspective of simplifying user operations and encapsulating the difficulty of operations, projects such as CoWSwap, UniswapX, etc., which are biased towards intentions, or even smart contract wallets, can be included in the category of chain abstraction. From the perspective of cross-chain interoperability, the industry's early general interoperability protocols such as Cosmos and Polkadot can also be considered track OGs. More recent ones include cross-chain communication protocols such as Layerzero, Wormhole, and Axelar, and even interoperability protocols within a specific ecological range, such as OP superchain, which can all be considered track players. Although these solutions can still be included in the concept of chain abstraction, they are limited to the development stage of their industry. At the current stage, the track players can basically integrate the corresponding solutions of the two key issues of user experience and interoperability, but they focus on user experience and interoperability. Here we mainly select Particle Network, NEAR and ZetaChain for comparison with XION. NEAR Protocol: Chain abstraction solution with account aggregation and multi-chain signature as the core NEAR is a Layer 1 blockchain of sharded proof of stake. Its core chain abstraction functions are as follows: · Account Aggregation: Allows users to integrate multiple operations in one account, simplifying the management requirements of cross-chain, wallets and gas fees. In addition, NEAR supports user-friendly account names (for example, wu.near), providing a more intuitive account management method than traditional blockchains. NEAR's FastAuth system further lowers the user's entry threshold, allowing users to register with email addresses and combining biometrics to replace complex private key management, which greatly enhances the smoothness of the user experience. · Multi-chain signature support: Through the NEAR MPC (multi-party computation) network, NEAR supports accounts with corresponding remote addresses on other chains, and can sign transactions and perform operations from these addresses. The signing nodes in the MPC network do not rely on explicit private keys, but use a threshold signature protocol that supports key sharing and dynamic node changes, thereby achieving continuous access in a cross-chain environment. · Meta Transactions (NEP-366): NEAR implements Meta Transactions through NEP-366, allowing users to perform transactions without holding Gas tokens in advance. ZetaChain: Cross-chain asset management with Omnichain Smart Contracts ZetaChain focuses on cross-chain asset and transaction management, and solves asset flows and contract operations between different chains through Omnichain Smart Contracts. Users can directly call smart contracts of other chains on ZetaChain, making cross-chain transactions and asset management easier. In the ZetaChain 2.0 upgrade plan, the official also proposed a series of potential upgrades to realize the first universal Ethereum virtual machine (EVM) and full-chain abstraction, including full-chain accounts that enable contracts on ZetaChain to interact with native contracts on the connected chain. Particle Network: Cross-chain account and liquidity integration based on Universal Accounts Particle Network uses Universal Accounts and Universal Gas to allow users to manage assets on multiple blockchains with just one account, avoiding the fragmentation of accounts and balances between multiple chains. At the same time, Universal Gas allows users to pay cross-chain transaction fees with any supported tokens, greatly reducing the difficulty of users in operating Gas fees. Overall, Particle's solution focuses on multi-chain interoperability and liquidity integration. Universal Accounts is like a multi-chain wallet account, hiding those complex cross-chain and other complex operation concepts, thereby optimizing the user experience. Based on existing documentation, Particle Network's L1 focuses more on serving as a coordination and settlement layer for cross-chain transactions, acting as a cross-chain middleware, rather than carrying diversified application development and ecosystem expansion like ecological L1s such as NEAR and XION. This middleware solution enables Particle Network to focus on improving the accessibility and interoperability of multiple chains rather than building a complete ecosystem, and therefore has a significant difference in positioning from other ecological L1 public chains. Differentiation of XION Comparing XION with the above three projects, we can clearly feel some differences between XION and them: XION emphasizes its own user experience as an L1 blockchain. It can even be said that it is an L1 blockchain designed specifically to solve the problem of popularizing Web3 applications. Its goal is to eliminate technical barriers in user experience and allow non-technical users to directly participate in Web3 applications. Through universal abstraction, XION realizes the abstraction of accounts, signatures, fees, and interoperability at the protocol layer, so that users no longer need to understand complex concepts such as private keys and gas fees. XION is positioned as an L1 public chain built for consumers. In addition to the current crypto industry users, XION aims to attract new users outside the industry. Therefore, its ecosystem will not be like the current public chain's uniform DeFi financial applications, but will cover multiple fields such as consumption, games, social finance, crowdfunding, and payment, and realize new use cases that were previously difficult to achieve. Among them, the EarnOS application built on XION is a typical example. EarnOS uses blockchain technology to disrupt the advertising market worth more than one trillion US dollars. In the second quarter of 2024, EarnOS launched a beta version, which has received more than $12 million in committed spending, attracted more than 500 creators to participate, and reached cooperation with more than 40 global brands and institutions. After the launch of the beta product, EarnOS teamed up with well-known brands such as UberEats, Baskin Robbins, Sunglass Hut and The North Face, and achieved more than 950,000 task completions. Summary As a seed player in the chain abstraction track, XION has achieved substantial breakthroughs in account management, signature, payment and interoperability with its general abstraction technology that simplifies user experience. XION's design goal is to break the high threshold of blockchain user experience and provide users with a smooth experience similar to Web2. It not only attracts existing Web3 users, but also clears the way for mainstream users to join the Web3 ecosystem. However, while the chain abstraction track is advancing rapidly, it is also facing the challenges of "air infrastructure" risks dominated by infrastructure and unclear market demand. Most current chain abstraction projects focus on the construction of general protocols, but there is a gap in practicality and market matching, and even new fragmentation phenomena have been triggered due to compatibility requirements. In addition, chain abstraction technology may also aggravate the resource imbalance between mainstream public chains and long-tail public chains, affecting the development of the decentralized ecosystem. Therefore, while leading the innovation of chain abstraction, XION also needs to continue to explore how to balance the relationship between user experience, market demand and technology expansion in the future to consolidate its long-term value in the chain abstraction track. All of this also points out a new development direction for the chain abstraction field: not only to improve the technological advancement, but also to achieve the true popularization of blockchain around user needs. 「 Original link」
Contemporary Interoperability Protocols – The Achilles’ Heel of a Modular Future
Interoperability protocols are hailed as the key to unleashing limitless potential for DApps (decentralized applications) and DeFi (decentralized finance), paving the way for further industry innovation. These protocols promise to shape the future of multi-chain solutions and revolutionize how we interact with DApps. Once all chains are connected with fast and secure interoperability, multi-chain Web 3.0 DApps can deliver user experiences as good as or better than Web 2.0 incumbents. But there’s a catch. While interoperability protocols offer big benefits for modular stacks, their interconnectedness can also create substantial challenges. The complexity of integrating and managing multiple layers across diverse blockchain networks is challenging for developers. Furthermore, the lack of standardized protocols can result in fragmented user experiences, which can create a challenging environment for growth. Without addressing these foundational issues, any advancements in blockchain technology will be undermined, as the lack of cohesive standards and custom integrations hampers overall system effectiveness and security. To achieve a multi-chain future, interoperability protocols cannot be the limiting factor. The question is – how do we prevent this? Creating a scalable ecosystem through cost efficiency To build a large and diverse ecosystem, it is crucial to minimize the costs associated with interoperability. By reducing barriers to entry and eliminating the need for custom integrations between systems, we lower operational costs, which empowers developers to create tailored appchains and layer-two solutions that best serve their end users. This cost efficiency not only stimulates innovation, but it also supports a broader range of use cases, driving adoption and growth across the entire ecosystem. Cosmos’ IBC is a prime example of a cost-efficient interoperability protocol. IBC enables seamless data and asset transfers between independent blockchains based on a standardized and permissionless framework, which minimizes expenses associated with CEXs (centralized exchanges), custom bridging solutions and UX fragmentation. Reducing fragmentation and enhancing UX through chain abstraction While scalable networks boost widespread adoption, a successful and lasting UX (user experience) requires a solution to fragmentation issues within the ecosystem. One effective approach to achieving this is through chain abstraction. Chain abstraction involves creating a unified interface that simplifies interactions with multiple blockchains, allowing users and developers to engage with different networks without needing to understand each specific protocol. Thus, integrating chain abstraction into interoperability protocols helps overcome fragmentation challenges, facilitating smooth communication and transactions across multiple blockchains while enhancing the user experience. Networks like Agoric, XION and NEAR are using this solution to unite fragmented interoperability protocols. Ensuring market efficiency with secured interoperability protocols By addressing past challenges, interoperability protocols are poised to excel within modular architectures. However, to unlock their full potential, we must prioritize security alongside innovation. Incorporating ZKPs (zero-knowledge proofs) and consensus verification into bridge infrastructure is a necessary step toward enhancing both decentralization and security in cross-chain transactions. By eliminating centralized validators and enhancing transaction verification, these tools promote trust and scalability in the blockchain ecosystem. The technology’s efficient verification of signatures without identity disclosure drastically reduces communications and computational costs. By implementing scalable interoperability protocols with a user-friendly design, we’ll streamline transactions, enhance liquidity and minimize fragmentation – paving the way for a more robust and cohesive on-chain economy. A bright future through collaboration Interoperability in modular stacks comes with clear benefits and opportunities, as well as significant challenges. That’s why it’s important to get interoperability right. With cost-efficient scalability, standardized frameworks, reduced fragmentation and enhanced UX through chain abstraction, robust decentralized security and simple-to-implement solutions that can be adopted across any execution environment, seamless interoperability will become the norm and unleash a new wave of innovation and possibilities in the blockchain space. Through collaboration between core developers, industry groups and the on-chain community, this future is more than possible – it’s coming. Achieving these goals will lead to a more unified and efficient modular ecosystem, which will stimulate innovation, drive adoption and unleash the limitless potential that interoperability has long promised. This is the time. Karel Kubat is the founder of Union Labs , the first fully trustless bridge powered by ZK technology. Karel has been coding smart contracts since 2016, beginning with Solidity and then expanding to Rust and Go in 2018. Drawing from his deep technological expertise and his background in systems engineering, Karel developed the IBC Protocol on Substrate (Polkadot) and is now committed to bringing interoperability, security and trustlessness to Web 3.0 – and the world – through his work at Union Labs.
Layer1 project XION cooperates with Union to introduce chain abstraction technology
On October 17th, Union announced a partnership with Layer 1 project XION to integrate XION's convenient features into multiple chains on the Union network, improving user experience and expanding the user base. This integration reflects Union's focus on chain abstraction technology. XION is a leader in chain abstraction technology through its L1 protocol, which eliminates the need for a wallet and includes account abstraction, signature abstraction, price abstraction, and more. By integrating with XION, Union combines ZK technology to enhance transaction speed, security, and messaging functionality, bringing a better user experience to Web3 applications.
XION Integrates with Plume to Bring Chain Abstraction Technology to RWA
Original source: XION XION has partnered with Plume Network to introduce chain abstraction technology to the RWA space. Plume is the first modular L2 built on the RWA chain. This collaboration is expected to bring more user growth and liquidity to RWA by simplifying access to multiple RWAs. XION's chain abstraction solution has rapidly expanded to multiple networks such as Solana, BNB Chain, AVAX, SAGA, Injective, Neutron, and MultiversX. XION's simplified Web3 user experience, rich application ecology, extensive chain integration network, and more than 3.5 million active users, coupled with the partnership with Plume will bring massive user growth to the RWA ecosystem. At the same time, the XION ecosystem will also gain Plume's 3.5 million users, more than 150 applications, including convenient RWA tokenization, trading, lending and other rich features. Overview of Plume Plume simplifies the process of bringing real assets on-chain, making investment opportunities that were previously limited to large investors open to the public. The network provides users with a platform where they can buy, sell, and borrow almost any tokenized physical asset, whether it is a designer sneaker or prime real estate. Plume is currently in the testnet stage, with more than 150 applications in the ecosystem, more than 200 million transaction records, and 3.5 million active users. The platform's powerful compliance tools enable projects to operate in a regulated environment and attract more capital. Plume is supported by industry-leading investors such as Haun Ventures, Galaxy Digital, Superscrypt, Portal Ventures, A Capital, and SV Angel. Promoting inclusive finance through chain abstraction technology XION's collaboration with Plume will revolutionize the RWA market and greatly expand market access. With the rapid rise of RWA as an emerging asset class, ensuring broad accessibility has become increasingly important. XION's chain abstraction technology combined with Plume's RWA capabilities enables all types of users to seamlessly participate in a rich set of RWA use cases, breaking the previous limitations of market participation. This collaboration highlights the importance of improving user experience and lowering barriers to entry in the RWA industry, thereby increasing market liquidity and creating more opportunities for all users. XION's chain abstraction solution complements Plume's vision, providing the infrastructure to make tokenized assets open to all users and enable free flow across the ecosystem. Plume co-founder Teddy Pornprinya said: "Through chain abstraction technology, Plume's RWAfi ecosystem access is easier. The partnership with XION enables everyone to benefit from the huge potential of tokenized real-world assets. We are not only expanding market opportunities, but also providing more universal access for all users." With XION's chain abstraction solution, users and funds can switch seamlessly between the Plume and XION ecosystems. The cooperation between Plume and XION will enable users, developers and ecological applications to access and benefit from new asset classes and innovative financial products and services. As a leading L1 blockchain, XION's chain abstraction technology solves the distribution and fragmentation problems within the industry, while promoting the popularization of real-world investment opportunities and the large-scale application of Web3. Creating new opportunities and promoting Web3 applications Industry forecasts show that the market size of tokenized real-world assets (RWA) could grow to $10 trillion by 2030, highlighting the huge opportunities inherent in this asset class. This also means that access to these assets must be universal, ensuring that individuals can participate regardless of their Web3 technical level. Against this backdrop, the importance of chain abstraction technology has become increasingly prominent. By simplifying the complexity of blockchain technology, chain abstraction opens the door for more investors and developers to participate in and benefit from the growing RWA market. This technological advancement is key to unlocking the full potential of RWA as it lowers the barrier to entry and allows those who find cryptocurrencies and blockchains complex to join easily. About Plume Plume is the first fully modular integrated chain focused on RWAfi. It has built the first modular and composable EVM-compatible chain focused on RWA, aiming to simplify the on-chain process for various types of assets and enable efficient introduction of capital through native infrastructure and RWAfi-specific functions. Plume is the first to provide a composable solution for the DeFi ecosystem built around RWAfi, integrating a full-process tokenization engine and a network of financial infrastructure partners for developers to plug and play. Official Website |Documentation | Discord | X This article comes from a contribution and does not represent the views of BlockBeats
XION is integrating with MultiversX to bring chain abstraction to the MultiversX ecosystem
XION is integrating with MultiversX to bring chain abstraction to the MultiversX ecosystem. This integration introduces the seamless flow of native assets and cross-chain accounts across the ecosystem, addressing ecosystem fragmentation and unifying the user experience, as well as allowing builders to attract more users and liquidity across MultiversX's high-speed, low-cost network. Additionally, this integration will allow developers to build custom L2 and application chains that are interoperable with XION's network of eco-integrated chains, unlocking cross-chain composability for applications and benefiting from fast, low-cost transactions, further accelerating Web3 adoption.
XION Foundation: Will continue to promote new initiatives to grow the ecosystem
The XION Foundation is a non-profit organization dedicated to leading the development of the XION ecosystem and adhering to its core values. Its purpose is to carefully manage and continuously expand the XION network - an open blockchain platform that enables developers to build Web3 applications that are accessible to everyone, everywhere. In addition, we will launch the $XION token, a utility token that drives the XION Proof of Stake (PoS) network, which lays a solid foundation for a thriving, self-sufficient ecosystem. It is used to protect the security of the network and is designed to encourage participation, cooperation and growth in the ecosystem while ensuring that the network remains decentralized. As an open blockchain platform, XION is committed to making Web3 applications accessible to everyone. It provides developers with the ability to create and deploy applications that can be used by users around the world, eliminating barriers to entry into the blockchain market. We firmly believe that by simplifying the entry barrier of blockchain technology, we can promote the popularization and democratization of financial services, asset ownership and the digital economy. The XION Foundation supports teams building secure, open source and decentralized applications within the ecosystem, with the main goal of ensuring universal accessibility of Web3 through XION. Its ultimate goal is to pave the way for a decentralized Internet where all users can participate freely and securely. As the XION Foundation continues to grow, it will continue to drive new initiatives to grow the ecosystem, such as: · Support developers building infrastructure and applications on XION · Oversee community incentives and airdrop programs · Fund research and development of scalable, accessible blockchain systems · Support open source public goods for the ecosystem · Encourage open, core development processes · Oversee a rewards and delegation program to recognize meaningful contributions to the network The XION Foundation will play a balancing role, providing guidance while ensuring that the community remains the leading force in the development of the ecosystem. The future of Web3 is collaborative and inclusive. The XION Foundation is committed to empowering people around the world to develop and use accessible blockchain applications. Our joint efforts aim to achieve a truly open and inclusive Web3 ecosystem, and XION plays a key role in achieving this vision. We sincerely invite all organizations and individuals who share the vision of popularizing blockchain technology to join us in promoting the accessibility of technology to everyone. About XION XION is the first Layer 1 blockchain built for consumer adoption through chain abstraction. The founder of XION is Burnt Banksy, who sparked a global discussion about NFTs three years ago by burning a Banksy artwork and minting it into an NFT. Through XION, Burnt Banksy is committed to democratizing Web3 and making digital asset ownership easy for everyone, removing unnecessary barriers and complexity. By implementing features such as account abstraction, signatures, fees, interoperability, etc. at the protocol layer, XION is able to provide a secure, intuitive and seamless user experience. The project has raised over $36 million in funding from top investors such as Multicoin, Circle, Animoca, Hashkey, Spartan, etc. 「 Original link」
Burnt Banksy, CEO of XION, on Being ‘Stupid’ for Burning a Banksy Painting and Industry Being ‘Extremely Close’ to Mass Adoption Via Chain Abstractio
In an exclusive interview with Cryptonews Podcast , Burnt Banksy, the founder of XION , a blockchain specifically built for consumer adoption, discussed burning Banksy’s ‘Moron’ and why it was “dumb.” He talked about creating the first walletless Layer 1 blockchain, wholly designed for consumer needs, and why it is “lame” for L1s to compete with each other, especially when more specialized L4s, L8s, L12s, etc., are likely to arrive. Lastly, Burnt Banksy discussed why we are close to mass adoption. ‘We Were F***ing Stupid’ In 2021, Burnt Banksy made news when he burned a Banksy print called ‘Morons’ in a livestream. Burnt Banksy said he was a fan of Banksy but was up for an experiment. Prior to the boom barely anybody new of NFTs. Even once these assets became world-known over the past several years, people did not see it as having any sort of value. They’d say it’s worthless, a simple JPEG that can be copy-pasted. Burnt Banksy and his two friends chose an undeniably valuable work of art – to destroy and test what would happen to the value of the NFT version. The trio bought the piece for $95,000 and would later sell it for $380,000, breaking the previous NFT sale record of $90,000. “And if I’m being honest, we were fucking stupid. It was dumb,” Burnt Banksy said. “We set the min bid, I think it was like $40,000, and we’re like, you know what? We had a lot of fun doing this. No matter what, it was a great time. And if we don’t make money, that’s okay.” Additionally, the trio had no idea how difficult it would be to actually burn the print. They struggled to set it on fire with a lighter. “I remember standing there as I’m lighting this thing on fire, thinking, hey, this is paper. It should light on fire really easily. But if you look at the video, it looks like I’ve never done anything in my entire life before,” Burnt Banksy said. You might also like NFT: Can Burning A Banksy Make It More Valuable? Abstracting Everything! Burnt Banksy remarked that before XION, he was already “pretty crypto native.” And he wanted to keep working in this industry. But, like many insiders, he acknowledged a major issue: “UX is terrible.” “Unless you know exactly what you’re doing and why you’re doing it, you can’t use this stuff,” he argued. But he wanted a product that anybody could use without having to think of or understand the underlying technology. “I want my parents to be able to use this.” Indeed, XION’s was the first testnet he had ever worked on that his parents could actually use, Burnt Banksy said. Therefore, XION is “the first and only walletless Layer 1 blockchain designed to completely abstract everything crypto-related and aim for complete consumer applications,” its founder said. Meanwhile, XION recently announced a successful beta launch of the EarnOS platform. It saw over 200,000 verified users participating and more than 1,300,000 unique brand interactions. Key to EarnOS’ user-friendly experience is XION’s chain abstraction infrastructure, the announcement said. Users can log in with their email and interact across all devices without seed phrases, plugins, wallets, gas fees, popups, or complex transaction signing. You might also like Burnt Banksy Backed EarnOs Brings Uber to XION Mainnet The First Non-Competitive L1 The XION team said that this is the first non-competitive L1. “It’s so lame to be competing at this level,” Burnt Banksy said. There is absolutely no sense in L1 fighting each other over a small area. “We can all win,” he said. It would be better for the industry if the projects focused their resources on expanding outwards rather than consolidating inwards. “I think the tribalism and this idea [that] if I want to succeed, someone has to lose, is not a great way to run a company,” Burnt Banksy argued. Decisions should not be made based on tribalism or grants. Rather, projects should look for a blockchain that is the right place for them. “If I’m a DeFi project, I could go to like an Injective. If I’m a gaming project, I can go to like Immutable X or something like that,” he suggested. Furthermore, the XION team believes that projects will be specializing. There are “going to be other L1s, 2s, 3s, 4s, 8s, 12s,” argued Burnt Banksy. Crossing the Chasm to Mass Adoption: ‘We’re Extremely Close’ Crypto adoption will likely follow a similar path to Facebook’s, Burnt Banksy said. The evolution will be exponential. He argued that, “With everything that’s going on, I do really think that we’re actually extremely close. And I think next bull market, we’re going to thrive in the bear market.” For adoption purposes, what people care about is the actual product, not what underlines it. Therefore, everything will be product-led. “There’s no reason for people to just casually enter crypto.” We’ll have useful products that draw people in, providing a seamless experience with all the inner workings abstracted. That said, “right now, crypto is extremely solutionist as most non-mature technology narratives are.” The founder noted a book called Crossing the Chasm (1991) by Geoffrey A. Moore. Among other things, it argues that to reach mass adoption for the Internet, we needed to ‘cross the chasm.’ Indeed, the Internet is an integral part of our lives now. This “mirrors crypto to a T,” Burnt Banksy said. ____ That’s not all. In this interview, Banksy also discussed: how important burning a Banksy painting was for his personal brand and Xion; what chain abstraction is, solving UX and fragmentation; issue with popular narratives: ‘chain abstraction is not for the Web2 people, it’s for the Web3 people’; the crypto industry catch-22 and disadvantages of accepting grants; why the industry is susceptible to the grifting and change; there’s always going to be short-term volatility and long-term growth; money going from private to public via Web3 projects: teams working for the good of the people; evolution in the space and of project founders. You can watch the full podcast episode here. __________ About Burnt Banksy Burnt Banksy is the founder of the XION blockchain specifically built for consumer adoption. He aims to democratize Web3, making ownership accessible to all by removing unnecessary barriers and complications through chain abstraction. This will make blockchain technology easier to use for a larger audience. In 2021, Burnt Banksy burned a physical Banksy. This act ignited global discourse on NFTs and Web3. Leading publications covered the story, and it is often cited as the catalyst of the NFT revolution. Follow Us on Google News
XION: Solana on-chain abstraction to be implemented via Picasso Network
XION, the Modular Universal Abstraction Layer, announced in an X Platform post that it will be implementing Solana on-chain abstraction via the Picasso Network.
XION launches digital advertising platform EarnOS
Modular universal abstraction layer XION announced the launch of the digital advertising platform EarnOS on the X platform, aiming to disrupt the existing digital advertising model. It is reported that brands such as Uber, Baskin-Robbins, and Sunglass Hut can now acquire customers and provide rewards on the platform.
Injective integrates with XION to introduce chain abstraction to the ecosystem
Golden Finance reported that Injective has integrated with the Layer 1 network XION, introducing XION's chain abstraction into the Injective ecosystem.
Blockchain network XION completed US$25 million in Series A financing, with participation from Multicoin and others
According to Mars Finance news, XION, a blockchain network focused on building consumer-centric developers, announced that it completed a $25 million Series A round of financing earlier this month, with participation from Multicoin, Animoca Brands and Arrington Capital. XION is developed by Burnt and the new funding will allow XION to accelerate the development of the ecosystem.
Layer 1 network XION announces upcoming mainnet launch
Official sources announced that Layer1 network XION is about to launch its mainnet. It is reported that the network will use the USDC stablecoin issued by Circle as its native transaction currency. The network differs from other chains in its focus on use cases such as payments, social communities, network subscriptions, loyalty programs, and games.
Burnt (XION) Launches Crash Game: a Fully Chained Game
Burnt (XION) announced the launch of Crash Game on the X platform, a simple but powerful practical example of universal abstraction. Crash Game combines XION's meta account, device abstraction, and parameterized fee layer to showcase a fully on-chain game. The game eliminates all the friction that typically exists in Web3 applications and games, and users can log in from their phones, computers, or even their friends' computers, using the same account across devices without the security risk of mnemonic transmission.
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