As a seasoned analyst with over two decades of experience in the tech and finance sectors, I have witnessed the evolution of blockchain technology from its inception to its current state. The launch of XION Foundation and the debut of $XION, a native token for a proof-of-stake blockchain, is an exciting development that could significantly contribute to the democratization of Web3 across various industries.
As a dedicated analyst, I am excited to share that Web3 Foundry Burnt has unveiled the inception of XION Foundation – a charitable entity tasked with steering the growth and advancement of the XION proof-of-stake blockchain. I look forward to witnessing its progress.
As an analyst, I am excited to share that our venture-funded platform has recently introduced $XION, the indigenous token for our layer-1 blockchain. This significant development was announced via a blog post published on August 14th.
XION launches native token
The XION Foundation aims to make it simpler for everyone to get involved with Web3 technology in areas like finance, digital markets, and property ownership. To achieve this, the $XION token will play a crucial role by offering functionality within the ecosystem of L1 blockchain.
Beyond ensuring network security, the token will also play a pivotal role in governing and decentralizing the platform, as well as offering incentives to the community, such as airdrops, and providing funds for projects developed on XION.
XION raised $36 million from investors
XION was developed using the inter-chain communication protocol and the Cosmos ATOM developer tools, and made its public testing debut in October 2023.
In simpler terms, the structure of the L1 blockchain’s community is set up to facilitate the widespread use of Web3 by creating user-friendly decentralized applications. The platform achieves this by employing its Chain Abstraction technology, which simplifies the process for average users to engage with and utilize products from the Web3 realm.
With XION, users are able to engage with decentralized applications (dApps) directly on their mobile devices, freeing them from the concerns of managing seed phrases and private keys.
In December 2023, the project made public its technical blueprint, which has garnered a total investment of $36 million from prominent cryptocurrency venture capital firms to date.
In the recent funding round of XION that raised $25 million, notable participants included Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Additionally, other investors such as Circle, Morningstar Ventures, HashKey Capital, and Valor Capital also contributed to this round.
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2024-08-14 22:32