The cryptocurrency industry is complex and filled with technical terms and products, making it challenging for mainstream adoption. After the DeFi summer of 2022, the industry saw an influx of new products, adding to the complexity. User-friendly interfaces are needed for blockchain industry adoption.
Because of this, many founders have started working on projects focused on chain abstraction integrations that seamlessly connect users, accounts, and ecosystems to combat crypto's known intricacies and increase industry adoption. A project at the forefront of this is XION—a Layer 1 blockchain purpose-built for mainstream adoption through Generalized Abstraction.
This month's review will cover everything from the founding team to fundraising, the Layer 1 blockchain solution, XION's recent partnerships, and the upcoming roadmap.
What is XION
XION is focused on making Web3 more approachable and accessible. Unlike other projects in the crypto space, the journey that led to XION's current state is a unique story that garnered mixed reactions. The founder of XION, Burnt Banksy, bought a piece by the famous artist Banksy called "Morons." He then burned the piece in a live stream and created a 1-to-1 NFT representation of the artwork, selling it for approximately three times more than the price of the original artwork. His actions aimed to illustrate the concept of digital scarcity, where the digital item was valued more highly than the physical item. This move is considered a significant moment for the industry and has received praise from respected publications such as CoinDesk, BBC, Bloomberg, The New Yorker, and others.
The team developed the initial NFT standards on Solana and no-code products. During this process, the team quickly realized that existing tools made it nearly impossible to reach mass, everyday audiences. The user experience was flawed. Individuals engaging with Web3 apps for the first time were required to complete 15 complex steps over several days just to make a single purchase. What began as a groundbreaking narrative has now evolved into creating a Layer 1 blockchain that simplifies the technical barriers of crypto for all users.
Since its inception, XION has garnered a large social media following, with over 650,000 Twitter followers and over 550,000 Discord members. In addition, its recent Chain Abstraction launch resulted in over 200,000 interchain accounts created in just a few days—the most ever recorded.
Generalized Abstraction unfamiliar
XION has developed a Layer 1 blockchain that makes Web3 more accessible for people unfamiliar with cryptocurrency. They have achieved this through their Generalized Abstraction Infrastructure. The team has implemented abstraction directly at the protocol level, simplifying the technology stack and addressing significant issues in the crypto space, such as fragmentation, cryptographic future-proofing, upgradeability, cost, and security.
The project has incorporated advanced user experience features at the protocol level, including abstracted meta accounts, signature abstraction, and a parameterized fee layer. These features are designed to improve interoperability and make the platform more accessible.
Key Features of the Generalized Abstraction infrastructure include:
- Account Abstraction: Supports easy login methods like email and biometrics, eliminating the need for complex private-public key systems and traditional crypto wallet management.
- Signature Abstraction: Compatible with various cryptographic curves, allowing transactions to be signed using FaceID, Passkeys, EVM curve, Solana curve, and more.
- Fee Abstraction: Transactions on XION are gasless from the user's perspective, simplifying the experience by handling fees in the background and reducing entry barriers.
- Payment Abstraction: Enables token and direct credit/debit card purchase transactions.
- Device Abstraction: Ensures a consistent and secure user experience across all devices, enhancing usability without compromising security.
- Chain Abstraction: This feature facilitates true cross-chain interoperability, extending the seamless user experience to all connected blockchains. It boosts the flexibility and reach of applications built on XION, enabling them to operate effortlessly across diverse blockchain ecosystems.
The infrastructure solution is live and has reached significant usage and ecosystem partners. Since the launch of the Testnet, the team has garnered over 2 million Meta Accounts, processed over 30 million transactions, and welcomed over 150+ projects to the ecosystem.
Token Economy - $XION
$XION is the main token used to power the XION ecosystem. The token utility includes;
- Proof of Stake Security (Staking)
- Network Usage Fees
- Governance (Voting)
- Medium of Exchange
- Collateral & Liquidity
For more details, please refer to the whitepaper: xion.burnt.com/whitepaper
In addition, XION is the first blockchain to integrate USDC as its primary transactional currency, which allows ecosystem users to have a predictable price across various protocol features.
Team, Fundraising, and Partnerships
Burnt is the core contributor and team behind XION, led by the founder and CEO Anthony Anzalone (alias Burnt Banksy). Injective, a leading Layer 1 blockchain optimized for building Web3 finance applications, incubated Burnt and remains a critical strategic partner in powering the future of XION.
The team comprises seasoned crypto natives, full-stack engineers, and developers with accreditations from Morgan Stanley, Ubisoft, and Harvard University.
In April 2024, XION secured $25M in funding with backing from Multicoin Capital, Animoca Brands, Laser Digital, Mechanism Capital, The Spartan Group, and Morningstar Ventures. The new capital will allow XION to accelerate its development further and expand its global ecosystem.In addition to the above, the team raised $3M in its pre-seed round in May 2021 and $8M in January 2022, with participation from The Spartan Group, Multicoin Capital, HashKey, and Morningstar Ventures – raising a total of $36M since its inception.
XION recently introduced its novel chain abstraction technology to several key ecosystems, including Injective, BNB Chain, SAGA, and Avalanche. Through XION’s Generalized Abstraction, these integrations will enable users to seamlessly engage with applications across ecosystems without navigating complex Web3 processes like cross-chain bridging or browser plugins. XION's Meta Accounts enable effortless onboarding through familiar methods like email, while handling complexities such as gas fees and transaction signing. These integrations are expected to enhance liquidity, user engagement, and facilitate cross-ecosystem applications.
Upcoming Roadmap
XION has gone live and gained significant usage and partners. Since the Testnet launch, the team has attracted over 2 million Meta Accounts, processed over 30 million transactions, and welcomed 150+ projects to the ecosystem. XION is transitioning to mainnet and expanding rapidly, with plans for Abstractathons, an ecosystem fund, and an incubation program. The team continues to innovate with Generalized Abstraction infrastructure developments to drive consumer adoption and industry progress. Learn more about Chain Abstraction
