Web3 Foundry Burnt announces the launch of the XION Foundation, a non-profit organization that will oversee the development and expansion of XION, a proof-of-stake blockchain.
The venture-backed platform also unveiled $XION, the native token for its Layer 1 blockchain. Burnt shared the news of this milestone in a blog post published on August 14.
XION Launches Native Token
The XION Foundation will focus on democratizing access to Web3 across financial services, the digital economy, and ownership. $XION will help achieve these goals and provide utility within the L1 blockchain ecosystem.
In addition to network security, the token is responsible for platform governance and decentralization, community incentives including airdrops, and funding for XION-based projects.
XION raised $36 million from investors.
XION is built on top of the inter-chain communication protocol and Cosmos (ATOM) developer toolkit, and launched its public testnet in October 2023.
The L1 Blockchain ecosystem is designed to empower Web3 adoption through consumer-friendly decentralized applications. The platform leverages Chain Abstraction solutions to make this a reality, allowing everyday users to easily access and use Web3 products.
XION allows users to interact with dApps on their phones without worrying about seed phrases or private keys.
The project released its technical white paper in December 2023 and has so far raised a total of $36 million from leading cryptocurrency venture capital firms.
Backers of XION’s latest funding round include Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon, which raised $25 million. Other investors include Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.