Web3 Foundry Burnt has announced the delivery of XION Foundation, the non-profit organization that can oversee the come and expansion of the proof-of-stake blockchain XION.
The project-backed platform also unveiled $XION, the native token of the layer-1 blockchain. Burnt shared info of these milestones in a blog post revealed on Aug. 14.
XION launches native token
XION Foundation will focal point on democratizing receive admission to to Web3 all the contrivance in which by financial products and providers, digital economies, and ownership. Helping to energy these needs and offering utility right by the L1 blockchain’s ecosystem could be $XION.
Along with community security, the token will drive the platform’s governance and decentralization, neighborhood incentives, at the side of airdrops, and funding for initiatives constructing on XION.
XION raised $36 million from investors
XION is constructed on the inter-chain dialog protocol and the Cosmos (ATOM) developer toolkit, and launched its public testnet in October 2023.
The L1 blockchain’s ecosystem is designed to empower Web3 adoption by contrivance of consumer-pleasant decentralized applications. The platform leverages its Chain Abstraction contrivance to elevate this into truth, making it easy for unprecedented users to receive admission to and employ Web3 merchandise.
On XION, users can have interaction with dApps on their telephones without needing to fear about seed phrases or non-public keys.
The project launched its technical whitepaper in December 2023 and has to this point raised a entire of $36 million from high crypto project capital companies.
Amongst these backing XION’s newest funding round, which secured $25 million have been Animoca Producers, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Other investors consist of Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.
