Proof-of-stake blockchain XION introduces native utility token

Web3 Foundry Burnt has announced the establishment of the XION Foundation, a nonprofit organization that will oversee the development and expansion of its proof-of-stake blockchain, XION.

The venture-backed platform also introduced $XION, the native token of its layer 1 blockchain. Burnt shared news of these milestones 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, digital economies, and property. Helping to power these goals and deliver benefits within the L1 blockchain’s ecosystem will be $XION.

Along with network security, the token will drive the governance and decentralization of the platform, community incentives including airdrops, and funding for projects built on XION.

XION raises $36 million from investors

XION is built on the cross-chain communication protocol and Cosmos (ATOM) developer toolkit and will launch its public testnet in October 2023.

The L1 blockchain ecosystem is designed to strengthen Web3 adoption through consumer-friendly decentralized applications. The platform leverages the Chain Abstraction solution to make this a reality, making it easy for ordinary users to access and use Web3 products.

On XION, users can interact with dApps on their phones without worrying about startup phrases or private keys.

The project published its whitepaper in December 2023 and has raised a total of $36 million from top crypto venture capital firms so far.

Backers of XION’s latest funding round, which provided $25 million, included Animoca Brands, Laser Digital, Multicoin, Arrington Capital, and Draper Dragon. Other investors include Circle, Morningstar Ventures, HashKey Capital, and Valor Capital.