Xion Review: Layer 1 Project Enhancing User Experience
XION is a Layer 1 democratizing crypto for users every day. XION is the first modular Generalized Abstraction layer abstracting complexities like Accounts, Gas, Interoperability, Signatures, Pricing, Devices, and Payments. And in doing so, development of next-gen projects will become easy with XION, minded to bring Web3 to global mainstream audiences.
XION is a Layer 1 blockchain project developed by Burnt, utilizing Generalized Abstraction technology to empower users with economic freedom. It provides users with friendly accounts, device compatibility, low gas fees, and so on.
Generalized Abstraction on XION: Abstractions at the protocol level pertaining to accounts, signatures, gas, interoperability, pricing, devices, payments, and a lot more. XION makes it easier to do complex things in crypto, thus empowering the next generation of projects that onboard millions into Web3 from across the globe.
Meta account : Xion abstracts the traditional private key-public key model through accounts. This enables an intuitive user experience typical for web2, including a whole variety of methods to authenticate accounts, recover accounts, use across multiple devices, and much more.
Abstraction of signatures: Nothing puts any dependence on the Meta account’s signatures, thus allowing users to work with applications on Xion by familiar web2 methods: email, biometrics, etc. Even the fact that users do not need to install MetaMask or another crypto wallet does not remove this possibility where all user groups can use the Xion easily.
Device abstraction: There is no need to manage private keys anymore, and thus users can use applications from any device, improving accessibility and security.
Parameterized Fee Abstraction Layer: A new way to handle network gas: off-ramping transaction fees paid in USDC, or any other accepted token, for transactions across the network.
Abstracted interoperability: This solution extends the functionalities of Xion’s meta accounts to interact across all connected ecosystems, significantly enhancing the multi-chain user experience.
Digital Banking: Through generalized abstraction features, the digital banking app will let customers set up temporary locks to enhance transaction security. Users will also have the ability to set multiple authentication methods for large transactions and recover account information in case access is lost.
Gaming: Generalized abstraction features can enable on-chain games to allow seamless key use and gas-free transactions. This layer provides a seamless, safe gaming experience that doesn’t affect the assets of players themselves and reduces transaction latency.
Creator economy: Through generalized abstraction features, decentralized streaming services could make subscription-based accounts. Smart contracts will auto-bill the user monthly by turning on. In this mechanism, one will not be performing any manual renewals. It is easy to create such accounts for creators and fans and view content across all their devices.
Xion Ecosystem
XION collaborates with the more significant layer 1 projects, including Solana, Ethereum, Cosmos Hub, and Axelar, hosting central projects such as Pyth, Mango, Marginfi, and Jupiter. This upgraded collaboration shapes the XION ecosystem and lights the fuse for innovation to fit mass adoption in Blockchain technology. XION shall fast-track the future of blockchain through a dynamic, versatile ecosystem.
Pyth is a high-performance, decentralized financial market infrastructure that provides users with real-time and high-fidelity data.
Mango offers a decentralized, cross-margin trading protocol that allows users to trade with up to 5x leverage.
Marginfi is a decentralized margin trading platform that enables users to trade with leverage in a secure and efficient manner.
Jupiter is a project that focuses on providing scalable and efficient solutions for decentralized finance (DeFi) applications.
Tokenomics
The project is not on the testnet yet, and there is no outflow of the token. We shall keep updating you the moment more information is sent our way.
Team and Investors
Team
Prajjwal Yadav (Growth Hacker): Prajjwal did his Master’s in Marketing from Barkatullah University and has worked with several crypto-industry firms like ZeroSwap Labs and Omni Network.
Jean Thirouin (Head of Business Development): Jean frequented Harvard University, where she graduated with a Bachelor’s degree in Economics, after which she worked as an analyst at Morgan Stanley and Beacon Tree Capital.
Investors and partners
Xion raised over $36 million in four funding rounds.
05/06/2021: It raised $3 million in a Pre-Seed round with The Spartan Group, Multicoin Capital, HashKey Capital, Mechanism Capital, DeFiance Capital, Sandeep Nailwal, and Injective Protocol
01/17/2022: Its Seed round raised $8 million, led by Animoca Brands and also included The Spartan Group, Multicoin Capital, HashKey Capital, Mechanism Capital, and investments from Morningstar Ventures.
10/05/2023: An investor — Circle. The amount of funds raised is unknown.
04/01/2024: Series A raked in $25 million with participants being The Spartan Group, Animoca Brands, Multicoin Capital, Mechanism Capital, and Morningstar Ventures.
Roadmap
No official roadmap for the moment.
Conclusion
XION is designed on Layer 1 to benefit user experience across the entire crypto space and drive mass adoption across every market.
CoinCu finds this extremely promising for investment and airdrop hunting in the near future.
FAQs
What currency does XION use as its native token, and why?
XION uses USDC as its native currency. This will enhance safety, stability, and familiarity to the user, as USDC is a well-known stable digital currency avoiding bridging risks and ensuring one can redeem USDC on a 1:1 basis with the US dollar.
How does XION improve user experience compared to traditional blockchains?
Leaving most of the traditional complexities of blockchain technology behind, XION enhances the user experience with gasless transactions, fiat-denominated pricing, and effortless creation of accounts using familiar Web2 methods such as email. All this makes it more accessible and intuitive to non-crypto-native users.
What is the purpose of XION’s interoperability feature?
Interoperability on XION bridges users, applications, and liquidity across a plethora of blockchain ecosystems seamlessly. On this count alone, it can be said that this feature makes XION an adjunct to all the major blockchain networks in its entirety, thus improving cross-chain interaction and enhancing the user experience.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Vincent
After dedicating three years to day trading, I've honed my skills in technical analysis and short-term strategies. Rather than relying solely on textbooks, my expertise stems from immersion in online trading communities. I excel at interpreting chart patterns, implementing technical analysis, and executing precise risk management. I firmly advocate for a probabilistic approach. As Coincu's Editor, I empower readers with the knowledge to excel in the dynamic realm of day trading.
