Burnt Announces Mainnet Launch With USDC Native Currency Support
Burnt, a layer-2 scaling solution backed by Animoca and Multicoin, has announced the launch of Xion, a layer-1 blockchain protocol.
1/ Burnt is officially announcing its strategic investment from @circle_ventures as it launches the XION public testnet.— Burnt (XION)🔥 (@burnt_xion) October 5, 2023
XION is the first layer one blockchain to integrate USDC across the infrastructure stack, enabling true mainstream consumer adoption.https://t.co/40OASFpPGy
According to an October 5 tweet on X (formerly Twitter), Burnt noted that Xion is the first blockchain protocol to adopt the Circle-backed USDC stablecoin as its primary currency for transactions.
With this stablecoin, users of the blockchain network can pay for gas fees.
Xion is a blockchain protocol that empowers developers and crypto brands to create a frictionless Web3 user experience (UX) for their users.
The protocol offers users a toolkit that removes barriers, enabling them to engage with the Web3 ecosystem without requiring extensive technical expertise.
Giving more details, Burnt stated that the Circle consortium is a strategic investment partner in the launch of the Xion network.
Besides, Xion is expected to be supported by 75 investment partners, including Polygon Ventures, Valor, Spartan, Hashkey, Figment Capital, and others.
These partners will provide access to essential functionalities and facilitate seamless onboarding and management of community members and fee abstraction.
For its long-term offering, Xion will focus on crafting solutions around payments, social communities, web subscriptions, loyalty programs, and games.
The layer-1 protocol is dedicated to breaking the complexities surrounding the Web3 space. It also aims to make the crypto ecosystem accessible to the everyday user by leveraging familiar Web2 tools.
Explaining their choice of USDC as its sole currency for transaction resolution, the Burnt team highlighted security, stability, and familiarity as pivotal factors influencing their decision.
Regarding security, the team emphasized that USDC is consistently redeemable on a one-to-one basis with regular fiat currency.
This feature ensures users a safe and straightforward online transaction experience without any risks.
Given its secure nature, USDC is relatively stable as it is backed with fiat reserves and other financial instruments compared to others. This way, the chances of radical price volatility are eliminated.
Pulling the oldest trick from the hat, the Xion blockchain will offer the same robust infrastructure on most Web2 apps while ensuring a permissionless atmosphere.
Regarding real-time usage, fees generated using USDC will be converted into the Xion network token, which will be distributed to the protocol’s validators.
However, details about the native token are expected to be revealed at a later date.
Strong Investor Interest
Since making its public testnet, Xion has proven highly attractive to Web3 startup investors.
The platform has secured over $11 million in investments from angel investors and prominent venture capital (VC) firms.
Commenting on this significant development, Circle Ventures’ Principal Wyatt Lonergan noted that Xion provides a development template for developers to create purpose-built protocols for specific use cases.
Additionally, the platform’s utilization of USDC as its primary currency is expected to play a crucial role in promoting the widespread adoption of this stablecoin.