In a fascinating turn of events, CircleBurnt, a prominent layer-2 scaling solution supported by Animoca and Multicoin, unveiled Xion, a cutting-edge layer-1 blockchain protocol. Intriguingly, Xion has opted to make USDC, a stablecoin backed by Circle, its prime currency for transactions, a move that gives users the ability to cover gas fees. This strategic choice done for reasons surrounding, security, stability and familiarity, further solidifies Xion’s role as a driving force in creating a seamless web3 user experience.
In an ever-evolving crypto sphere, Xion sets itself apart by providing an array of sophisticated tools that cater to users without extensive technical know-how, thereby removing barriers and stimulating interaction within the web3 ecosystem. The Circle consortium’s strategic investment adds significant weight to Xion’s anticipated footprints in simplifying complexities inherent in the web3 space, while a horde of 75 investment partners reinforces these efforts, laying the groundwork for unrestricted access to essential functionalities.
Drawing from familiar web2 tools, Xion aims to offer the regular user a user-friendly entry point into the crypto world, focusing on sectors such as payments, social communities, web subscriptions, loyalty programs, and games among others. The USDC currency’s redeemable quality on a one-to-one basis with traditional fiat currencies was a considerable factor in its adoption as Xion’s unique transaction resolution currency, as it introduces stability while eliminating the specter of radical price fluctuations.
Being a stablecoin, it provides an unhindered online transaction experience, instilling confidence in users due to a secure nature fostered by its backing with fiat reserves and other financial instruments. Xion’s approach of creating a robust yet unconstrained infrastructure similar to most web2 applications sees it stride into uncharted crypto territory.
The use of transaction fees converted into Xion network tokens and subsequently distributed to protocol validators, hints at Xion’s strategic planning, although more comprehensive information on the native token is still under wraps.
Xion’s notable achievements and practical solutions have drawn significant investor interest, as indicated by over $11 million in investments from angel investors and esteemed venture capital firms eager to partake in a promising web3 startup. As noted by Circle Ventures’ Principal Wyatt Lonergan, the platform’s development template offers developers a purpose-built protocol template for optimizing specific use cases, while the utilization of USDC as its primary currency sets the stage for widespread adoption of this stablecoin.
Source: Cryptonews
