Burnt, a prominent player in the Web3 ecosystem, has made significant announcements regarding the public launch of its XION testnet and a strategic investment from Circle Ventures, the venture capital arm of Circle, a renowned global financial technology firm and the issuer of USDC.
XION, the first-of-its-kind Layer-1 blockchain tailored for mass adoption, aims to revolutionize the digital assets landscape with a strong emphasis on practical use cases. These include facilitating private and public communities, membership programs, loyalty initiatives, and gaming applications.
A notable feature of XION is its adoption of USDC, a fully-reserved digital dollar, as its primary transactional currency. This strategic move eliminates a significant technical barrier, as all products built on XION will display prices in USDC. Furthermore, XION distinguishes itself by offering gasless transactions, making it even more accessible and user-friendly.
XION has already demonstrated its technical prowess with over 200,000 active on-chain wallets, the production of more than two million blocks, and seamless processing of over 1,000,000 on-chain transactions. These achievements underscore XION’s readiness for real-world applications.
To bolster its ecosystem, XION has partnered with over seventy-five key collaborators who provide essential functionalities and ensure a seamless user experience. Notable partners include Checkout.com, powering CHRGE to enable credit card asset purchases, and Exodvs, an on-chain membership platform facilitating community growth.
Burnt’s CEO, Burnt Banksy, envisions XION as a platform for user-friendly applications that harness Web3’s potential while eliminating blockchain complexities. Native mobile support, easy account creation, and credit card transactions are some of the enhancements aimed at significantly improving the user experience.
Circle Ventures Principal Wyatt Lonergan expressed pride in supporting Burnt’s mission, enabling developers to create user-friendly Web3 applications that leverage USDC for widespread adoption.
XION’s robust foundation is built on Comet BFT, an industry-leading and secure consensus framework, inter-chain communication protocol (IBC), and the Cosmos SDK developer toolkit. This infrastructure, with over $50 billion in secured assets, has earned trust in the industry, powering major projects like Binance Chain (BNB), Crypto.com (CRO), Injective (INJ), and DyDx (DYDX).
Burnt’s commitment to XION’s development and Circle Ventures’ strategic investment signal an exciting chapter in the Web3 ecosystem, poised to enhance user accessibility and drive broader adoption of blockchain technology.