Xion Team Launches Mainnet and Gamified Airdrop Mechanism

The developers of the Xion platform have launched the mainnet alongside the Double or Nothing mechanism, which gamifies the initial token release. This was reported by The Block.

Double or Nothing allows participants to choose between potentially doubling their rewards or losing them through a spinning wheel.

Eligibility for the initial Believe in Something distribution was determined by the level of interaction with the testnet and partner communities.

According to the team, up to 5% (10 million) of the total 200 million XION tokens, currently valued at over $50 million, are allocated for the first token release.

In this distribution, 69% of the assets will be directed to the community, with the remainder allocated among participants from Berachain, Injective, Pyth, Monad, Milady, Brett, and SPX6900, who have shown strong support for the ecosystem.

The overall airdrop structure is as follows:

• 23% — for the ecosystem;
• 15% — for the protocol and Xion Foundation;
• 15% — for the community and launch;
• 27% — for strategic partners;
• 20% — for the core team.

Xion is based on the Comet BFT consensus framework and Cosmos SDK — a set of developer tools and software package used in projects like Injective, Osmosis, and dYdX Chain.

The project uses USDC as a means of payment.

XION serves as a fee for network usage, governance, and PoS security.

The project relies on “generalized abstraction” — an infrastructural solution designed to simplify user interaction with Web3.

The technology does not involve direct use of accounts, signatures, and other typical processes associated with crypto-assets. Users can engage with the network using Web 2.0 methods such as email and Passkey technology.

The main use cases for Xion are payments, social networks, gaming, and web subscriptions.

In April, the project raised $25 million from Animoca Brands and other investors.

In December 2023, the platform’s developers launched the testnet.