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.
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
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