Burnt’s Xion Mainnet Goes Live – Bybit Lists XION on Convert

XION is a blockchain built for everyone, everywhere through chain abstraction. Utilizing its Generalized Abstraction layer, XION distinguishes itself by integrating complex blockchain functionalities, such as accounts, signatures, and interoperability, directly at the protocol level. This approach allows for engagement with blockchain applications without needing to understand the underlying technologies.XION is the native utility token that is used for:Network Usage Fees: Transactions on the XION network incur fees, which are used innovatively to offset the minting of new tokens. This mechanism means that as network usage increases, the offsetting of fees could lead to a deflationary token model.Proof of Stake Security: As a proof-of-stake network, XION relies on validators to maintain its integrity. $XION token holders can delegate their tokens to validators or stake their tokens to run their own validator nodes. In addition, instead of calculating inflation against all tokens, the XION network calculates against only staked tokens. This vastly reduces the token’s overall inflation, leading to much more sustainable economics of the network.Governance: $XION token holders can actively participate in network governance by proposing and voting on proposals.Medium of Exchange & Collateral: $XION can be utilized as native liquidity and collateral within the ecosystem. It can also facilitate peer-to-peer transactions across applications and accounts within the XION ecosystem.