PANews reported on December 4 that Layer1 project XION officially released a token economic white paper, introducing its token model based on the "Proof of Abstraction" mechanism. The total supply of XION tokens is 200 million, and the initial circulation is 25,559,333, accounting for 12.78%. In the token distribution plan, ecological incentives and project incubation account for 23%, strategic investors account for 26.81%, the team accounts for 20%, protocol development and foundation accounts for 15%, and community and release account for 15.19%.
XION tokens will be used in multiple scenarios such as network fee payment, pledge security, governance voting, ecological mortgage and cross-chain fee settlement. It is reported that XION is the first wallet-free public chain focusing on cryptographic abstraction. Its test network has created more than 4 million Meta accounts and processed about 90 million transactions, and has received support from institutions such as Multicoin, Animoca Brands, and Circle Ventures.
