Here’s Why XION is Up 23% Today Despite Market Downturn

Layer-1 blockchain XION has experienced a significant boost in value in the past few hours despite the recent downturn in the crypto market. The price of the asset surged over 22% after the project announced the official launch of its open mainnet, termed the Promethean Saga.

Today, we launch open mainnet for everyone, the Promethean Saga. pic.twitter.com/NPhpZwKmxg

— XION (@burnt_xion) February 5, 2025

According to the project, the Promethean Saga is its first step towards the goal of empowering everyone to benefit from Web3 wherever they are without gatekeeping it behind technical barriers.

Xion Surges Over 22% Following Mainnet Launch 

According to data from CoinGecko, the price of XION surged by 23%, exchanging hands at $1.47 at the time of writing. This significant rally comes after the platform’s successful launch of Promethean Saga, an open mainnet for everyone. 

Promethean Saga is a multi-month on-chain movement designed to feature daily explorations, leaderboards, and competitions across the community and builders while highlighting the network’s exploding ecosystem. 

Last December, Xion launched early access to the Promethean Saga, a four-month global on-chain festival celebrating bringing Web3 to all internet users through its UX-first ecosystem application launches and initiatives. The festival attracted significant daily active users and processed about 2,500 requests per second.

Following its success, the platform launched a mainnet intending to reach as many people as possible. Now open to the public, the Promethean Saga mainnet offers an immersive experience to users from around the world. It allows them to engage in various activities like competitions, art, app launches, and communal on-chain events alongside other users, builders, creators, and artists.

It will also feature daily activations for multiple months that incentivize participants to bridge funds into the ecosystem. Users can also create their dynamic on-chain identities, secure the network via staking, and experience the plethora of new applications launching on XION’s mainnet.

Participation will be tracked through “Karma”. Additionally, users who refer others stand to earn Karma points for every successful referral and a portion of all of their Karma, as well as a portion of all of their referral’s Karma. 

Notably, the introduction of this mainnet has shown strong traction, attracting over 60,000 daily active users to the platform. XION noted that the launch is designed to make navigating the world of Web3 smooth and intuitive, bypassing traditional barriers like complex wallet setups and cross-chain friction. 

What is XION?

The platform prides itself as the first walletless Layer 1 blockchain built for consumer-level adoption through chain abstraction technology. Its protocol-level implementations cover abstract accounts, signatures, fees, interoperability, and others. 

XION became the first project on December  5, 2024, to launch a mainnet after Bitcoin broke the six-figure historical milestone, simultaneously releasing its native token, $XION. Its token serves multiple roles within the ecosystem, including governance, transaction fees, and proof-of-stake security.

The platform empowers developers to build secure, intuitive, and seamless user experiences. The project offers everyone equal access to ownership rights, regardless of technical background.

Using the Comet BFT consensus framework and the Cosmos SDK, XION aims to simplify blockchain interactions. The platform’s design allows users to engage with decentralized applications without the complexities of traditional crypto wallets, such as seed phrases or private keys.

The project is also notable for integrating USDC as its primary transactional currency, which will allow products on the platform to display user-friendly prices in the stablecoin. With a growing ecosystem of more than 75 partners and about 4 million active on-chain wallets, the network aims to facilitate payments, loyalty programs, and social community engagements.

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