XION is a modular Generalized Abstraction layer designed to remove crypto onboarding friction and enable developers to build consumer-ready Web3 products. The protocol integrates USDC as its primary transactional currency to provide predictable pricing across ecosystem interactions. XION’s Meta Accounts remove the need for direct private key management while remaining non-custodial, enabling familiar Web2 onboarding methods like email and biometrics, cross-device use, key rotation, multi-factor authentication, and account recovery. The project says it is launching mainnet and aims to expand developer tooling and consumer applications. During testing XION created more than 1.3 million Meta Accounts, processed over 15 million transactions, and attracted an ecosystem of over 150 projects. The new capital will be used to accelerate development and grow the global ecosystem. Burnt Finance began as a crypto startup that famously burned a Banksy artwork and the NFT they minted for it. It developed a decentralized auction protocol on Solana and is now launching a DeFi-oriented NFT marketplace offering English, Dutch and Buy Now auctions. The marketplace will integrate DeFi features such as NFT lending, liquidity mining with staking incentives, fractionalization and GameFi to provide permissionless access with low fees and fast speeds. The company reports a 160,000-user waitlist and says its Spark testnet processed over $100 million of trading volume in seven days. Burnt Finance plans to expand to additional blockchains including Terra and other EVM-compatible layer-one protocols. It previously raised $3 million for its auction protocol in a round led by Multicoin and Alameda Research and incubated by Injective Labs. Burnt Finance is developing a decentralized auction platform for NFTs that runs on Solana. The project evolved from the “Burnt Banksy” stunt, in which the group burned an original Banksy and sold its NFT on OpenSea for $400,000 after buying the physical work for $95,000; that stunt drew coverage from CBS, BBC and The Guardian. The team says high Ethereum gas fees and network congestion made minting and bidding prohibitively expensive, so it chose Solana for faster performance and lower transaction costs. The platform will use Solana Wormhole to connect ETH and ERC-20 tokens to SPL tokens to enable cross-chain interactions. Burnt Finance has raised $3 million to build the protocol and is being incubated by Injective Protocol. The company cites both technical and ecosystem reasons for selecting Solana as the auction layer.

Total raised

$36M

Funding rounds

3

Latest round

Series A

Latest activity

Apr 2024