Demex Daily #105: XION Launches as Burnt Banksy's Vision for a Mainstream and Accessible Web3

What’s Interesting Today:

Burnt Banksy, who previously made headlines by setting a Banksy piece on fire to draw attention to NFTs and the Web3 space, has now introduced the XION blockchain, aimed at achieving widespread use with USDC as its core currency. The unveiling was highlighted by a symbolic act where Burnt Banksy set both himself and the XION platform alight, representing a leap towards the broader adoption of crypto technologies. XION is built to address the complexities and barriers that have hindered the Web3 sector, by incorporating features like Generalized Abstraction for simplified blockchain interactions, Meta Accounts for straightforward onboarding akin to Web2 practices, and eliminating user-facing gas fees. It also ensures easy cross-chain experiences and is the first to integrate USDC throughout its infrastructure. With backing from leading entities in the industry and a successful testnet phase that showcased robust participation and functionality, XION is positioned as a key player in making the Web3 accessible to everyone, reflecting Burnt Banksy's vision of a transparent, accessible, and empowered digital future.

Seamless Protocol is introducing an Integrated Liquidity Market (ILM) on Lido for wstETH, enabling Lido stakers to automatically implement a borrowing strategy to compound their positions. This approach offers a more sophisticated investment strategy compared to traditional restaking by managing funds continuously and allowing for low-collateral borrowing. The ILM aims to enhance rewards by automatically reinvesting returns from staked Ether. It also facilitates single-purpose loans with full visibility for liquidity suppliers on how funds are used, thanks to on-chain smart contracts. Community-led governance allows for the proposal and voting on new ILM strategies. Launched on the Base network by developers from notable projects, Seamless has a total value locked (TVL) of $41.91 million and has facilitated over $20 million in on-chain borrowing since January, amidst the inherent risks of decentralized finance.