George Town, Cayman Islands, July 01, 2024 (GLOBE NEWSWIRE) -- XProtocol, a modular entertainment-powered chain leveraging Base’s Superchain technology, comes out of stealth by announcing a strategic round raise of $800K, bringing the total raised amount to $5.2M. The seed round has previously seen participation from Saison Capital, Dragonfly, zVentures, with this strategic round onboarding founders and funds deep in the web3 entertainment ecosystem such as Cogitent Ventures and Zephyrus Capital.
XProtocol Superchain focuses on entertainment, gaming and AI applications, providing scalable infrastructure and a developer-friendly platform to partner projects. Its compatibility with the Ethereum Virtual Machine (EVM) allows for straightforward migration of Ethereum projects and robust tools for developers. XProtocol Nodes, known as Xardian Nodes, will contribute to the decentralization of the XProtocol network. Node operators are expected to earn rewards for their participation in the network's consensus process.
“Xardian Nodes will empower the community as they get exposure to the project at an early stage and receive multiple rewards from the partnerships. The design on top of Base blockchain brings a level of security and distribution that matches our ambition to improve on-chain adoption and enhancing standards” - said Dragonix, a core contributor of XProtocol.
XProtocol has earmarked 20% of its token's total supply for node license holders to distribute over 36 months after Xprotocol’s mainnet launch, planned in Q3 2024.
Among the protocol partners is Wonderverse, a gaming publishing studio building multichain IP onboarding the next billion gamers into web3 and DestinyX, an entertainment-focused gaming portal and crypto trading superapp.
“We believe XProtocol's innovative approach with utilizing Base Superchain technology will greatly enhance the gaming experience for our users. This partnership marks an important step in our mission to bring more gamers into the ecosystem,” said Jason Sujaya, Founder of Wonderverse.
Looking ahead, XProtocol plans to onboard new platforms, entertainment, and gaming projects later this year, which are yet to be announced. These forthcoming initiatives aim to broaden the ecosystem further, creating more opportunities for developers and users alike. XProtocol's vision is to continually innovate and expand its network, providing cutting-edge solutions and experiences in the web3 entertainment landscape.
“XProtocol’s commitment to building a web3 entertainment infrastructure layer could make it a key player in the space. We are thrilled to support their vision and contribute to ecosystem growth,” said Qin En, Partner at Saison Capital.
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Investors
Saison Capital is a corporate venture capital arm of Credit Saison, a Tokyo-listed $30BAUM consumer finance company and one of the largest credit card issuers in Japan. The
fund invests in Pre-Seed to Series B companies globally.
Dragonfly is a crypto-focused venture capital firm based in San Francisco that is run bysome of the most prominent VCs from the US and Asia. Some notable companies in its
portfolio include Avalanche, Bybit, Cosmos, NEAR, and Maker DAO. The firm managesU$2B, making it one of the largest venture investment firms in the crypto market.
Caballeros Capital is an early-stage venture firm focused on investing in innovative and founder-driven Web3 protocols and companies .
Related links:
Official website: https://www.xprotocol.org
Litepaper: https://docs.xprotocol.org/x-protocol-litepaper
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