Onyxcoin
XCN Price
Onyxcoin (XCN) is the decentralized digital asset powering Onyx Protocol, enabling peer-to-peer lending, borrowing, and perpetual credit lines with collateralized digital assets, including NFTs. More
| Fully Diluted Valuation | $901.34M |
|---|---|
| 24H Trading Volume | $40.48M |
| 24H Low / High | $0.02 / $ 0.02 |
| Circulating Supply | 34.30 B |
| Total Supply | 48.40 B |
| Max Supply | 48.40 B |
| Categories | Pantera Capital Portfolio 7 more |
|---|---|
| Founder | Adam Ludwin |
| Website | onyx.org Whitepaper |
| Socials | 2 more |
| Chains | Ethereum Ecosystem 2 more |
| Explorer | Basescan 5 more |
| Contracts |
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2 more
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| Name | Pair | OG Score |
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Founded in 2014 by venture capitalist Adam Ludwin and initially known as Chain Protocol until January 2023, Onyx Protocol is a decentralized platform for peer-to-peer money market lending. The protocol, supported by Onyxcoin (XCN), a digital asset on the Ethereum blockchain, accommodates various digital assets, including Ether, ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens.
Onyx Protocol Functionality
Onyx Protocol operates on a decentralized framework utilizing smart contracts to enable non-custodial transactions. Users can supply or borrow digital assets seamlessly, leveraging a unified balance secured by decentralized smart contracts. Notably, the protocol allows the use of NFTs as collateral, potentially enhancing borrowing capacity.
Role of Onyxcoin (XCN)
Onyxcoin (XCN) plays a dual role as the governance and utility token within the Onyx Protocol. The protocol offers perpetual credit lines, contingent upon users maintaining sufficient collateral, without imposing monthly payments or expiration dates.
Operational Mechanism of Onyxcoin
Functioning as the foundation within the Onyx Protocol, Onyxcoin facilitates non-custodial transactions through smart contracts, ensuring transparency and security. Users contribute digital assets to a unified pool, enabling borrowing with these assets or NFTs as collateral. Notably, the protocol offers perpetual credit lines, eliminating conventional constraints.
Distinctive Features of Onyxcoin
Onyxcoin distinguishes itself in the decentralized finance (DeFi) sector through its governance model. Onyxcoin holders can influence protocol decisions via a structured voting system, promoting a democratized control mechanism. Additionally, staking mechanisms incentivize user participation, allowing them to earn rewards and sustain the economic vitality of the protocol. Onyxcoin also serves as a medium for accessing Chain.com products with exclusive discounts.
About Onyxcoin
Onyx Protocol serves as an infrastructure for a multi-asset, shared, and cryptographically secure ledger, aiming to develop a smarter and internally connected economy. Onyxcoin, a decentralized project initiated by a group of developers, operates as an open-source digital asset on the Ethereum blockchain. It supports a diverse range of digital assets, including NFTs, through non-custodial custody via decentralized smart contracts.
Opportunities for Onyxcoin Holders
Onyxcoin (XCN) holders can leverage opportunities within the OnyxPay platform. As the governance token, XCN provides voting rights for holders to participate in decision-making processes. Staking XCN within the protocol contributes to network operation, with participants receiving non-monetary incentives in XCN. Moreover, XCN facilitates access to certain features and payments within the OnyxPay ecosystem.
In summary, Onyx Protocol, powered by Onyxcoin, offers a decentralized platform for peer-to-peer money market lending with distinctive features. The protocol's governance model, use of smart contracts, and perpetual credit lines contribute to its uniqueness within the decentralized finance space.
Onyxcoin (XCN) serves a dual purpose as the governance and utility token, allowing holders to participate in decision-making through a voting system. This unique feature ensures a democratized control mechanism within the Onyx Protocol.
Onyx Protocol stands out for its innovative governance model, empowering Onyxcoin (XCN) holders to influence decisions through a structured voting system. The protocol also allows perpetual credit lines without monthly payments, offering a unique approach to decentralized peer-to-peer lending.
Onyx Protocol was founded in 2014 by venture capitalist Adam Ludwin, who envisioned a decentralized platform for multi-asset, secure ledger infrastructure.
Onyx Protocol gained support from various venture capital firms, providing backing for its development and growth.
You can buy Onyxcoin (XCN) on Bitget, Coinbase, Kraken, MEXCGate.io cryptocurrency exchanges.
OGAudit is the first independent social audit platform for web3 projects and cryptocurrencies. Here you can find comprehensive crypto evaluations, ratings, unbiased and objective expert user reviews. There may be positive, negative, and neutral evaluations based on experts' experience and perspective with the product or the service about each cryptocurrency like Onyxcoin XCN. To access these ratings, evaluations, and comments, click here.
There may be different staking options available such as to participating in DAOs, decentralized governance and revenue sharing. Please watch out for scams. Only consider staking options promoted on the official website of the project and advised partners. Please click here to see the official links and make sure to follow the latest instructions.
This data is dynamic and varies depending on the number of tokens that are being vested/vesting, removed from circulation because of network transactions or burned permanently and staking reward distribution mechanism. According to self-declared data the circulating supply of Onyxcoin (XCN) is ($34,301,305,269), max supply of Onyxcoin XCN is ($48,402,432,408) and the market cap of Onyxcoin XCN is ($638,748,680).
What is the Onyxcoin (XCN) price prediction?
Predicting prices in the crypto market is highly speculative and can't be definitively stated. Various factors drive price movements such as macroeconomics, Bitcoin ($btc) and crypto market overall behavior, on-chain activity, whale positionings, growth potential of the project etc. We cannot give any price predictions nor financial advice, but you can look at our comprehensive data, expert user reviews and decide if the product suits your needs! Please do your own research DYOR!
The current market price of Onyxcoin (XCN) is $0. As the OGAudit community we mainly focus on features such as use cases, product development, and sustainable growth. However, we also provide real-time market data and coin/token statistics, analytics, price history for popular altcoins. see here.
It is important to do comprehensive research before deciding whether Onyxcoin (XCN) or any other cryptocurrency is a good investment. We believe you should ask each of these questions before deciding to invest or make partnerships with any crypto project:
Is this type of digital asset considered legal in your country?
Does Coin (Onyxcoin XCN) solve a good problem or offer the best solution?
Do products and services work effectively, and solutions are scalable?
Does the team have a realistic roadmap and can catch up with it?
Does Onyxcoin (XCN) have reasonable and sustainable revenue income models?
Can the team market their products and services well?
How decentralized is the governance and how strong is the community?
Has it reached its fair market value yet?
Does the coin/token have enough trading pairs and liquidity?
As the OGAudit community crypto experts, we evaluate crypto projects by asking each of these questions and more, to provide objective and reliable comments and ratings for the end-user, investors, and institutions. By carefully considering these reviews, ratings, and price action, you can decide whether Onyxcoin (XCN) is a good crypto to invest in or not. To access these evaluations and ratings please click here . The OGAudit experts are the largest, most experienced, and elite users in the crypto space. However, keep in mind that the scores, expert reviews and comments on our platform are OGAudit users’ personal views and meant for educational purposes only. None of the information we publish on our website contains any investment advice and should not be perceived as such. Always -DYOR- do your own research well.
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