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 | $538.59M |
|---|---|
| 24H Trading Volume | $10.28M |
| 24H Low / High | $0.01 / $ 0.01 |
| Circulating Supply | 35.02 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 MEXC, Gate.io, Bitget, CoinbaseKraken cryptocurrency exchanges.
