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About Onyxcoin
Key Points
- Onyxcoin (XCN) is a decentralized digital asset on the Ethereum blockchain.
- It serves as both the governance and utility token for the Onyx Protocol.
- The Onyx Protocol is a decentralized platform for peer-to-peer lending and borrowing of digital assets.
- XCN has a limited fixed supply of 48b tokens, with 23b in circulation.
- Remaining tokens are allocated to the DAO (15b) and Treasury (10b).
- Onyxcoin holders can stake their tokens for a 41.85% return.
- XCN can be purchased on various centralized and decentralized exchanges.
About Onyxcoin: Empowering a New Era of Decentralized Finance
Introducing Onyxcoin (XCN): A Revolutionary Cryptocurrency
Onyx Protocol is a decentralized platform that enables a peer-to-peer money market lending protocol, facilitating seamless interactions between lenders and borrowers. The platform supports a diverse range of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens, which can be supplied or borrowed through a unified balance, backed by non-custodial custody via decentralized smart contracts. Moreover, NFTs can be utilized as collateral, thereby augmenting the borrowing capacity of the corresponding account.
At the core of the Onyx Protocol lies its underlying mechanism, fueled by Onyxcoin (XCN), a decentralized digital asset operating on the Ethereum blockchain, which serves a dual purpose as both the protocol’s governance and utility token. Notably, credit lines accessed and borrowed through the Onyx Protocol are characterized by the absence of monthly payments and expiration dates, instead, they persist in perpetuity, contingent upon the collateral being deemed sufficient.
The Visionary Founders Behind Onyxcoin
Onyxcoin is a decentralized endeavour spearheaded by a collective of visionary developers, boasting a fully open-source framework nurtured by the collaborative efforts of the XCN community.
The Operational Dynamics of Onyxcoin: A Comprehensive Overview
At the core of the Onyx Protocol, a decentralized platform facilitating peer-to-peer lending and borrowing of diverse digital assets on the Ethereum blockchain, lies Onyxcoin. Leveraging smart contracts, the platform enables non-custodial transactions, thereby ensuring the utmost security and transparency. Users can contribute digital assets, including Ether and various ERC tokens, to a unified pool, which they can then borrow against, utilizing these assets or NFTs as collateral. A distinctive feature of Onyxcoin is its provision of perpetual credit lines, contingent upon users maintaining sufficient collateral, thereby eliminating traditional constraints such as deadlines or monthly payments. Notably, Onyxcoin serves a dual purpose: it functions as a governance token, granting holders voting rights over protocol decisions, and as a utility token, facilitating various activities within the system and maintaining its economic equilibrium.
Unveiling the Unparalleled Attributes of Onyxcoin
Onyxcoin distinguishes itself in the decentralized finance landscape through a unique combination of features that prioritize user engagement, security, and convenience. Notably, its governance model stands out, empowering Onyxcoin holders to exert direct influence over the Onyx Protocol’s trajectory through a structured system of voting and proposals, thereby ensuring democratized control and perpetual security of the platform. Another key attribute is the incentivization of user participation via staking mechanisms, where users can stake their Onyxcoin holdings to earn rewards, thereby sustaining the protocol’s economic vitality. Moreover, Onyxcoin extends its utility beyond standard transactions, serving as a preferred medium for accessing Chain.com products with exclusive discounts.
What Is the Circulating Supply of Onyxcoin (XCN)?
XCN boasts a capped supply of 48 billion tokens, with 23 billion currently in circulation. The remaining XCN tokens are distributed as follows: * 15 billion XCN allocated to the DAO, and * 10 billion XCN allocated to the Treasury.
As of October 2023, Onyx users have the opportunity to stake their tokens, yielding a substantial return of 41.85%.
The Onyxcoin Network’s Robust Security Framework
XCN is an ERC-20 token minted on the Ethereum blockchain, leveraging the network’s inherent safety, transparency, and immutability to safeguard its users.
In Which Exchanges Can You Acquire Onyxcoin (XCN)?
XCN is readily available for purchase on a diverse range of centralized exchanges, including prominent platforms such as Bitfinex, Coinbase, KuCoin, Gate, HTX, Poloniex, Bithumb, Kraken, and BtcTurk. Furthermore, users have the option to utilize decentralized exchanges, like Uniswap, to buy and trade XCN.