The Onyx Protocol is a decentralized platform that enables peer-to-peer lending and borrowing of various digital assets. Onyxcoin (XCN) serves as the governance and utility token for the platform and operates on the Ethereum blockchain. The platform supports a range of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens. Through non-custodial custody via decentralized smart contracts, these assets can be supplied or borrowed through an aggregated and unified balance. Onyxcoin (XCN) aims to increase the borrowing capacity of the corresponding account by allowing NFTs to be supplied as collateral.

How does Onyxcoin Work?

Onyxcoin has several potential use cases within the Onyx Protocol. As a governance token, it allows holders to influence the trajectory of the Onyx Protocol through a structured system of voting and proposals. This ensures a democratized control and continual securing of the platform. As a utility token, Onyxcoin facilitates various activities within the system and maintains its economic balance. It also serves as a preferred medium for accessing Chain.com products with discounts. Furthermore, Onyxcoin holders may stake their holdings to receive compensation, sustaining the protocol’s economic vitality.

What makes Onyxcoin Unique?

Onyxcoin stands out in the decentralized finance arena due to its unique features that foster user engagement, security, and convenience. One of its hallmark features is the governance model, where Onyxcoin holders can directly influence the trajectory of the Onyx Protocol through a structured system of voting and proposals. This ensures a democratized control and continual securing of the platform. Another standout attribute is the incentivization of user participation via staking mechanisms, where users can stake their Onyxcoin holdings to earn rewards, sustaining the protocol’s economic vitality. Furthermore, Onyxcoin extends its utility beyond standard transactions, serving as a preferred medium for accessing Chain.com products with discounts.

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coin.24Hcoin.7dayscoin.30dayscoin.90dayscalculator.common.one_yearcoin_market.all_time

-6.69%-11.43%-4.43%-5.02%+58.59%-97.61%

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24h$0.001209$0.001338

7d$0.001209$0.001433

30d$0.001180$0.001714

90d$0.001029$0.001714

1y$0.0007557$0.004776

coin_market.all_time$0.0007038(2023-10-11, coin_market.years_ago )$0.1841(2022-05-27, coin_market.years_ago )

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coin_market.cap

$37,674,612.84

-6.69%

coin_market.fully_cap

$59,224,608.33

-6.69%

coin_market.volume_24h

$3,556,304.46

+146.76%

coin_market.market_raking

#606

coin_market.circula_rate

+63.00%

coin_market.volume_cap

0.0943

coin_market.circula_supply

30,790,294,000 XCN

coin_market.total_max_supply

48.4B XCN

-- XCN

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Hacker Evan Frederick Light Faces 20 Years for $37M Cryptocurrency Theft

Coinotag•2024-10-01 16:00

Onyx to shutdown Ethereum-based lending market, relaunch Onyx Core

Cointelegraph•2024-09-30 11:30

Onyxcoin (XCN) Revival: Community-Backed Relaunch Following $3.8M Hack

Coinotag•2024-09-29 16:00

Onyx receives the greenlight to relaunch Onyx Core after a $3.8M hack

Share link:In this post: Onyx will relaunch Onyx Core and shut down its Ethereum-based lending market. Users will borrow against wrapped NFTs, RWAs, and cryptocurrencies, and the team issued the revised whitepaper. The Onyx Protocol was hacked twice due to known vulnerabilities, and both hacks were preventable.

Cryptopolitan•2024-09-29 16:00