Introducing Onyxcoin (XCN): Empowering Governance, Staking, and Payments in the Onyx Protocol Ecosystem

What is XCN and what does it solve?

$XCN refers to Onyxcoin, the decentralized digital asset that powers the Onyx Protocol on the Ethereum blockchain. As both the governance and utility token of the protocol, $XCN plays a vital role in facilitating and enhancing the functionality of the Onyx Protocol.

The Onyx Protocol aims to solve several challenges faced by traditional lending and liquidity protocols. Here’s how $XCN contributes to addressing these issues:

1. Capital Efficiency: Traditional lending protocols often suffer from capital efficiency problems, limiting the unlocking of the full potential of collateral and digital assets. By deploying a fully decentralized liquidity protocol, powered by $XCN, the Onyx Protocol aims to improve capital efficiency and enable users to maximize the value of their assets.
2. Token Support: Many existing lending protocols do not support all token types, leading to limited options for users. Onyx Protocol supports a wide range of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens. This broader token support allows users to leverage a diverse set of assets within the protocol.
3. Unified and Aggregated Collateral Access: Onyx Protocol provides a unified and aggregated balance for users, allowing them to supply or borrow various digital assets through decentralized smart contracts. This approach simplifies collateral management and enhances accessibility for users.
4. Decentralization: Centralized control and single points of failure pose risks in many lending and liquidity protocols. Onyx Protocol mitigates these concerns by operating entirely through decentralized smart contracts deployed on the Ethereum blockchain. Changes to the protocol can only be made through on-chain proposals supported by $XCN stakers, ensuring transparency and resistance to centralized attacks.
5. NFT Support: The Onyx Protocol goes a step further by allowing non-fungible tokens (NFTs) to be used as collateral. This innovative feature enhances borrowing capacity for users, making it possible to unlock the value of NFTs within the lending ecosystem.

Overall, $XCN and the Onyx Protocol provide a decentralized solution that addresses the limitations of traditional lending protocols, allowing users to access liquidity, earn yield, and utilize a broader range of digital assets securely and transparently.

Token Overview

• Token name: Onyxcoin
• Token symbol: XCN
• Total supply: 48,470,523,779
• Total circulation Supply: 24,241,726,895

Coinstore Listing

• Trading pair: XCN/USDT
• Trade time: 21 July 2023,18:00（UTC+8）
• Withdrawal time: 24 July 2023, 10:00 （UTC+8）

What are the utilities of XCN?

Onyxcoin (XCN) serves multiple utilities within the Onyx Protocol ecosystem:

1. Governance: XCN is the governance token of the Onyx Protocol, empowering token holders to participate in the decision-making process. By staking XCN, holders gain voting rights and can contribute to shaping the future development and improvements of the protocol. This democratic governance structure ensures that decisions are made collectively and transparently by the community.
2. Staking: XCN can be staked within the protocol to secure the network and earn rewards. By staking their XCN tokens, participants contribute to the security and stability of the Onyx Protocol. In return, stakers receive rewards in XCN, distributed based on the reward speeds determined by the protocol’s on-chain governance.
3. Payments: XCN is utilized for providing discounts, granting premium access, and facilitating payments for commercial fees within the Chain.com ecosystem. Users who hold XCN can access exclusive benefits and privileges, as well as enhanced features on Chain.com’s platforms such as Chain Cloud and Chain Sequence. XCN facilitates value transfer and enables users to engage in transactions and interactions within the ecosystem.

Overall, XCN’s utilities encompass governance participation, staking for network security and rewards, and serving as a means of payment within the Onyx Protocol. These utilities align with the decentralized and community-driven nature of the protocol, empowering token holders and ensuring the smooth operation and evolution of the ecosystem.

What does the project ecosystem include?

The Onyx Protocol ecosystem includes several components and stakeholders that work together to create a decentralized lending and liquidity platform. Here are the main elements of the Onyx Protocol ecosystem:

1. Onyx Protocol: The core of the ecosystem is the Onyx Protocol itself, which is a decentralized platform that facilitates peer-to-peer money market lending. It operates on transparent and trustless smart contracts on the Ethereum blockchain.
2. Onyxcoin (XCN): Onyxcoin is the utility and governance token of the Onyx Protocol. It is used for staking, participating in on-chain governance, and as a means of payment within the ecosystem.
3. Onyx DAO: The Onyx DAO (Decentralized Autonomous Organization) represents the community-driven governance body that oversees the operations and maintenance of the Onyx ecosystem. The DAO manages the Onyx Treasury and makes important decisions through on-chain voting.
4. Collateral: Users can deposit various digital assets as collateral within the Onyx Protocol. Supported assets include Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens. The collateral enables users to access credit lines and borrow assets within the protocol.
5. Yield Generation: Users who deposit supported digital assets onto the Onyx Protocol can earn yield based on the yield curve specific to each asset. Additionally, Onyxcoin (XCN) provides additional yield incentives based on reward speeds set through on-chain governance.
6. Borrowing and Credit Lines: Through the Onyx Protocol, users can utilize their deposited collateral to access an aggregated and unified credit line. Users can borrow assets such as Ether (ETH) or ERC-20 tokens like USDT and USDC. The borrowing process is perpetual and does not have monthly payments or expiration dates.
7. Reserve Factors: The Onyx Protocol employs reserve factors, which accumulate reserves to ensure platform security. A percentage of the interest paid by borrowers goes to the protocol, while the remaining interest is earned by depositors.
8. Supply and Borrow Caps: Supply and borrow caps are implemented to protect the stability and security of the protocol. These caps limit the maximum amount of assets that can be supplied or borrowed, mitigating risks associated with market instability and potential attacks.
9. On-chain Governance: Onyx Protocol utilizes on-chain governance to facilitate transparent and decentralized decision-making. Onyxcoin holders can participate in the governance process by staking their tokens and voting on proposals that affect the protocol.

The Onyx Protocol ecosystem combines these elements to create a decentralized and inclusive platform for lending, borrowing, and liquidity provision, allowing users to participate in the governance and benefit from the services provided within the ecosystem.

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