What Is Onyx Protocol?

Onyx Protocol, previously known as Chain, is a fully decentralized, web3 cryptographic ledger that aims to solve many of the problems that plague today's financial industry, including high fees, lack of transparency, excessive transaction times and low security Onyxcoin’s main goal is to develop its infrastructure, which allows users and companies to perform financial transactions on the blockchain, alleviating scalability and security issues through mutual obligations, indirect ownership and settlements.

What Is Onyxcoin (XCN)?

Onyxcoin (or XCN) is the primary token of the Onyx network. It’s an ERC-20 coin that can be earned, traded, staked or borrowed on the system. XCN is primarily used within the ecosystem to keep the network sustainable. 

Who Founded Onyx Protocol?

Onyx Protocol was founded in 2014 by a venture capitalist named Adam Ludwin, with the backing of several other venture capital firms. Until Jan 2023, it was initially called Chain Protocol and its token was Chain Coin. The brand change was made to differentiate it from other products and services offered by Chain.com.

What Makes Onyx Protocol Unique?

Onyx Protocol is unique because it’s one of the few blockchain-based financial services companies that has received funding from and partnered with some of its more traditional counterparts, such as Visa and Citibank.

Also, unlike many other crypto companies still under the control of a CEO or development team, the Onyx network has already fully decentralized, and is operated by a DAO made up of Onyx Coin stakers who receive one vote for every coin they have staked, which is also known as the "issuance program." 

Another unique feature of the Onyx Protocol is the Isolated NFT Vault system announced in Mar 2023. Under the current system, the owner of a rare and valuable NFT could only put it up for collateral and receive a loan at the floor rate for the collection to which it belongs.

Under Onyx's new vault system, that NFT owner could issue a proposal that, if approved, would allow borrowing closer to the token's true value at an exchange rate determined by the community. This would allow for more capital-efficient lending while also protecting the underlying system.

What Can You Do With Onyxcoin (XCN)?

XCN can be used to stake the system and receive governance rights, since the Onyx Protocol is fully decentralized and controlled by the Onyx DAO. It can also be used to pay gas fees, purchase premium services on the Onyx Protocol and securely pay for products or priority services on the Onyxcoin platform.

Through the Onyx DAO, XCN token holders can control the network by proposing on-chain modifications via votes and managing the Onyx DAO Treasury via their XCN token stake. Audited smart contracts ensure that the DAO is self-sustainable regarding safety, reliability and scalability. 

Onyx (XCN) Price and Tokenomics

Onyxcoin has a total and maximum supply of 48,470,523,779 coins, of which approximately 23,576,983,951, or 44%, are in circulation. A total of 15 billion tokens were distributed to the foundation and ten billion to the DAO during the launching stage. These are released for monthly distributions of 200 million and 100 million coins, respectively.

XCN’s price reached its all-time high of $0.184139 on May 22, 2022. Its all-time low of $0.00287158 came on June 14, 2022.

How to Store Onyxcoin

Onyxcoin can easily be stored in any crypto wallet that supports ERC-20 tokens, such as MetaMask.