Onyxcoin (XCN) is the native token of Onyx Liquidity Protocol, a Web3 blockchain platform that enables organizations to build robust financial services from scratch. Founded in 2014, it allows the deployment of smart contracts in a scalable and user-friendly manner.
The Onyx Liquidity Protocol provides a decentralized and trustless platform for users to engage in lending, borrowing, and earning activities within the Ethereum ecosystem. By leveraging the protocol, individuals can use their cryptocurrency holdings to generate passive income, access liquidity, and participate in the growing DeFi ecosystem.
The protocol functions as a money market, allowing users to supply their assets, such as Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens, and earn interest on those assets.
The Onyx Liquidity Protocol is implemented as a set of Ethereum smart contracts. These contracts facilitate lending and borrowing activities, as well as the management of collateral and interest rates.