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.
The Onyx Liquidity Protocol is a platform that enables investors to lend and borrow cryptocurrencies by utilizing money markets. Here’s how it works:
Users can borrow or lend cryptocurrencies on the platform. To borrow, users pledge an over-collateralized amount of cryptocurrency as collateral. The borrowed amount is based on the value of the collateral and the platform's algorithmically derived interest rates, which are determined by each asset's supply and demand dynamics.
The Onyx Liquidity Protocol operates using money markets. Money markets are pools of assets where users can lend or borrow funds. These markets have algorithmically derived interest rates that reflect each asset's market conditions and demand. Using money markets, users can earn interest on their deposited assets or borrow against their collateral.
The protocol supports various tokens, including ETH, ERC-20, ERC-721, and ERC-1155. This allows a wide range of assets to be utilized within the liquidity protocol.
The Onyx Liquidity Protocol has undergone auditing by CertiK to ensure the security and reliability of its smart contracts. Additionally, the protocol may have a community governance mechanism, allowing participants to have a say in the decision-making process of the platform.
The history of Onyxcoin (XCN) dates back to 2014 when Adam Ludwin, an experienced venture capital professional, founded the company. Originally, the company was named Chain before later adopting the name Onyxcoin. Adam Ludwin recognized the potential of blockchain technology and was convinced that it had the potential to change the way financial services are provided fundamentally.
To realize the vision of Onyxcoin, substantial funding was necessary. Adam Ludwin was successful in attracting prominent investors for the project. Pantera Capital, Nasdaq, Visa, Citigroup, Khosla Ventures, and other investors contributed $40 million to financing Onyxcoin. This significant capital infusion enabled the company to develop its technology further and pursue its goals.
The background of Onyxcoin lies in recognizing the weaknesses of the global financial system. Traditional financial services are often associated with high costs, long processing times, lack of transparency, and uncertainty. Adam Ludwin and his team recognized that blockchain technology had the potential to address these issues and provide more efficient, transparent, and secure financial services.
Over the years, Onyxcoin has evolved and become a leading company in the field of Web3 blockchain platforms. The platform provides organizations the tools to build robust financial services from the ground up. By leveraging smart contracts and applying the least-authority principle, Onyxcoin enables efficient and user-friendly use of blockchain technology.
Unique reasons why the Onyxcoin project could be a good investment include the innovative use of smart contracts, the scalability and user-friendliness of the protocol, and addressing current issues in the global financial system.
Onyxcoin offers an efficient solution for asset transfer by reducing the number of intermediaries and simplifying the reconciliation of ledgers. By utilizing the Onyxcoin platform, organizations can develop and build their own financial services, providing a wide range of application possibilities and growth potential.
Another unique aspect of Onyxcoin is the ability to operate one's network nodes and use one's computing power to support the platform networks. This creates a decentralized and robust ecosystem where users directly control their assets.
Furthermore, staking Onyxcoin tokens allows users to vote on proposed changes in the network and earn staking rewards. This encourages active community participation and allows users to participate in the governance process and influence the further development of the protocol.
Various factors and features of the Onyxcoin project could positively impact the price forecast of XCN. One important consideration is the increasing adoption and use of blockchain technology and cryptocurrencies in the financial sector and beyond.
Onyxcoin offers an efficient and secure solution for the financial industry by leveraging the benefits of smart contracts and decentralized transactions. If the demand for such solutions increases, this could lead to higher adoption and use of Onyxcoin, positively affecting the price.
Another factor is the active involvement of the community and the development of the Onyx DAO. The opportunity for participation and voting by token holders creates a sense of co-determination and ownership, which in turn promotes interest and support from the community. This strong community engagement can increase demand for XCN and influence the price.
The tokenomics of Onyxcoin (XCN) involve an initial distribution to non-US and non-sanctioned users through airdrops. The total supply has been reduced to 48,470,523,779 units, with approximately 23 billion XCN in circulation.
The Onyx DAO controls around 25 billion XCN, using 10 billion for the DAO Treasury and gradually unlocking 15 billion through a time-locked smart contract. These tokenomics promote decentralized governance, transparency, and community involvement. The controlled release of XCN tokens ensures trustworthy inflation and long-term value preservation.
It is important to note that this information is taken from Onyxcoin's whitepaper and is current as of the time of publication. The tokenomics may change over time as the project evolves and the community and market needs are taken into account.
Onyxcoin (XCN) has a roadmap developed and driven by the Onyx DAO and its community. The roadmap can change and is formulated through open-source contributions from participants worldwide. Here are some of the key milestones and features outlined in the roadmap:
1. Fixed-rate borrowing
2. Bid-based auction system
3. Buy now, pay later NFTs
4. Liquidity provider assets
5. ApeCoin and BAYC/MAYC NFT vaults
6. Flash loans
8. Real World Assets (RWA)
The roadmap can change over time through community input. The roadmap demonstrates Onyxcoin's commitment to offering innovative financial services and expanding its capabilities to meet a wide range of user needs.