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What is Onyxcoin (XCN)?
Onyxcoin basic info
What is Onyxcoin?
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.
XCN supply and tokenomics
Uniqueness
Onyxcoin sets itself apart in the decentralized finance arena through several distinctive features that foster user engagement, security, and convenience. A hallmark of its uniqueness is the governance model, where Onyxcoin holders can directly influence the trajectory of the Onyx Protocol through a structured system of voting and proposals, thereby ensuring 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.
Token utility
Chain Token ($XCN) is the governance and utility token for the Chain Protocol designed to vote on protocol improvements and various community-driven programs. $XCN is also utilized for discounts, premium access, and a payment method for commercial fees on Sequence and other Chain ecosystem products.
$XCN has a variety of use case applications within the Chain ecosystem, outside of voting on Chain Protocol and Chain DAO activities. Users can also stake $XCN to secure the protocol and earn rewards. Chain offers priority access to a suite of products, as well as discounts for our software services. $XCN can be used as a secure method of payment for the Chain Protocol as well.
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What is the development prospect and future value of XCN?
The market value of XCN currently stands at $37.71M, and its market ranking is #616. The value of XCN is not widely recognized by the market. When the bull market comes, the market value of XCN may have great growth potential.
As a new type of currency with innovative technology and unique use cases, XCN has broad market potential and significant room for development. The distinctiveness and appeal of XCN may attract the interest of specific groups, thereby driving up its market value.