Onyxcoin (XCN)
Onyx Protocol is an innovative algorithmic money market designed to offer secure and trustless credit and lending services to users on the Ethereum Network. This decentralized platform empowers investors to engage in lending and borrowing activities involving cryptocurrencies, providing a seamless and efficient financial ecosystem.
How Onyx Protocol works
Onyx Protocol operates by utilizing money markets, which are pools of assets that feature algorithmically derived interest rates. These rates are determined based on the supply and demand of each asset, ensuring a dynamic and responsive financial environment. Participants in the Onyx ecosystem can supply liquidity, earning compounded interest as a reward for their contributions.
| Ticker | XCN |
| Category | BNB Chain Ecosystem |
| Website | http://www.onyx.org |
| @OnyxDAO | |
| Telegram | OnyxOrg |
| Contract Addresses | |
|---|---|
| ethereum | 0xa2...18 Copied! |
| binance-smart-chain | 0x73...5bCopied! |
| base | 0x9c...0cCopied! |
Lending and borrowing on Onyx
When users supply their assets to the Onyx Protocol, they gain the ability to mint stablecoins or borrow other assets against their supplied holdings. To borrow, users must over-collateralize their positions and pay interest on the amount borrowed. This system offers flexibility, with no monthly payments or late fees, allowing loans to be repaid at any time without the need for a credit check. Through smart contracts, Onyx ensures an automated and transparent process for investment and profit distribution.
Expanding possibilities with NFTs
Onyx Protocol extends its lending capabilities to include NFTs, such as CryptoPunks and Bored Ape Yacht Club (BAYC) assets. NFT holders can leverage their idle digital collectibles to obtain loans and earn additional yield. This feature demonstrates Onyx Protocol's commitment to supporting a broader segment of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens.
Unified balance and non-custodial custody
The Onyx Protocol facilitates a unified balance, allowing users to supply or borrow digital assets with ease. Through non-custodial custody enabled by decentralized smart contracts, users maintain control over their assets while engaging with the platform. This structure ensures that Onyx Protocol remains a truly decentralized, peer-to-peer lending solution.
Supported digital assets
One of the core features of Onyx Protocol is its ability to support a wide range of digital assets. This includes:
- Ether (ETH): The native cryptocurrency of the Ethereum blockchain, widely used for transactions and as a base currency for numerous decentralized applications.
- ERC-20 tokens: A standard for fungible tokens on the Ethereum blockchain, ERC-20 tokens are used in a variety of applications, from digital currencies to utility tokens within specific platforms.
- ERC-721 tokens: These are non-fungible tokens (NFTs) that represent unique digital items or assets, offering opportunities for diverse use cases, including digital art, collectibles, and gaming assets.
- ERC-1155 tokens: A multi-token standard that enables the creation of both fungible and non-fungible tokens within a single smart contract, offering efficiency and flexibility for complex digital asset systems.