Onyxcoin (XCN)
Onyx is a cutting-edge Layer 3 blockchain designed specifically for financial-grade applications[1]. With its near-instant confirmations and low transaction fees, Onyx provides a seamless experience for both developers and consumers. Also known as the XCN Ledger, Onyx is built on Ethereum, Base, and Arbitrum, ensuring full EVM (Ethereum Virtual Machine) smart contract compatibility along with native bridging capabilities. This blockchain is powered by Onyxcoin (XCN), which functions as both the gas and governance token of the ecosystem.
Onyxcoin (XCN): The Utility Token
Onyxcoin, an Ethereum-based ERC-20 token, is the core of the Onyx ecosystem. It is utilized for governance, payments, gas fees, and staking. The contract address for XCN is:
0xA2cd3D43c775978A96BdBf12d733D5A1ED94fb18
As an essential component of the ecosystem, Onyxcoin serves multiple functions, including:
- Facilitating transactions within the Onyx network
- Enabling governance participation through decentralized voting
- Allowing staking to secure the network
- Providing utility for various services and discounts within the ecosystem
| 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! |
Accessing and Using Onyx
Onyx is designed for both individual consumers and developers. Consumers can leverage Onyx for decentralized applications, digital payments, and more. Meanwhile, developers can build any EVM-compatible application on the network.
A key feature of Onyx is its non-custodial, gas-free wallet, allowing users to access their funds seamlessly[1]. To integrate Onyx into an EVM-compatible wallet, users can utilize the following network details:
- Network Name: Onyx
- RPC URL: https://rpc.onyx.org
- Explorer: https://explorer.onyx.org
- Chain ID: 80888
- Currency Ticker: XCN
Decentralized Governance and Staking
Governance within the Onyx ecosystem is entirely decentralized and powered by XCN, which operates on the Ethereum blockchain. Users who stake XCN contribute to securing the network and are able to participate in governance decisions[1]. Staking is managed through Ethereum-based decentralized smart contracts, ensuring transparency and trust within the ecosystem.
The Onyx Protocol: Trustless Credit and Lending
The Onyx Protocol is an algorithmic money market designed to facilitate secure and trustless lending and borrowing on the Ethereum network[1]. This system enables investors to lend or borrow cryptocurrencies by pledging an over-collateralized amount of assets.
Key features of Onyx lending and borrowing include:
- Algorithmically derived interest rates based on supply and demand
- Compounded interest for liquidity providers
- The ability to mint stablecoins or borrow other assets against supplied assets
- No credit checks, no monthly payments, and no late fees
Loans issued through the Onyx Protocol can be repaid at any time without penalties, making it a flexible and efficient solution for users seeking liquidity.
NFT-Backed Loans
Onyx also supports loans for NFT holders, specifically for CryptoPunks and Bored Ape Yacht Club (BAYC) NFTs[1]. This enables NFT owners to leverage their assets for liquidity, unlocking additional yield from their otherwise idle digital collectibles.
oTokens: The Foundation of Onyx Lending
Each supported asset in the Onyx Protocol is integrated through an oToken contract, which represents a balance supplied to the protocol. By minting oTokens, users gain several benefits:
- Interest Accumulation – oTokens increase in value relative to their underlying assets[1], meaning users earn interest simply by holding them.
- Collateral Utility – oTokens can be used as collateral to borrow other assets.
There are two primary types of oTokens:
- OErc20: Wraps an underlying ERC-20 asset.
- OEther: Wraps Ether itself.
The interaction with oTokens includes:
- Minting
- Redeeming
- Borrowing
- Repaying borrowed assets
- Liquidating collateral
- Transferring oTokens
Interest Rates and Yield
Each market on Onyx has its own supply interest rate (APR) [1]. Interest is automatically accrued through the oToken's exchange rate, meaning that users benefit from an increasing underlying asset value over time, without needing to actively claim rewards.