Onyxcoin (XCN) Price

$0.01

Onyxcoin (XCN) Price Today

The live price of Onyxcoin is 0.01 USD. In the past 24 hours, the trading volume of Onyxcoin was 17.1M USD, up by 3.78%. The current price has decreased by -13.76% from its 7-day high of 0.01 USD, and increased by 5.59% from its 7-day low of 0.01 USD. With a circulating supply of 48,402,437,326.00 XCN, the market cap of Onyxcoin is currently 483.8M USD, up by 3.10% in the last 24 hours. Onyxcoin currently ranks #117 by market capitalization among cryptocurrencies.

Onyxcoin (XCN) Market Data

Market Cap

$497.3M

24h Volume

$17.1M

Circulating Supply

34.2B XCN

Maximum Supply

48.4B XCN

Fully Diluted Market Cap

$702.6M

Liquidity Indicator

3.44%

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About Onyxcoin (XCN)

What Is Onyxcoin and How Does It Work?

Onyxcoin (XCN) is the native token of the Onyx Protocol, a decentralized blockchain infrastructure designed to improve financial services within the Web3 space. Onyx provides a multi-asset blockchain infrastructure that enables organizations to build or integrate digital asset management systems, serving as a cloud-based solution for financial service products.

The Onyx Protocol represents a significant step towards supporting a broader segment of digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens. These assets can be supplied or borrowed through an aggregated and unified balance, supported by non-custodial custody via decentralized smart contracts. The platform leverages Ethereum's robust security features while adding its own layers of protection.

Infrastructure Design:

• Layer 3 Blockchain: Onyx, also known as the XCN Ledger, is a Layer 3 blockchain built on Ethereum, Base and Arbitrum with full EVM smart contract compatibility and native bridging

• Multi-Chain Support: XCN operates on Ethereum, Onyx, Base, and Binance Smart Chain (BSC), ensuring seamless interoperability across networks

XCN serves as both a governance and utility token, allowing holders to vote on protocol improvements, participate in the Onyx DAO, and access premium services and discounts within the Onyx ecosystem. The protocol has evolved from its original Chain branding to become a comprehensive blockchain infrastructure provider.

When Was Onyxcoin Launched?

Onyxcoin was officially launched on October 31, 2021, marking the beginning of XCN's journey in the cryptocurrency market. The project was originally founded as Chain in 2014 by venture capitalist Adam Ludwin, with backing from several venture capital firms including Nasdaq, Orange, Capital One, and Citigroup.

The development timeline shows significant evolution: Chain Core was launched after raising over $40 million through funding and strategic partnerships. In 2018, the platform was sold to Lightyear Corp., a division within the Stellar Development Foundation. However, as of 2021, the company began operating as a privately held corporation with new offices, shareholders, and a new board of directors.

In March 2022, Chain Protocol rebranded its token from CHN to XCN, implementing a 1:1,000 ratio conversion for existing holders. The token saw widespread success and increased in value by almost 50% in the first few months post-launch. XCN reached its all-time high price of $0.1841 on May 27, 2022, despite the broader crypto market being in decline.

The rebrand to Onyxcoin and launch of the Onyx Token smart contract on the Ethereum blockchain marked a new chapter for the project, establishing its current identity and expanding its ecosystem.

What Are the Primary Use Cases of XCN Token?

XCN serves multiple essential functions within the Onyx ecosystem:

1. Governance and DAO Participation: XCN holders can vote on community programs and protocol improvement plans through the Onyx DAO, ensuring that the community has a say in the development and direction of the protocol. Governance actions can be proposed by any wallet address holding over 100,000,000 XCN in voting power.

2. Staking and Network Security: Users can stake XCN tokens to secure the network and participate in governance through onchain Ethereum-based decentralized smart contracts. The current staking APY ranges around 5-7%, with some platforms offering up to 34.85% rewards.

3. Utility and Payment Services: XCN is used for various services within the Onyx ecosystem, providing discounts on premium plans, acting as a payment method for Onyx Cloud and Sequence fees, and serving as the gas token for Onyx network operations.

4. DeFi Lending and Borrowing: Within the Onyx Protocol's peer-to-peer lending platform, XCN enables users to supply digital assets as collateral and access credit lines for borrowing various assets including ETH, USDT, and USDC.

5. Cross-Chain Functionality: The XCN Bridge enables users to seamlessly transfer XCN from Ethereum to other supported blockchains, powered by the Wormhole Network for trustless cross-chain movement.

6. Premium Access and Discounts: XCN provides priority access to a suite of products and discounts for software services within the Chain ecosystem, enabling holders to access advanced features and reduced fees.

What Is XCN Tokenomics?

XCN employs a fixed-supply tokenomics model designed for long-term sustainability and controlled distribution.

1. Supply Structure: XCN has a permanently fixed total supply of 48,470,523,779 tokens with no minting functionality to ever inflate or increase this supply. The maximum supply is capped at 68,892,071,757 XCN, ensuring controlled issuance. Currently, approximately 34.3 billion XCN tokens are in circulation (around 44% of total supply).

2. Token Distribution: The original allocation includes multiple categories designed to support ecosystem growth. During the launch phase, 15 billion tokens (31%) were allocated to the foundation and 10 billion tokens (20.6%) to the DAO, with monthly distributions of 200 million and 100 million coins, respectively. The remaining allocation covers team members, community incentives, and ecosystem development initiatives.

3. Company and Team Allocations: The Company allocation is set aside for Chain's parent entity and designed for corporate operations. These tokens are locked in a Time Lock Smart Contract with a monthly release of 200,000,000 XCN beginning April 2023. The Team allocation covers founders, team members, community managers, and developers of the project.

4. DAO Treasury Management: The DAO Treasury allocation is under the control of Chain Governance Stakers who control these funds through community-driven initiatives. The monthly budget passed on the last community constitution is 100,000,000 XCN.

5. Economic Mechanisms: XCN incorporates periodic token burns and controlled emissions to manage supply and enhance long-term value. Most allocations follow structured unlock mechanisms extending over multiple years. Token holders earn rewards ranging from 5-7% to over 30% depending on the platform and staking method.

What Blockchain Network Does XCN Operate on?

XCN operates primarily on the Ethereum blockchain as an ERC-20 token, serving as the governance and utility token for the Onyx Protocol. However, the project has expanded to support multiple networks for enhanced accessibility and functionality.

Onyx utilizes a multi-chain strategy with XCN available on Ethereum, Onyx's own Layer 3 blockchain, Base, and Binance Smart Chain (BSC). The Onyx blockchain is built on Arbitrum and Base, providing full EVM smart contract compatibility and native bridging capabilities. Decentralized governance powered by XCN operates on the Ethereum blockchain, governing all economic staking activity and community voting through smart contracts.

Which Wallet Support XCN Tokens?

Since XCN operates as an ERC-20 token on Ethereum and supports multiple chains, it's compatible with a wide range of cryptocurrency wallets. The most popular option is MetaMask, which allows users to manage their XCN funds directly within their web browser and can add XCN tokens easily through platforms like CoinGecko.

Hardware wallets like Ledger Nano provide the highest security with cold storage capabilities for long-term XCN holdings. For mobile users, Trust Wallet, imToken, and TokenPocket offer user-friendly interfaces for managing XCN on the go. Web-based options include MetaMask, MyEtherWallet, and Enkrypt for browser-based access to XCN tokens and Onyx Protocol interactions.

Major exchanges like Coinbase and Kraken also offer integrated wallet services for XCN storage and trading. When selecting a wallet, users should consider factors such as security, convenience, and fees to ensure they choose the option that best fits their needs for storing and managing XCN tokens.

What Makes XCN a Good Investment?

1. Strong Technological Foundation: XCN powers the Onyx Protocol, a leading web3 blockchain infrastructure with solid technological base and clear use cases. The platform includes advanced features like UTXO model and compact proofs, enabling efficient transaction processing and better scalability compared to competitors.

2. Deflationary Tokenomics: The fixed maximum supply of 68.89 billion tokens with no minting functionality creates built-in scarcity. XCN incorporates periodic token burns and controlled emissions to manage supply and enhance long-term value.

3. Growing Ecosystem Utility: Beyond governance, XCN offers practical benefits including transaction fee payments, staking rewards averaging 5-34.85% depending on platform, and discounts on premium services across multiple chains including Ethereum, Base, and BSC.

Information source

Official Website

Whitepaper

Onyxcoin (XCN) Price Converter

XCN to USD

1 XCN = $ 0.01

XCN to VND

1 XCN = ₫ 380.58

XCN to EUR

1 XCN = € 0.01

XCN to TWD

1 XCN = NT$ 0.43

XCN to IDR

1 XCN = Rp 237.92

XCN to PLN

1 XCN = zł 0.05

XCN to UZS

1 XCN = so'm 182.17

XCN to JPY

1 XCN = ￥ 2.13

XCN to RUB

1 XCN = ₽ 1.14

XCN to TRY

1 XCN = ₺ 0.59

XCN to THB

1 XCN = ฿ 0.47

XCN to UAH

1 XCN = ₴ 0.59

XCN to SAR

1 XCN = ر.س 0.05

Onyxcoin Price Converter

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Price analysis and valuation are influenced by multiple factors, and theoretical projections do not guarantee that a token will reach a specific price level. The information provided is for informational purposes only and does not constitute investment advice. Investors should conduct their own research before making any financial decisions.

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