Onyx Protocol is a unique, decentralized finance (DeFi) platform that offers users the ability to earn yield on their assets and borrow funds against their collateral across a number of cryptocurrencies, tokens, and NFTs that include Bored Ape Yacht Club, CryptoPunks and Mutant Ape Yacht Club.
The platform is currently live on its main net at onyx protocol with a mission to make decentralized finance accessible to everyone.
Onyx Protocol boasts a number of partnerships with communities and platforms such as Ampleswap, KriptoBi, MyCointainer, and Coin Muhendisi while simultaneously offering a comprehensive and interactive Zealy campaign and ambassador program.
DeFi much like Onyx Protocol, is a transformative technology that aims to disrupt traditional financial systems through building ecosystems of financial applications on top of blockchain networks such as Ethereum and Binance Smart Chain where Onyx Protocol's native token $XCN can be found.
These platforms then use smart contracts to enable users to interact with their platform without borders, opening hours, or other hurdles that typically impede financial freedom and inclusion.
Additionally, Onyx Protocol utilizes Governance Proposals to make its platform as democratic as possible by putting the destiny of the platform in the hands of the community with 21 previous Governance Proposals directing and deciding the project's future.
In addition to being a fully decentralized liquidity market that supports a wide range of cryptocurrencies, tokens, and NFTs for lending and borrowing, Onyx Protocol enables users to stake their tokens on the platform to earn yield. Users of Onyx Protocol can also deposit their tokens into liquidity pools to earn fees from trading activity.
Commenting on the platform, Alex, head of the Onyx DAO stated “We are excited to introduce the Onyx Protocol and provide users with a decentralized way to borrow, and lend with their crypto assets,” in addition to stating that “We believe that the Onyx Protocol will be a valuable tool for users who want to participate in the DeFi space.”
Onyxcoin ($XCN), an ERC-20 token on Ethereum, is the essential utility and governance token of Onyx Protocol. With a fixed supply of 48,470,523,779 units, it has a circulating supply of around 23 billion. The Onyx DAO, operating through Onyx Governance, oversees and manages the Onyx ecosystem, including the Onyx Treasury with roughly 25 billion XCN tokens. Its transparent and democratic governance structure is fully visible on-chain, allowing community-driven decision-making. All $XCN holders are automatically part of the DAO, actively participating in Onyx Governance decisions.
In conclusion, Onyx Protocol is pioneering decentralized finance, offering a unique platform for users to access DeFi services, yield farming, and NFT support. With a commitment to transparency and community-driven governance, it empowers users through Onyxcoin ($XCN) and the Onyx DAO. By disrupting traditional financial systems and enabling financial inclusion, Onyx Protocol is at the forefront of financial innovation, making DeFi accessible to all. As it continues to evolve and expand, Onyx Protocol represents a transformative force in the world of decentralized finance.
Want to get started with a decentralised platform that focuses on user experience, accessibility, and security with an experienced team of developers and entrepreneurs at the helm? Head over to onyx site — we’ll see you there!
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