Onyxcoin Price

Onyxcoin (XCN) is the native token of Onyx Liquidity Protocol, a Web3 blockchain platform that enables organizations to build robust financial services from scratch. Founded in 2014, it allows the deployment of smart contracts in a scalable and user-friendly manner.

The Onyx Liquidity Protocol provides a decentralized and trustless platform for users to engage in lending, borrowing, and earning activities within the Ethereum ecosystem. By leveraging the protocol, individuals can use their cryptocurrency holdings to generate passive income, access liquidity, and participate in the growing DeFi ecosystem.

The protocol functions as a money market, allowing users to supply their assets, such as Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens, and earn interest on those assets.

The Onyx Liquidity Protocol is implemented as a set of Ethereum smart contracts. These contracts facilitate lending and borrowing activities, as well as the management of collateral and interest rates.

The Onyx Liquidity Protocol is a platform that enables investors to lend and borrow cryptocurrencies by utilizing money markets. Here’s how it works:

Borrowing and Lending

Users can borrow or lend cryptocurrencies on the platform. To borrow, users pledge an over-collateralized amount of cryptocurrency as collateral. The borrowed amount is based on the value of the collateral and the platform's algorithmically derived interest rates, which are determined by each asset's supply and demand dynamics.

Money Markets

The Onyx Liquidity Protocol operates using money markets. Money markets are pools of assets where users can lend or borrow funds. These markets have algorithmically derived interest rates that reflect each asset's market conditions and demand. Using money markets, users can earn interest on their deposited assets or borrow against their collateral.

Multi-token Support

The protocol supports various tokens, including ETH, ERC-20, ERC-721, and ERC-1155. This allows a wide range of assets to be utilized within the liquidity protocol.

Audited and Community Governance

The Onyx Liquidity Protocol has undergone auditing by CertiK to ensure the security and reliability of its smart contracts. Additionally, the protocol may have a community governance mechanism, allowing participants to have a say in the decision-making process of the platform.

The history of Onyxcoin (XCN) dates back to 2014 when Adam Ludwin, an experienced venture capital professional, founded the company. Originally, the company was named Chain before later adopting the name Onyxcoin. Adam Ludwin recognized the potential of blockchain technology and was convinced that it had the potential to change the way financial services are provided fundamentally.

To realize the vision of Onyxcoin, substantial funding was necessary. Adam Ludwin was successful in attracting prominent investors for the project. Pantera Capital, Nasdaq, Visa, Citigroup, Khosla Ventures, and other investors contributed $40 million to financing Onyxcoin. This significant capital infusion enabled the company to develop its technology further and pursue its goals.

The background of Onyxcoin lies in recognizing the weaknesses of the global financial system. Traditional financial services are often associated with high costs, long processing times, lack of transparency, and uncertainty. Adam Ludwin and his team recognized that blockchain technology had the potential to address these issues and provide more efficient, transparent, and secure financial services.

Over the years, Onyxcoin has evolved and become a leading company in the field of Web3 blockchain platforms. The platform provides organizations the tools to build robust financial services from the ground up. By leveraging smart contracts and applying the least-authority principle, Onyxcoin enables efficient and user-friendly use of blockchain technology.