Overview and Operation Principle of the platform

Onyx Protocol utilizes Decentralization smart contracts to provide users with transparent and flexible lending services. Users can collateralize various assets (including ERC-20, ERC-721, ERC-1155) to obtain a credit limit based on the collateral value and borrow funds without a fixed repayment plan.

Innovative features highlights

The platform supports NFT lending, allowing users to release the liquidity of high-value NFTs such as BAYC and WPUNKS. At the same time, Onyx has launched a gas fee refund program, subsidizing users for the Ethereum gas fees incurred during protocol interactions, thereby reducing usage costs.

The role and distribution of XCN tokens

XCN is the core token of the Onyx Protocol, allowing holders to participate in DAO governance, pay platform fees, and enjoy discounts. The token features a staking reward mechanism and employs a gradual unlocking strategy to ensure long-term stability of the ecosystem. Tokens in the DAO treasury will be released monthly starting from April 2024 to support the continuous development of the platform.

Market Performance and Risk Warning

The price of the XCN token has recently fluctuated significantly, and investors need to carefully assess the risks.

Summary

Onyx Protocol addresses the limitations of traditional lending protocols with multi-asset support and an innovative credit limit model. By combining NFT collateral and gas fee subsidies, it enhances the user experience. The XCN token serves as the core for governance and incentives, promoting the healthy growth of the platform ecosystem, and is expected to become an important force in the DeFi space in the future.