OIP: Expanding Onyx Markets to Support More Assets
To enhance liquidity and attract a broader user base, Onyx should enable markets for additional cryptocurrencies across multiple chains. Expanding asset support will increase borrowing/lending opportunities and improve the platform’s competitiveness in the DeFi ecosystem.
Proposal Highlights:
- Multi-Asset Market Expansion:
- Add support for major assets like SOL, AVAX, MATIC, BNB, DOT, LINK, and stablecoins (DAI, USDC, USDT).
- Integrate governance tokens from top DeFi projects to increase engagement.
- Risk-Adjusted Collateral Framework:
- Implement a risk-based approach for collateral factors (e.g., lower LTV for volatile assets).
- Use on-chain oracles (e.g., Chainlink) for accurate price feeds.
- Cross-Chain Liquidity Pools:
- Enable users to supply assets on one chain (Ethereum) and borrow on another (BSC, Polygon, Arbitrum).
- Use a bridge mechanism to facilitate smooth transfers.
- Incentives & Yield Boosting:
- Offer staking rewards for newly added markets.
- Provide bonus APY to incentivize liquidity providers.
By enabling diverse crypto markets, Onyx can become a more inclusive and scalable lending protocol, attracting a wider range of users and increasing platform TVL.