Onyx Protocol V2 Launch Announcement & New Product

Governance
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The Onyx DAO, in conjunction with the Onyx Community, is pleased to announce the forthcoming deployment of the Onyx Protocol Version 2 (v2) Money Market on the Ethereum blockchain. We have meticulously devised a launch strategy to facilitate a seamless transition for Onyxcoin (XCN) token holders to the v2 protocol. The plan is structured as follows:

Part I — Pre-Launch

  • The Onyx Protocol v2’s smart contracts have been successfully deployed to the Ethereum blockchain via the Guardian wallet address owned by the DAO, utilizing previously audited codebases.

  • The Guardian has established the initial parameters in alignment with the v2 launch strategy.

  • Provision of initial liquidity and determination of market velocities have been completed for all token markets.

Part II — Migrations

  • Stakeholders of XCN tokens will be able to engage with the protocol seamlessly, without any prerequisites or complexities.

  • Snapshots for existing oToken holders have been captured, with a compensatory plan to be deliberated and voted upon in the forthcoming months.

  • Liquidity providers in the Uniswap v2 pool for XCN are exempt from migration requirements; rewards accrued will be accessible following the migration of the money market contracts.

Part III — v2 Launch

  • The decentralized application (dApp) will be reinstated online via IPFS, with source codes available on open-source platforms such as GitHub.

  • Users will have the capability to supply and borrow assets as usual, with no identified vulnerabilities or complications.

  • The feature to use NFTs as collateral has been reactivated, allowing users to leverage their NFT holdings for borrowing purposes.

Upon completion of the aforementioned phases, the Onyx Protocol v2 money markets will be operational for user engagement.

New Product Roadmap — Launch of MetaUSD (MUSD)

Anticipation builds as Onyx DAO progresses towards the introduction of a new decentralized stablecoin, MetaUSD (MUSD). This innovative stablecoin is designed to offer a native yield derived from liquid staking collaterals. Participants will have the option to utilize a governance-endorsed custodian or the decentralized protocol itself to mint MUSD, thereby earning yields in accordance with governance protocols. Furthermore, an airdrop targeting XCN stakers will accompany the MUSD launch.

Further details pertaining to the MetaUSD initiative will be released in due course.

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The long awaited moment is getting closer. This would be massive. Bring it on!

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LFG, v2 , is here

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Great work team! I have a feeling v2 will be a huge success and rise beyond imagination.

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Amazing work Onyx team !

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wishing you all the best @alex along with whole team for successful launch

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Lets share it and let them all know

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It’s getting closer :sparkles:

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just 4 days wooohooo

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:blush: :innocent:

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awesome lets go

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MUSD concept looks cool . i hope all things have beeen audited too

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Does anyone have any clear answer as to when our shib and ape will be released back into wallet?

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Hey,

Not this time.
Details: Recovery Proposal 5: Onyx v2 Launch targeting the primary markets - #26 by UrgencyEddie

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ITS ALREADY LAUNCHED ?

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@alex wanted to ask is there any airdrop ?

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So the date coins released to v2 from v1 (what existed) isn’t known yet? Does this also include the XCN rewards that were not claimed (top of dashboard)?

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Awesome :pray:

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airdrop part is interesting

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Hey,

An airdrop targeting XCN stakers will accompany the MUSD launch — wait for the news.

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