Onyx Protocol v2 Launch Plan

Onyx Protocol will launch the v2 contracts for its NFT and crypto money markets with the passage of OIP-27.

For clarity purposes, there is no change to the XCN token smart contract, nor any action required for XCN stakers, holders, and exchanges.

Onyx Protocol v2 will be the re-launch of the v1 markets, except that there will only be a few digital assets to start.

  • CryptoPunks
  • BAYC
  • MAYC
  • ETH
  • USDC
  • USDT
  • DAI
  • WBTC

There will be no changes to the XCN staking and governance modules or smart contracts. All of the v2 contracts will be controlled by governance and the DAO once deployed on the Ethereum blockchain.

The Onyx Protocol v2 liquidity incentives will be adjusted to reduce protocol reward inflation so that no Onyx NFT Money Market incentive APY is greater than 50% and other markets will be no greater than 75%. The actual APY with the native assets for the crypto markets will continue to be based on utilization curves. The v2 market launches will also ensure no rounding errors as previously exploited in the v1 markets.

Onyx DAO will vote to begin winding down the rewards and functionality of the v1 markets. The moment that is complete, the v2 markets will launch. XCN staking and Uniswap farming remain unaffected.

3 Likes

so there will be another voting ?

and there will be more listing in future or not ?

Also please start working on RWA as proposed in the Roadmap , it will be a great booster

What about the users deposits?

Do we have to withdraw our supplied xcn?
Or can we leave it in the market?

Hi,

Closing v1 markets probably will go through voting as it’s fully decentralized action.

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Hi,

Probably, but for now, the plan is above.

1 Like

Hi,

There is no change to the XCN token smart contract, nor any action required for XCN stakers, holders, and exchanges.

1 Like

Hi,

There is no change to the XCN token smart contract, nor any action required for XCN stakers, holders, and exchanges.

2 Likes

Thanks for the answer but im No staker or holder.
Im a supplied is still no action needed?

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When will a recovery proposal be out?

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Hi,

Yes, no actions for suppliers.

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Hey,

As about v1 reimbursement plan, probably in January.

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This is a great relief fortunately

Any estimated day of voting to wind down the v1 market ?

waiting for more details regarding this update

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patience is a big gift / haha

imo . lets make this happen before the new year and in 2024 . work with full force to develop it as one of the best protocol

Please keep in mind about gas optimisation during the update

1 Like