What is OnyxProtocol and its XCN token?
(for those who don’t know)
Onyx Protocol — a fully decentralized cross-token liquidity market powered by $XCN that supports NFTs and crypto.
Onyxcoin (XCN) is the governance and utility token for the Onyx Protocol designed to vote on protocol improvements and various community driven programs. XCN is also utilized for payments on the Onyx Liquidity Protocol based on parameters set by Onyx Governance.
The status of the token now
In the period from 11/24/23 to 12/10/23, there was a huge boost in price (from $0.0008 to $0.003) by more than 200%. It’s been a long time since we’ve seen such a bullish mood…
Now there is a slight correction and the price is holding at $0.002.
What caused this boost?
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The first and most obvious thing is the general mood of the market.
Bitcoin broke through $43,000 for the first time in a long time, and many alts flew up. $XCN is no exception. But this is far from the only factor. -
The next reason is the revival of the project. As many of you know, the project was hacked for $2,100,000.
All this time, the project has been choosing the path of further development. Proposals were put forward and many votes were held in the DAO.
And on 02.12.23, the team finally presents its further action plan and announces Onyx v2
And finally, the last reason is the utilities of the token itself.
XCN has a variety of use case applications within the Onyx ecosystem, outside of voting on Onyx Protocol and Onyx DAO activities. Users can also stake XCN to secure the protocol and earn rewards. XCN is used as a payment method for the Onyx Liquidity Protocol with market speeds set by Onyx Governance.
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Governance DAO🏰
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Payments💸
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Stacking(40% APR)
Well, it seems that I have sorted out all the main aspects of such a powerful growth. Thank you all for watching