Introducing Onyx Protocol & Roadmap

We are thrilled to announce Onyx Protocol to our entire community. With the successful passage of CIP-007, Onyx Protocol is now available for Onyxcoin (XCN) holders. Onyxcoin is the new Onyx ecosystem utility and governance cryptocurrency that powers the entire Onyx Protocol and Onyx DAO. Onyx Protocol continues to power blockchain infrastructure for modern Web3 applications and products. It is utilized and governed by Onyxcoin (XCN). Improvements to the protocol can be proposed through Onyx Improvement Proposals (OIP) and will begin with #8 as we pick up where the Chain Protocol left off. XCN utility remains the same today which is a means to pay for services in the Onyx Protocol, on Chain.com ecosystem products which includes discounts and access as well, and as the governance token for Onyx DAO/Governance.

XCN Burns and Grants

With the launch of Onyx Protocol, Onyx DAO will burn 5 billion XCN by changing the ownership of the Team Timelock to the 0x..Dead address on Ethereum thus rendering the coins inaccessible forever. Onyx DAO has also received control over 15 billion XCN which will be granted to a non-profit organization once established which will be the forefront of developing and organizing the Onyx Protocol with the community. In the interim, the Onyx DAO will maintain control over the 15 billion XCN through on-chain governance. These coins remain locked until April 2024 which will begin the release cycle of 200 million XCN per month including a one-time release of the accumulated time lock portion of XCN. Now that the DAO has control over the 15 billion XCN and will burn the 5 billion team XCN, Onyx Protocol is at a much higher level of decentralization fully controlled by the XCN token community through its on-chain governance mechanisms and smart contracts running on Ethereum. Our focus shifts now to the next phase of Onyx Protocol.

2023 Road Map

The Onyx DAO and the soon-to-be newly formed non-profit will work with the Onyx community to launch the Onyx Liquidity Protocol (OLP) or known simply as: Onyx. Onyx will be launching this liquidity protocol, which will be a fork of Compound, that will enable cross-token type aggregated lending and borrowing. Onyx will support Ethereum, ERC-20, ERC-721 and ERC-1155 tokens all in one platform, creating a novel liquidity destination that is fully decentralized and covers all current spectrums of Ethereum-based digital assets. This will enable users to utilize the single protocol for all their liquidity needs across digital assets that include both cryptocurrencies, tokens, and NFTs. There will be more information regarding this protocol in a supplemental blog post and documentation portal.

Over the coming few weeks, digital asset exchanges and wallets such as Coinbase and Chain Wallet, will update the logo and name of XCN token to the new Onyxcoin and Onyx brand. There will be on-going website updates and content improvements. Data providers such as CoinMarketCap and Etherscan will update there information for XCN in the coming week. There is no change to the XCN token contract and it remains: 0xA2cd3D43c775978A96BdBf12d733D5A1ED94fb18

Social Media & Website

With the launch of Onyx, you can stay up-to-date by following our social media and web links below:

Website: Onyx.org

Twitter: @OnyxProtocol

Telegram: @OnyxOrg

Telegram News: @OnyxAnnouncements

Medium: medium.com/OnyxProtocol or blog.onyx.org

Github: https://github.com/Onyx-Protocol