Onyx Protocol offers multi-asset lending and innovative credit limits, supporting NFT collateral and Gas fee refunds.
Overview and Operation Principle of the platform
Onyx Protocol utilizes Decentralization smart contracts to provide users with transparent and flexible lending services. Users can collateralize various assets (including ERC-20, ERC-721, ERC-1155) to obtain a credit limit based on the collateral value and borrow funds without a fixed repayment plan.
Innovative features highlights
The platform supports NFT lending, allowing users to release the liquidity of high-value NFTs such as BAYC and WPUNKS. At the same time, Onyx has launched a gas fee refund program, subsidizing users for the Ethereum gas fees incurred during protocol interactions, thereby reducing usage costs.
The role and distribution of XCN tokens
XCN is the core token of the Onyx Protocol, allowing holders to participate in DAO governance, pay platform fees, and enjoy discounts. The token features a staking reward mechanism and employs a gradual unlocking strategy to ensure long-term stability of the ecosystem. Tokens in the DAO treasury will be released monthly starting from April 2024 to support the continuous development of the platform.
Market Performance and Risk Warning
The price of the XCN token has recently fluctuated significantly, and investors need to carefully assess the risks.
Summary
Onyx Protocol addresses the limitations of traditional lending protocols with multi-asset support and an innovative credit limit model. By combining NFT collateral and gas fee subsidies, it enhances the user experience. The XCN token serves as the core for governance and incentives, promoting the healthy growth of the platform ecosystem, and is expected to become an important force in the DeFi space in the future.
* The information is not intended to be and does not constitute financial advice or any other recommendation of any sort offered or endorsed by Gate.
