OnyxcoinPrice

(XCN)

Onyxcoin (XCN) is central to the Onyx Protocol, fulfilling vital roles for its community. Holders utilize XCN for governance, participating in voting on protocol upgrades, treasury management, and fee structure adjustments through the Onyx DAO. It also acts as a utility token, paying for services like Onyx Cloud infrastructure and Sequence's ledger-as-a-service. Additionally, XCN can be staked by users to help secure the network and earn rewards, contributing to the overall stability and functionality of the protocol.

No, Onyxcoin (XCN) is not affiliated with JP Morgan. This is a frequent misunderstanding because JP Morgan also operates a blockchain unit named "Onyx." However, Onyxcoin (XCN) originates from Chain.com, founded in 2014, and operates as an independent, decentralized project. There are no formal partnerships, collaborations, or direct connections between the Onyxcoin protocol and JP Morgan's corporate initiatives. It's crucial to recognize them as entirely separate entities within the blockchain space.

The token changed from CHN to XCN in March 2022 as part of a major rebranding and migration effort. The primary reason was to shift the project's focus from a private-ledger model towards a more decentralized, community-governed protocol, better reflecting the evolving vision of the Onyx Protocol. During this migration, tokens were converted at a 1:1,000 ratio, meaning 1 CHN token became 1,000 XCN tokens. This adjustment also increased the total supply, making XCN more accessible for micro-transactions and staking activities within the growing ecosystem.

Onyxcoin (XCN) has a total maximum supply of approximately 48.4 billion XCN. As of early 2025, the circulating supply is estimated to be between 33 billion and 36 billion tokens. The protocol incorporates a deflationary mechanism, where a portion of transaction fees generated on the Onyx Ledger is burned, effectively reducing the token's supply over time. Significant portions of the total supply are also allocated to the Onyx DAO Treasury, intended for ecosystem grants, developer incentives, and strategic protocol development, ensuring sustained growth and innovation.

You can conveniently buy Onyxcoin (XCN) on LBank and other leading cryptocurrency exchanges. Its broad availability ensures easy access for new and existing users looking to participate in the Onyx Protocol ecosystem. For secure storage, as an ERC-20 token, XCN is compatible with any Ethereum-compatible wallet. This includes popular software wallets and dedicated hardware wallets, which offer enhanced security for holding your assets. For staking purposes, users typically connect their compatible wallets directly to the official Onyx DAO website.

XCN staking allows users to commit their tokens via the official Onyx DAO dApp to help secure the network and earn rewards. Historically, annual percentage yields (APY) have varied, sometimes reaching significant rates, though these figures naturally fluctuate based on the total amount of XCN staked across the protocol. "Onyx Points" are a separate, newer loyalty program introduced later. Users earn these points by engaging with various aspects of the protocol, such as bridging assets, staking XCN, or utilizing the Onyx Smart Wallet. While staking provides direct token rewards, Onyx Points offer an additional layer of incentives, enhancing overall user engagement with the ecosystem.