Check out Onyx, An Innovative and user-friendly DeFi Protocol

1. Check out Onyx, An Innovative and user-friendly DeFi Protocol Key Takeaways ❖ Key takeaway - Onyx Protocol: DeFi platform backed by Visa, Nasdaq, and Orange, simplifying crypto investments and collateralized borrowing. ❖ Founded in 2014 by Adam Ludwin, Onyx empowers blockchain networks, uses XCN tokens, and promotes community engagement. ❖ Onyx vs. Chain: Transformation into Onyx Protocol with decentralized governance and enhanced staking, bridging crypto and traditional banking. Check out Onyx, a user-friendly DeFi Protocol Onyx Protocol, the trailblazing force in the world of blockchain technology, was created with the aim of revolutionizing financial services on a global scale. Onyx Protocol is a decentralized finance (DeFi) platform that makes it easy and accessible for users to earn a yield on their crypto investments and borrow funds against their collateral. With an impressive backing of over $40 million from industry titans like Visa, Nasdaq, and Orange, this platform, previously known as the Chain (XCN) project,is now alive and thriving on its mainnet at https://app.onyx.org. As we venture deeper into the realm, the more you’ll know about Onyx, the more you’ll be impressed!

2. What Is Onyx, and Who Are the Visionaries Behind It? In 2014, the visionary Adam Ludwin founded Onyx Protocol, headquartered in San Francisco, United States. This DeFi platform is a game-changer, simplifying the process of yielding returns on crypto investments and securing funds against collateral. Onyx Protocol stands as a staunch supporter of various tokens, cryptocurrencies, and NFTs, including Bored Ape Yacht Club, CryptoPunks, and Mutant Ape Yacht Club. The native currency is XCN, also known as Onyx Coin, operating on the Ethereum blockchain and adhering to the ERC-20 standard. It empowers organizations to launch their blockchain networks, with the XCN token playing a pivotal role in voting for improvement proposals and innovations, serving as a transaction currency, and delivering discounts to its users. The platform actively nurtures a thriving community through collaborations with Ampleswap, KriptoBi, MyCointainer, Coin Muhendisi, and its Zealy campaign and ambassador program. What is DeFi? DeFi, or Decentralized Finance, is a game-changing technology that aims to disrupt established financial institutions by constructing financial application ecosystems on top of blockchain networks like Ethereum and Binance Smart Chain blockchains. The Onyx Protocol is also a DeFi platform. Onyx Protocol: A Secure, Seamless, and Super Easy Platform The Onyx protocol enables users to lend, borrow, and exchange cryptocurrency assets. These platforms then use smart contracts to keep it inclusive for everyone, 24/7. Regardless of their location or financial status. The maximum supply of XCN is capped at 48 billion tokens, of which 23 billion are released and 25 are locked in the Treasury. But what truly sets the Onyx Protocol apart? It is its commitment to community engagement and decentralized governance. Through governance proposals, the community is at the helm, steering the ship towards a democratic platform. The adoption of TheGraph further fortifies decentralization, while the newly introduced Voter's Governance page offers users a treasure trove of essential information, from voting history to XCN balances to their voting power. Everything is influenced by the XCN they have staked. With the addition of a voting timer, the decision-making process gains transparency and urgency.

3. Onyx Protocol has also streamlined the staking process for users, enabling them to earn attractive yields and participate in liquidity pools, all while simplifying asset transfers through the user-friendly gateway of WalletConnect. A recent brand transformation demonstrates Onyx's adaptability to the ever-evolving crypto landscape, expanding its reach and solidifying its commitment to community engagement. A cherry on top is the introduction of a gas fee refund program, reducing the cost of interacting with the protocol. Onyx vs. Chain On January 21, 2023, a groundbreaking development proposal, CIP-007, transformed Chain into the Onyx Protocol while keeping the XCN token intact. Now, Onyx Protocol, true to its decentralized nature, operates independently and separately from Chain.com's centralized core business. This approach ensures a higher level of decentralized security. In this transformative move, 5 billion XCN tokens designated for the Chain Team were extinguished, reducing the total XCN supply from 53 billion to 48 billion. The Present and Future of Onyx The words of Alex give a holistic perspective on Onyx: "We are excited to introduce the Onyx Protocol and provide users with a decentralized way to borrow and lend with their crypto assets. We believe that the Onyx Protocol will be a valuable tool for users who want to participate in the DeFi space." As Onyx has already cemented its place as a blockchain unit within the colossal entity of JP Morgan, it is poised to redefine the very foundations of how banks operate. Leveraging the power of blockchain technology, Onyx promises to streamline bank operations, reduce costs, enhance efficiency, and, most importantly, innovate to meet the ever-evolving needs of customers. The future of both cryptocurrency and traditional banking gleams with promise, thanks to the bridging role played by Onyx Coin, creating a more inclusive and efficient financial ecosystem. If you’re looking for a decentralized platform that you can count on for user experience, accessibility, and security, then you’re at the right place! Visit https://app.onyx.org , and we’ll see you there! For more latest cryptocurrency english blogs