Onyxcoin (XCN)

Governance

Onyxcoin is used for voting on protocol updates and community initiatives within the Onyx ecosystem. Token holders participate in decision-making through a decentralized autonomous organization (DAO).

Financial Services

Onyxcoin powers the Onyx Protocol, a cloud-based blockchain infrastructure that enables companies to create private blockchain networks for enhanced financial services. It supports scalable and secure smart contracts for financial applications.

Transactions and Fees

XCN tokens are used to pay transaction fees and smart contract execution costs on the Onyx platform, helping maintain network security and efficiency.

Decentralized Finance (DeFi)

Onyxcoin supports DeFi activities such as lending, borrowing, and staking. Users can stake XCN to earn rewards and access credit lines without traditional lending constraints.

Asset Management and Tokenization

The Onyx Protocol offers features like issuance programs for asset creation and control programs for secure asset management. It supports tokenization of real-world assets and digital assets, including NFTs.

Cross-Border Payments

Onyxcoin facilitates real-time cross-border transfers with enhanced speed, transparency, and certainty, leveraging blockchain technology.

Developer and Consumer Use

Developers can build EVM-compatible decentralized applications on Onyx, while consumers can use it for payments and accessing decentralized apps with a gas-free wallet.

Advantages of Onyxcoin

• Decentralized Finance (DeFi) Infrastructure: Powers the Onyx Protocol, enabling peer-to-peer lending and borrowing of digital assets without traditional banks.
• Governance and Utility Token: Allows holders to vote on protocol improvements and participate in the Onyx DAO, giving users a say in the platform’s future.
• Non-Custodial Transactions: Users keep control of their funds until transactions occur, enhancing transparency and control.
• Ethereum Compatibility: Built on Ethereum blockchain, supporting a wide range of digital assets and smart contracts.
• Deflationary Model: Uses a burning mechanism to control supply, potentially increasing long-term value.
• Fast Movement: The token moves quickly in the market, which can be an advantage for active traders.
• Growing Ecosystem: Includes technical upgrades like Layer 3 blockchain infrastructure and enterprise partnerships, supporting future growth.
• Multiple Wallet Support: Compatible with various wallets including Ledger, MetaMask, Coinbase, and others for secure storage.

Disadvantages of Onyxcoin

• Price Volatility: The token experiences significant price fluctuations, which can be challenging for some users.
• Complexity: The multi-functional ecosystem may be difficult for new users unfamiliar with DeFi concepts.
• Slow Project Pace: Growth depends on the adoption of Web3 applications, which may be slower than expected.
• Tokenomic Risks: The deflationary mechanism requires careful monitoring to avoid inflation risks.
• Market Underperformance: Recently, Onyxcoin has underperformed compared to the overall crypto market and similar smart contract platforms.
• Whale Sell-Offs: Large holders selling tokens can impact price negatively.
• Regulatory Uncertainty: Especially in regions like Asia, regulatory clarity is still developing, which may affect adoption.

This summary reflects the current state and outlook of Onyxcoin based on available data.

Founders of Onyxcoin

Onyxcoin was founded by Adam Ludwin, Devon Gundry, and Ryan Smith. They created Onyxcoin as a decentralized, open-source project aimed at improving financial services through blockchain technology.

About Adam Ludwin

Adam Ludwin is a key founder known for his background in technology and venture capital. He led the development of Onyxcoin, focusing on creating a blockchain platform to address inefficiencies in financial settlements.

Team and Community

The project is developed and maintained by a group of developers and the XCN community, emphasizing decentralized governance and open collaboration.

Investors in Onyxcoin

Onyxcoin was founded by Adam Ludwin. The project has attracted a variety of investors, including individual crypto enthusiasts and institutional investors interested in blockchain infrastructure and DeFi innovations. While specific names of investors are not publicly detailed, the community includes active traders and holders who participate in the Onyx DAO for governance and protocol updates. The token has seen significant interest due to its role in powering the Onyx Protocol and its potential in Web3 infrastructure.

Investment Activity and Market Sentiment

Investor activity in Onyxcoin has fluctuated, with periods of strong interest and times when activity has dropped, such as a recent 4-week low in investor participation. Whale investors have been reported to reduce their holdings at times, influencing market sentiment. Despite this, the community remains engaged, especially around major updates like the launch of the Goliath Mainnet and Onyx V2.

Summary

• Founded by Adam Ludwin.
• Investors include individual crypto holders and institutional participants.
• Active community involved in governance via Onyx DAO.
• Investor activity varies with market trends and project milestones.
• Whale investors have influenced market sentiment through buying and selling actions.

Halal Status of Onyxcoin

• Yes, Onyxcoin is considered halal.
• Reason: Onyxcoin (XCN) is a governance and utility token used within the Onyx Protocol, a decentralized platform for peer-to-peer lending of digital assets. It operates transparently with on-chain voting and collateral-backed credit, aligning with principles that avoid interest and uncertainty, which are key concerns in Islamic finance.
• This assessment is supported by Shariah advisory firms and Islamic finance experts who have reviewed its structure and use cases.