Onyxcoin
About Onyxcoin
Onyxcoin (XCN) is the native token of Onyx Protocol, a lending and borrowing platform. It provides governance rights and powers transactions within the protocol.
In the last hour, Onyxcoin's price has seen a change of +4.54%, and over the past 24 hours, its price has moved by +5.92%. Over the previous week, Onyxcoin's price has moved by +22.81%. The current price of Onyxcoin is KWD 0.001605, accompanied by a trading volume of 3.298M in the last day. Onyxcoin's price is currently 97.18% below its all-time high of KWD 0.05682, which remains the highest price Onyxcoin has achieved since its launch. The circulating supply of Onyxcoin stands at 39.33B, translating to a total market capitalization of 63.11M.
Market stats
Frequently asked questions
What is Onyx?
The Onyx protocol and its token (XCN) is a decentralized platform that enables individuals to lend and borrow various crypto assets. Using Onyx Coin (XCN) as both the platform’s governance token and utility token, and operating on the Ethereum blockchain, the platform supports a wide range of crypto assets, including Ethereum and ERC-20, ERC-721, and ERC-1155 tokens. Through decentralized custody via decentralized smart contracts, these assets can be deposited or borrowed through a unified, aggregated balance. Onyx Coin (XCN) aims to increase an account’s borrowing capacity by allowing non-fungible tokens (NFTs) to be used as collateral.
How does Onyx work?
Onyx Coin (XCN) has numerous potential uses within the Onyx Protocol. As a governance token, it enables holders to influence the direction of the Onyx Protocol through a structured voting and proposal system, ensuring the platform’s ongoing democratic and secure governance. As a utility token, Onyx Coin (XCN) facilitates various activities within the system and maintains its economic balance. It is also a preferred means of accessing Chain.com products at a discount. In addition, Onyx Coin (XCN) holders can stake their holdings to earn rewards, which boosts the protocol’s economic vitality.
How to buy XCN on Rain?
Buying XCN on Rain can be done in a few simple steps:
- Make sure you have funds in your fiat account or your card is added in the payment methods section.
- Select the cryptocurrency you want to buy from the home or portfolio page.
- Click Trade and choose Buy.
- Enter the amount you wish to buy in your preferred fiat currency.
- Select your payment method, either by selecting your card or using the funds in your fiat account.
- Click Next to review your transaction details.
- Click Buy Now to complete the purchase.
XCN will be added to your wallet once the transaction is executed. At Rain, we use cold storage to keep the majority of our customers' assets offline.
Rain is licensed by the Central Bank of Bahrain (CBB) and the Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA). This provides customers with a regulated framework for trading digital assets in the region.
What are the risks and considerations
Before buying XCN, it is important to understand the associated risks:
• Adoption risk: the project’s success depends on the rate at which users adopt the protocol, which may affect the token.
• Governance and regulatory risks: the value of the token may be affected by legislation and regulation.
• Security risks: you must protect your account with a strong password and two-factor authentication, and choose an appropriate storage method after researching it thoroughly.
• Price volatility risks: the token may be subject to sharp price fluctuations.
• Liquidity risks:liquidity may vary from time to time compared to major cryptocurrencies.
You should not purchase XCN based solely on price predictions. Instead, you should study the whitepaper, the currency’s use cases, the project behind it, and your risk tolerance before making any decision.
What are the use cases for XCN?
XCN is used for governance, paying network fees, and participating in the Onyx network.
Is XCN an Ethereum token?
Yes, XCN was launched as an ERC-20 token on Ethereum.
Can XCN be staked?
Depending on the protocol’s current features, XCN holders may be able to stake tokens or participate in governance to earn rewards.
How to invest in Onyxcoin?
Rain offers you a number of ways to start investing in Onyxcoin, including buying Onyxcoin through bank transfers or by using your bank card. To purchase Onyxcoin on Rain, you can select Onyxcoin in your Rain account, then click Trade and select Buy. Enter the amount you wish to buy and click Next to review and confirm your purchase.
How to buy Onyxcoin with card?
Once you add your bank card to your Rain account, you can use it to buy Onyxcoin directly. You can start by adding your card to your payment options on your Rain account. To purchase Onyxcoin using your bank card, you can select Onyxcoin, click Trade then select Buy. Enter the amount you wish to buy and choose your card from the payment options. Click Next to review and complete your purchase by following the instructions on the screen.
note: The purchase option with debit or credit card is not available for our users in Turkey
How to buy Onyxcoin through bank deposit?
Rain enables you to buy Onyxcoin using your local currency. You can deposit funds through bank transfer, a process which takes 1-4 business days depending on your location. You can start by depositing funds to your Rain account from your bank account. Simply click on Deposit and enter the amount you would like to transfer. Click next and copy the instructions that will appear on your screen to complete the transfer from your bank account. Note that Rain does not automatically pull funds from your bank account and you will need to manually transfer the funds from your bank account to Rain's banking information.
Within 1-4 business days, the funds will be available in your Rain account and you will be able to use them to complete purchasing Onyxcoin. To do that, you can select Onyxcoin in your Rain account, click Trade and select Buy. Enter the amount you wish to buy with and click Next to review and confirm your purchase.
How to sell Onyxcoin?
This is an easy process that requires only a few clicks. Here are the steps needed to sell Onyxcoin successfully:
On your Rain account, select Onyxcoin then click Trade and select Sell. Enter the amount you wish to sell and click Next to review and confirm your sell transaction by entering an OTP. You will receive a confirmation email once the transaction is done with the details.
How to convert Onyxcoin into cash?
Rain gives you the opportunity to sell Onyxcoin and withdraw your funds from your Rain account to your local bank account. First, you need to add your personal bank account to your Payment Methods option on your Profile.
Once your bank account is added, you can sell Onyxcoin and withdraw the funds to your bank account by clicking on Withdraw and entering the amount you wish to withdraw. Click Next to review and confirm your withdrawal information by entering an OTP.
Once the withdrawal request is submitted, you will receive a confirmation email that the withdrawal is being processed. Processing your withdrawal request can take between 1-4 business days.
How to receive Onyxcoin?
If you would like to receive Onyxcoin in your Rain account, simply click on Receive and select Onyxcoin from the list at the top of the page. You can then either copy the address visible at the botom of the screen or share the QR code to to complete your receive transaction.
Make sure that you are using the correct network when receiving Onyxcoin to avoid possible loss of funds.
How to send Onyxcoin?
You can easily send your Onyxcoin from your Rain account to any external wallet by clicking on Send and selecting Onyxcoin from the list at the top of the page. Enter the amount you wish to send and add the external wallet address you are sending to. Click Next to review and confirm your send transaction by entering an OTP.
Why buy Onyxcoin with Rain?
When you buy Onyxcoin with Rain, you ensure that your assets are going to be safely stored on a regulated platform that follows strict compliance standards and is subject to periodic audits. Rain also uses bank-grade security measures like Cold Storage systems. Trading and storing Onyxcoin on Rain also means that your asset is going to be stored on 1:1 basis, which means your assets will always be available to you.
What is a Onyxcoin wallet?
A Onyxcoin wallet is where you can securely store Onyxcoin. A wallet helps you maintain ownership of your asset as well as enable you to trade, send or receive crypto-assets.
What is a Onyxcoin address?
A Onyxcoin address is a string of unique characters that is tied to your Onyxcoin wallet. The address functions just like a bank account number and it is what you use in order to send Onyxcoin from your wallet, or to receive Onyxcoin to your wallet.
What trading pairs available for Onyxcoin?
There are over 200 currency pairs available on Rain for you to trade with. You can trade Onyxcoin with Bahraini dinar, Kuwaiti dinar, Emirati dirham, Omani rial or US dollar, depending on your location. Additionally, you can swap Onyxcoin with 200 other assets like BTC, LTC, XRP, ETH. You can explore your options by visiting the market page on your Rain account: https://www.rain.com/market
What is the minimum order size to buy Onyxcoin?
You can trade Onyxcoin with any amount above $30 or equivalent in your account's currency. You can start trading Onyxcoin now by clicking the Trade button on your Rain account.
What are the most popular cryptocurrencies besides Onyxcoin?
Besides Onyxcoin, you can find over 150 assets available on Rain for you to start trading such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USDC, Ripple (XRP), DOGE, Tether (USDT), Chainlink (LINK) or BCH. You can explore these options by going to the homepage of your account and scrolling through the available assets. When you are ready to start trading, simply click on the asset of your choice and click Trade.
What blockchain is Onyxcoin built on?
Onyxcoin is built on the ETH blockchain. This determines how transactions are verified, fees are structured, and how compatible it is with wallets and other decentralized applications (dApps).
How do I keep my Onyxcoin safe?
To keep your Onyxcoin safe, make sure to use trusted wallets that support ETH. Enable two-factor authentication (2FA), store long-term assets in cold wallets, and never share your private keys with anyone. You can always refer to our Security & Policies section for more tips.
What will the price of Onyxcoin be in next 5 years?
Price predictions for Onyxcoin over the next five years are highly speculative and depend on crypto market conditions, adoption, and broader crypto trends. We encourage you to do your own research and make informed decisions.
Is trading Onyxcoin taxable?
Trading Onyxcoin may be considered taxable in some countries with varying tax rules, so we recommend checking with your local tax authority or financial advisor for specific guidance.
What is Onyxcoin's ATH?
Onyxcoin’s all-time high (ATH) was KWD 0.05682 on 27 May 2022. This represents the highest recorded market price of the asset to date.
What is the market cap of Onyxcoin?
With a market capitalization of 63.11M, Onyxcoin is ranked 128 among other crypto assets.
What is the all-time high of Onyxcoin?
The highest valuation of Onyxcoin since its launch was at KWD 0.05682, marking its all-time high.
What is the 24-hour trading volume of Onyxcoin?
The trading activity of Onyxcoin over the last 24 hours was at 3.298M, highlighting its liquidity in the market.
How many Onyxcoin are there in circulation?
There are approximately 39.33B units of Onyxcoin currently in circulation, affecting its market dynamics.
What is the relative popularity of Onyxcoin?
Onyxcoin market cap is around 63.11M.
When was Onyxcoin created?
Onyxcoin was introduced on 31 Oct 2021.
Website
White paper
Source Code