What is Onyxcoin (XCN)?

Deep Dive

1. Purpose & Value Proposition

Onyxcoin seeks to streamline decentralized finance and identity management by prioritizing compliance and accessibility. Its ecosystem supports gas-free transactions, multichain interoperability, and tools for users to monetize data securely. The project aligns with regulations like the U.S. CLARITY Act, positioning XCN as a “Digital Commodity Token” to attract institutional adoption while maintaining decentralization (OnyxDAO).

2. Technology & Architecture

The Onyx Protocol operates as a Layer 3 blockchain leveraging Arbitrum Orbit for scalability and Coinbase’s Base chain for security. Key innovations include:
- Gas-Free Smart Wallet: Uses ERC-4337 account abstraction and passkeys for seamless DeFi interactions, eliminating gas fees for XCN transactions.
- Multichain Support: Integrates Ethereum, BNB Chain, and Base, with plans to expand compatibility (OnyxDAO).

3. Ecosystem & Governance

The Onyx DAO governs protocol upgrades, such as staking rewards and wallet features, through proposals like OIP-60 (activating Onyx Points for stakers) and OIP-61 (enabling multichain operations). XCN holders earn rewards via staking and participate in governance votes, fostering a decentralized yet structured ecosystem.

Conclusion

Onyxcoin combines regulatory alignment with user-centric DeFi tools, anchored by its Layer 3 infrastructure and DAO governance. As the protocol expands multichain capabilities, how effectively will it balance compliance with decentralization to drive mainstream adoption?