Top reasons why I believe in $XCN( Onyx Protocol)
Onyx Protocol and its utility token, XCN. A promising project with a compelling narrative, Onyx Protocol is on my radar, so I decided to dig deeper into this project and by the end of this article, it might just be on yours too. From its DeFi marketplace to its impressive listings on top exchanges, there are several compelling reasons why I Believe XCN — let me explain why I’m bullish on XCN.
DeFi Marketplace
Onyx Protocol has a live DeFi marketplace. It’s a platform where you can supply your crypto‘s and even your NFTs to earn impressive APR. Moreover, for those looking to leverage their holdings, Onyx allows users to borrow against their supply at competitively low interest rates. A two-way platform where earning and borrowing is possible in a decentrasiled manner? Now that’s DeFi where no middleman is involved 😉. This real-world utility as an operational DeFi, is a big point for me.
Fixed Supply
In a crypto, where many tokens prefer unlimited supplies, XCN stands apart. With a fixed supply cap of approximately 48 billion, nearly 50% is already in circulation. Compared to cryptos with unlimited supply, XCN’s capped supply adds scarcity and potential upside as demand for the token rises. Limited supply often means if more demand comes in , the Scarcity creates value priciple applies.
Top Exchange Listings
Another major plus is XCN being listed on top-tier exchanges. Most legit projects struggle to get listed on even one major exchange but XCN is not just limited to one big exchange. exchnages like Coinbase, Kraken, KuCoin, Bitfinex, and Bithumb have all listed XCN to their exchanges. XCN trading on multiple big-name exchnages shows strong faith in its viability, also widespread listing on many major exchanges not only boosts the liquidity of XCN.
Undervalued Hidden Gem
Beyond the exchanges, XCN seems significantly undervalued at the moment. XCN is currently ranked 564th on CoinMarketCap and 649th on CoinGecko. with a market cap of only around $20 million. To put things in perspective, the token sitting at #100 has a market cap nearly $290 million, over 10X higher, it becomes clear that XCN is significantly undervalued. Given its potential, features, and the trust signaled by top exchanges, the room for growth is monumental.
Conclusion
In summary, the Onyx protocol’s live marketplace, fixed supply, big exchange listings. As DeFi and Web3 momentum builds, I expect XCN to attract growing interest through its real-world use cases and visibility. The current price looks undervalued. this concludes that Onyx Protocol’s XCN is not just another token in the crypto space. for me Onyx Protocol is a project with lots of potential,which is backed by strong fundamentals. From its DeFi offerings to its limited supply and undervalued market position, XCN is an opportunity for me. As always, do your research.
About Onyx Protocol (XCN)
OnyxProtocol is a DeFi platform that offers lending and borrowing to its users. The platform is based on the Ethereum blockchain, which is still the most used blockchain in the industry when it comes to DeFi platforms. The Onyx protocol represents a new type of lending platform that supports more than one asset type beyond just supporting ERC-20 once. Using smart contracts, the protocol allows for the lending and borrowing of assets including ETH, ERC-20 tokens, ERC-721 NFTs, and ERC-1155 tokens.
