What is the Onyx protocol( XCN) and why does it have so much potential?

Sumit Shukla
4 min readAug 17, 2023

Recently, I was browsing new crypto projects (as one does) when I first stumbled across Onyx. I wasn’t familiar with it before, but the name kept circling in my feed. My curiosity got the better of me and I decided to dig in. After researching around a bit, I realized Onyx isn’t just another DeFi protocol. This project grabbed my attention and held it. I added it to my watchlist for further researching.

Now I don’t add just any new crypto to my watchlist — I’ve been in the space for a while and have a good eye for what projects show real promise versus just hype. And I gotta say, the more I learn about Onyx, the more impressed I am.

In this article, I wanted to share some of the key details that stand out to me and why I believe Onyx is worth keeping on your radar. Especially if you’re interested in the ever-evolving DeFi space like I am. At a high level, Onyx is a lending and borrowing platform built on Ethereum…

What is Onyx Protocol ?

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.

With a wide range of options to deal with, the Onyx protocol is gaining the attention of many DeFi enthusiasts in the industry, and its unique gas fee refund program is like a cherry on top for the users of the protocol.

If you want to learn how to use the platform, you can refer to this post 👉🏻 Check out Onyx, a user-friendly DeFi Protocol

Why do I think Onyx Protocol has potential?

Throughout my research about the Onyx protocol, I have found so many reasons why this project has so much potential. Here are a few of them.

  • The first thing that caught my attention was that Onyx is not in the development stages; the platform is already live, and anyone with an Ethereum wallet can use it. So, it’s one of the major highlights of the project that many people want to know when they look for projects to invest in.
  • Another thing that I noticed is that the project is in the low-market-cap category, where it’s hard to find a project that has a live product, like onyx protocol.
  • Another point that I want to add that makes the Onyx protocol a gem for all the gem hunters is XCN. The utility token of the protocol is already listed on the world’s major exchanges like Coinbase, Kraken,Bitfinex, Bithumb, and Kucoin. Only one exchange announcement from these exchanges makes tokens fly, and XCN is listed on all of them, which makes XCN a really good option for all the gem hunters.

Although there are a few more reasons, these three mentioned above are enough reasons for me to consider XCN as one of my favourites in my watchlist and portfolio, and I am constantly looking for more opportunities to get more XCN.

Conclusion

After learning more about Onyx, I’ve gotta say this project checks a whole lot of boxes that get me excited. Between the real-world utility as an operational lending/borrowing platform, the lower market cap with room to run compared to the majors, and the big exchange listings for the XCN token…Onyx looks poised to make waves.

And those are just the highlights! I didn’t even get into the gas refund program that saves users money or the multi-asset support beyond ERC-20 that makes Onyx more flexible. There’s a lot going on under the hood. Maybe I’m overly optimistic, but I really believe Onyx has the fundamentals to become a major player in DeFi. The growth potential here seems massive compared to the current market cap. Obviously do your own research, but in my book, Onyx is absolutely one to watch closely in the months ahead. I know I’ll be keeping an eye out for opportunities to get more exposure to XCN before it really takes off.

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