$XCN
native asset
Emerging Layer 1 Protocol for Governance and Utility ÔÇö $XCN
$XCN is the native token of the Onyx Protocol (formerly Chain Protocol), used for governance voting, staking, fee payments, and future network validation. Originally launched as an ERC-20 token on Ethereum, $XCN is migrating to its own sovereign Layer 1 blockchain. This upgrade aims to enhance transaction speed, reduce gas costs, and support native DeFi programs built on the Onyx ecosystem.
Use Case: $XCN is used for governance voting, protocol fee payments, and staking to earn incentives across the Onyx ecosystem.
Key Concepts:
- Onyx Protocol ÔÇö A rebranded version of Chain Protocol focused on DeFi utility.
- Governance Token ÔÇö Empowers holders to vote on upgrades and proposals.
- Staking Rewards ÔÇö Users can earn incentives by locking $XCN in protocol validators.
- Smart Contract Utility ÔÇö Powers network operations and dApp interactions.
- Layer 1 Migration ÔÇö Transitioning from Ethereum to a native sovereign chain.
Summary: $XCN is evolving from a governance and utility token into the foundational currency of its own Layer 1 blockchain. It reflects a broader trend where token communities gain more control over their infrastructure, economics, and validator systems ÔÇö positioning Onyx as an emerging self-governed DeFi network.
| Attribute | $XCN (Onyx) | $UNI (Uniswap) | $AVAX (Avalanche) |
|---|---|---|---|
| Initial Chain | Ethereum (ERC-20) | Ethereum (ERC-20) | Native Layer 1 |
| Consensus Design | Transitioning to sovereign PoS | Governance only (no network validation) | Proof of Stake + Avalanche consensus |
| Use of Token | Governance, staking, fees | Governance only | Fees, staking, governance, validation |
| DeFi Integration | Native Onyx apps + partner protocols | Used in Uniswap DAO and proposals | Fully integrated with DEXes and L2s |
Mini History of $XCN
$XCN originated from the Chain Protocol, a blockchain infrastructure project aimed at building secure networks for enterprises and developers. Initially launched on Ethereum, $XCN functioned as a governance token for protocol upgrades and service access. As the community and product vision evolved, the project rebranded under the name Onyx Protocol to emphasize smart contract utility, staking, and Layer 1 innovation.
During 2023ÔÇô2024, Onyx began transitioning $XCN to its own dedicated blockchain. This shift enables full control over consensus mechanisms, validator structure, and gas fees ÔÇö paving the way for scalable DeFi tools, on-chain governance, and native staking rewards. Today, $XCN is the heart of the Onyx ecosystem, representing both governance power and long-term value capture for early users and builders.