Onyxcoin

Onyxcoin, ticker XCN, is the token of Onyx, a project building blockchain infrastructure for multi-asset ledgers and financial applications. The token has a history predating its current form, having previously been associated with the Chain protocol before the Onyx rebrand.

How Onyx works

Onyx describes its aim as developing cryptographic ledgers optimised for security, scalability, and usability, supporting a more interconnected financial ecosystem. XCN is native to the Onyx XCN Ledger blockchain and the Onyx Goliath blockchain, and it also exists as an ERC-20 token on Ethereum, with additional presence in the BNB Chain and Base ecosystems. Its categorisation lists proof of stake as the consensus family for its native chains.

XCN has a maximum supply of approximately 68.9 billion tokens. Total supply is roughly 53.4 billion with about 39.1 billion in circulation, so a substantial portion of the maximum has not yet been issued. The token's uses include governance participation and access to protocol features.

Role in the ecosystem

Onyx operates in the general infrastructure category, competing with other networks that offer smart contract and ledger functionality. Note that the name is unrelated to Onyx by J.P. Morgan, the bank's separate blockchain division, despite the shared word. Independent technical documentation on the current Onyx network is limited relative to larger Layer 1 projects, so the project's own materials and block explorer data are the appropriate primary sources for details on validator participation, network activity, and token distribution. The gap between total supply and maximum supply is significant here, since roughly fifteen billion tokens remain unissued. How and when those are released is a material consideration for anyone assessing the asset.