Question 1

What is Onyxcoin (XCN)?

Accepted Answer

Onyxcoin (XCN) is the governance and utility token of the Onyx Protocol, a Layer 3 blockchain network developed on Arbitrum Orbit with settlement secured by Coinbase’s Base Layer 2. XCN powers Onyx’s decentralised governance system and also acts as the native gas token for all transactions, smart contract execution, and protocol interactions across the network.

Originally developed as Chain Token, XCN retained its ticker following a governance-approved rebrand in 2023 that renamed the Chain Protocol to Onyx Protocol and the associated DAO to Onyx DAO. This rebrand marked a shift towards clearer separation between decentralised protocol governance and Chain.com’s centralised business operations.

Onyx is built to address the scalability and cost-efficiency limitations of Layer 1 and Layer 2 chains by offering high-throughput, application-specific execution environments. It uses Arbitrum Nitro for full EVM compatibility and advanced fraud-proof security, AnyTrust for data availability, and Base for cost-effective economic settlement.

Question 2

What is Onyxcoin (XCN) used for?

Accepted Answer

XCN supports multiple functions within the Onyx Protocol:

* **Gas Fees:** XCN is used to pay transaction fees and execute smart contracts on the Onyx Layer 3 chain.

* **Staking:** Users can stake XCN to gain governance voting rights and receive staking rewards.

* **Governance:** Staked XCN enables participation in the Onyx DAO, where holders propose and vote on protocol upgrades, economic parameters, and funding allocations.

* **Bridging:** XCN is bridgeable across Ethereum, Binance Smart Chain, Base, and Onyx via Superbridge and Wormhole.

* **Customisation:** Developers can build application-specific fee structures and integrate fee delegation using XCN.

Onyx also supports meta-transactions, allowing users to interact with dApps without directly holding XCN, with applications subsidising gas fees if needed.

Question 3

Rebranding to Onyxcoin

Accepted Answer

In January 2023, a governance vote approved a major rebrand:

* Chain Protocol became Onyx Protocol

* Chain DAO became Onyx DAO

* Chain Token became Onyxcoin (XCN)

The rebrand aimed to create clear separation between Chain.com’s enterprise services (such as Sequence and Chain Cloud) and the decentralised governance structure of the protocol. Utility and function of the XCN token remained unchanged.

The rebrand was accompanied by two structural changes:

* The entire 5 billion XCN team allocation was burned

* 15 billion XCN was donated to a newly formed non-profit

These changes were aimed at reinforcing decentralised control over the protocol.

Question 4

Onyx Blockchain Architecture

Accepted Answer

Onyx operates as a Layer 3 blockchain built on Arbitrum Orbit and secured by Coinbase’s Base:

* **Execution:** Powered by Arbitrum Nitro, with EVM compatibility, fraud-proof validation, and parallelised execution

* **Data Availability:** Uses AnyTrust, with off-chain storage and fallback to Ethereum for data recovery

* **Settlement:** Utilises Base Layer 2 for batch settlement before Ethereum finality

- **Customisability:** Developers can deploy isolated, application-specific rollups with tailored governance, fees, and execution logic

XCN is integrated with EIP-1559, introducing a base fee model with partial on-chain burns, contributing to a deflationary supply effect.

Question 5

Governance and Staking

Accepted Answer

Governance of the Onyx Protocol is administered through the Onyx DAO, a smart contract system on Ethereum. Key features include:

* **Proposal Threshold:** Minimum 100 million staked XCN required to submit proposals

* **Voting Requirements:** 200 million XCN quorum and majority approval needed

* **Timelock:** Successful proposals have a 2-day delay before execution

* **Guardian Wallet:** A security mechanism with the ability to cancel malicious proposals

Staking is required for governance participation. XCN staked on Ethereum determines voting weight and eligibility, and participants may receive protocol-defined rewards.

Question 6

Bridging and Interoperability

Accepted Answer

XCN supports multi-chain functionality:

* **Wormhole Bridge:** Transfers between Ethereum and Binance Smart Chain

* **Superbridge:** Transfers between Ethereum, Base, and Onyx Layer 3

Onyx provides cross-chain asset transfer, smart contract messaging, and seamless integration with Ethereum-based tooling.

Question 7

Ecosystem and Developer Tools

Accepted Answer

Onyx integrates various infrastructure and development tools:

* **Onyx SDK:** A TypeScript SDK for asset bridging, message passing, and smart contract interaction

* **Thirdweb and Tenderly:** Toolkits for smart contract deployment and monitoring

* **Privy:** Secure user data management and login abstraction

* **Decent:** NFT minting and digital asset infrastructure

* **Bridged USDC:** Stablecoin support for DeFi applications

Developers can deploy application-specific chains, define custom governance logic, and scale dApps through Onyx’s high-throughput Layer 3 framework.

Question 8

Who created Onyxcoin (XCN)?

Accepted Answer

XCN was developed by Chain, a blockchain technology company originally founded in 2014 by Adam Ludwin.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	XCN-USD XCN-USD	coinbase	AA	0.003989USD	-3.04%	103,924,846.10XCN	2,663	0.004114USD	0.004223USD
2	XCN-USDT XCN_USDT	gateio	A	0.003988USDT	-3.18%	76,055,689.21XCN	3,934	0.004119USDT	0.004219USDT
3	XCN-USD XCNUSD	kraken	AA	0.003989USD	-2.92%	46,475,326.67XCN	1,460	0.004110USD	0.004200USD
4	XCN-USDT XCN-USDT	kucoin	BB	0.003985USDT	-3.02%	15,204,005.60XCN	978	0.004109USDT	0.004208USDT
5	XCN-EUR XCNEUR	kraken	AA	0.003560EUR	-2.73%	5,875,246.29XCN	185	0.003660EUR	0.003740EUR
6	XCN-USD xcnusd	bitstamp	AA	0.004986USD	0.00%	0XCN	0	0.004986USD	0.004986USD
7	XCN-USD XCNUSD	cexio	BB	0.004014USD	-0.17%	14,382.50XCN	3	0.004021USD	0.004103USD
8	XCN-EUR xcneur	bitstamp	AA	0.003684EUR	0.00%	0XCN	0	0.003684EUR	0.003684EUR
9	XCN-USDC XCNUSDC	cexio	BB	0.004091USDC	0.67%	5,907.50XCN	1	0.004064USDC	0.004091USDC
10	XCN-USDT XCNUSDT	cexio	BB	0.004109USDT	0.80%	3,822.50XCN	1	0.004076USDT	0.004109USDT
11	XCN-USDT xcnusdt	huobipro	C	0.003983USDT	-1.65%	1,445,466,571.39XCN	101,512	0.004050USDT	0.004133USDT
12	XCN-TRY XCNTRY	btcturk	E	0.1981TRY	-2.36%	133,572,030.46XCN	2,364	0.2030TRY	0.2071TRY
13	XCN-USDT xcn_usdt	lbank	C	0.003992USDT	-3.25%	86,364,996.65XCN	83,692	0.004126USDT	0.004198USDT
14	XCN-KRW KRW-XCN	upbit	B	5.34KRW	-2.38%	31,184,903.48XCN	503	5.47KRW	5.80KRW
15	XCN-USDT XCNUSDT	toobit	C	0.003989USDT	-3.18%	21,087,859.90XCN	5,577	0.004120USDT	0.004204USDT
16	XCN-USDT XCN_USDT	bitunix	C	0.003989USDT	-3.06%	19,326,822.25XCN	6,135	0.004116USDT	0.004211USDT
17	XCN-USDT XCNUSDT	latoken	D	0.004039USDT	-1.94%	13,673,413.62XCN	3,780	0.004119USDT	0.004208USDT
18	XCN-USDT XCN-USDT	bingx	D	0.004000USDT	-2.72%	13,230,865.00XCN	6,465	0.004112USDT	0.004207USDT
19	XCN-USDC XCNUSDC	mexc	C	0.003993USDC	-3.15%	12,861,619.39XCN	2,989	0.004123USDC	0.004179USDC
20	XCN-KRW XCN_KRW	bithumbkorea	-	5.37KRW	-2.43%	10,944,332.24XCN	458	5.51KRW	5.60KRW
21	XCN-EUR XCNEUR	bit2me	B	0.003560EUR	-2.73%	5,875,246.29XCN	185	0.003660EUR	0.003740EUR
22	XCN-USDT XCNUSDT	btcturk	E	0.004000USDT	-1.23%	5,505,035.99XCN	144	0.004050USDT	0.004240USDT
23	XCN-USDT XCNUSDT	mexc	C	0.004039USDT	-1.96%	3,639,272.13XCN	720	0.004120USDT	0.004229USDT
24	XCN-USDT XCN_USDT	bydfi	-	0.004039USDT	-1.96%	3,046,170.54XCN	221	0.004120USDT	0.004197USDT
25	XCN-USDT XCNUSDT	bitrue	D	0.004122USDT	3.05%	60,745.80XCN	2	0.004000USDT	0.004122USDT
26	XCN-USD XCNUSD	edxmarkets	C	0.004197USD	0.00%	0XCN	0	0.004197USD	0.004197USD
27	XCN-IDR xcnidr	indodax	E	69.51IDR	-0.71%	19,939.00XCN	17	70.01IDR	72.96IDR
28	XCN-USDT USDT-XCN	upbit	B	0.003993USDT	0.00%	0XCN	0	0.003993USDT	0.003993USDT
29	XCN-INR XCNINR	coindcx	-	0.4283INR	0.00%	0XCN	0	0.4283INR	0.4283INR
30	XCN-USDT XCN_USDT	poloniex	C	0.003913USDT	0.00%	0XCN	0	0.003913USDT	0.003913USDT
31	XCN-USDT XCNUSDT	hitbtc	E	0.004394USDT	0.00%	0XCN	0	0.004394USDT	0.004394USDT
32	XCN-BTC XCNBTC	hitbtc	E	0.0₇5100BTC	0.00%	0XCN	0	0.0₇5100BTC	0.0₇5100BTC