Onyxcoin

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.

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.