What is Onyx Protocol?

Image:https://app.onyx.org/#/stake

Onyx Protocol is a decentralized blockchain infrastructure platform designed to provide scalable, secure, and compliant solutions for Web3. The protocol offers developers modular building tools, enabling them to quickly deploy various on-chain applications. Onyx is considered the ‘backbone network’ of Web3, connecting multiple ecosystems and committed to enhancing the transparency and efficiency of on-chain financial systems.

The biggest highlight of Onyx Protocol is that it is developed by Chain and uses XCN tokens to implement network incentives, governance, and service fee payments.

The role and value of Onyxcoin (XCN)

The token name of Onyxcoin is XCN, which is the core driving force of the entire protocol. The main uses of XCN include:

• Governance Voting: Coin holders can participate in important decision-making of the Onyx protocol;
• Transaction fees are paid in XCN when operating on the chain;
• Ecological incentives: provide rewards for developers, validators, and users;
• Protocol upgrade participation rights: Protocol changes are proposed and voted on through XCN.

According to the whitepaper, XCN adopts a deflationary model and controls the supply through a burning mechanism to enhance long-term value.

Onyxcoin price status and historical performance

Image:https://www.gate.io/trade/XCN_USDT

As of May 14, 2025, the price of Onyxcoin (XCN) is around $0.01753, showing a significant pullback compared to the peak of the bull market in 2022. This price to some extent reflects the market’s reassessment of infrastructure projects, especially against the backdrop of the hype around AI and MEME projects.

However, Onyxcoin has shown relatively stable price fluctuations over the past year, demonstrating a certain resilience to declines and providing long-term investors with a good entry opportunity.

Future Development and Price Prediction of Onyxcoin

The future price of Onyxcoin will be influenced by multiple factors:

1. The popularity of Web3 applications: As more developers deploy decentralized applications, the demand for the Onyx protocol is expected to rise;
2. Compliance and institutional adoption: Onyx emphasizes compliance and regulatory connectivity, possessing unique advantages in the US market;
3. XCN’s deflation mechanism: If the burning mechanism is effectively implemented, it may support XCN’s long-term rise;
4. Market sentiment and the overall trend of crypto: external factors such as Bitcoin market trends, macro policies, etc. will still significantly impact the token market.

Overall, if Web3 enters a new growth cycle in the second half of 2025, the XCN price is expected to rise to the range of 0.03 - 0.05 US dollars. If large institutions adopt catalysts, it may even challenge historical highs.

However, it should be noted that the circulation of XCN is still large, and the number of ecological developers has not yet formed a scale, so the short-term increase may be limited.

Investors need to pay attention to the risk factors

Despite the long-term potential of Onyxcoin, the following risks still exist:

• The project adopts a slow pace: if the deployment growth of Web3 applications does not meet expectations, it may affect the usage of the Onyx protocol;
• Tokenomic underperformance: XCN’s deflation mechanism requires continuous monitoring, otherwise inflation risks persist;
• Fierce market competition: competitors such as Arbitrum, Optimism, and other infrastructure competitors may divert the market;
• Regulatory changes are uncertain: If policies in countries like the United States tighten, it may affect project operations.

Conclusion

If you are a newcomer to the field of cryptocurrency, Onyxcoin is an infrastructure token worth paying attention to. Unlike MEME coins that rely on short-term trends, Onyxcoin is backed by practical utility. In the long run, the price performance of Onyxcoin may not be as impressive as those popular tokens that experience extreme volatility, but in the stable growth of the crypto world, XCN may be a representative worth studying.

Note: The cryptocurrency market fluctuates greatly, please trade cautiously and be aware of the risks.