XCN, also called Onyxcoin, is the main token used inside the Onyx Protocol. Many people search for what XCN is, how it works, and whether it has real use in the crypto space. This guide breaks it down in clear terms so anyone can understand it.
What Is XCN?
XCN is the token that powers the Onyx Protocol. It serves three main roles:
- It pays for transactions on the Onyx network.
- It is used for staking to help secure the chain.
- It gives holders voting rights in the Onyx DAO, which guides future upgrades.
XCN also plays a part in payments for certain services and tools linked to the Onyx ecosystem.
The Origin of XCN
The Onyx platform began under Chain, a company started in 2014. The project first used a token called CHN. In 2022, it was renamed to XCN. Today, the token is governed by a decentralized group called the Onyx DAO. This means holders can vote on changes to the protocol.
How XCN Works
Token Model
- XCN has a capped supply.
- A share of transaction fees gets burned, which helps reduce the total supply over time.
- The token exists across multiple chains, including Ethereum, Base, BNB Chain, and the native Goliath chain.
Security and Consensus
XCN uses a staking model. Users can stake their tokens to secure the network and earn rewards. Stakers also gain voting power in the Onyx DAO.
Governance
Holders can propose and vote on updates. This includes protocol updates, system rules, and treasury decisions. Proposals require a minimum amount of voting power before they go live.
Main Uses of XCN
Here’s what people use XCN for:
- Gas Fees — It pays for all on-chain activity on Onyx and related networks.
- Staking — Users lock XCN to earn rewards and gain voting power.
- Governance Voting — Token holders shape the direction of the project.
- Payments — Some platforms linked to Onyx accept XCN for premium services.
- Cross-Chain Activity — Since XCN exists on multiple networks, it can move across chains for various purposes.
Onyx Protocol and the Goliath Network
Goliath is a newer Layer-1 chain connected to the Onyx ecosystem. It focuses on fast settlement and low transaction fees. XCN is used as the fee token and governance token on Goliath as well. Even with Goliath’s launch, XCN remains active on other chains.
Risks and Concerns
Like any crypto asset, XCN has risks:
- Price swings — The token has seen large movements in both directions.
- Large holder concentration — A small group of wallets holds a big share of supply.
- Community concerns — Some users express worry about early investors or whales affecting price.
- Proposal requirements — The high minimum voting power needed to submit proposals can limit broad participation.
Why Some People See Promise in XCN
People who support XCN often point to:
- Real utility in the Onyx ecosystem
- Ongoing development around the Goliath network
- Staking rewards and governance control
- The fee-burn model
- Its reach across several chains
Frequently Asked Questions
How do I buy XCN?
XCN can be purchased on several major crypto exchanges. Always verify the platform’s listing before buying.
Can I stake XCN?
Yes. Staking allows you to earn rewards and take part in governance.
Is XCN the same as Chain?
XCN came from Chain’s earlier token (CHN). The project later evolved into the Onyx Protocol, and the token was rebranded.
Does Goliath replace Ethereum for XCN?
No. XCN still exists on Ethereum and other chains. Goliath is an added network, not a replacement.
Final Thoughts
XCN is more than a simple token. It supports payments, staking, and governance inside the Onyx ecosystem. Its reach across several chains and its role in the Goliath network make it a key part of the system. Still, users should understand the risks, including price swings and concentration among large holders.
