Onyxcoin Staking

Onyx Rewards are distributed from the Onyx Distribution smart contract.

The allocation available each month is 100,000,000 XCN while the reward program is in effect. These parameters can be updated with on-chain governance.

The Onyx Staking reward rate is determined by your weight in the staking contract as shown in the formula below:

Monthly Reward Pool / Your weight % of the total XCN staked

In the Onyx Protocol each round consists of a 28 day cycle known as epochs. When a current round is completed the next epoch begins. 7 days after the conclusion of an epoch, users will be able to claim their rewards. This time lapse is dynamic and is controlled by the Onyx DAO. Users do not begin accruing rewards until after 1 full Epoch plus the current Epoch they are in .

For example I make a deposit on the 27th day of Epoch 1. I won’t start accruing rewards until Epoch 3. Same goes for those depositing on Day 2 of Epoch 1. They won’t start accruing rewards until Epoch 3.

Like any protocol Onyx has a smart contract risk. If their code contains bugs, users’ funds are at risk.

However, Onyx’s ecosystem smart contracts have been rigorously audited by a established third party auditor.

Have a look into the Certik Audit.

Staking XCN is very easy.

First make sure you have some ETH in your wallet to pay transcation fees.

Let’ start!

1. Go to https://gov.chain.com/stake
2. Here you have to login with your preferred wallet – Metamask, Trust Wallet, Coinbase or Wallet Connect
3. Click on the Stake Button and Approve the Governance Contract
4. Now you can deposit your XCN Token

Voilà you earn Staking Rewards

Onyxcoin (“XCN”) is the native cryptocurrency and governance token of the Onyx Protocol and Onyx ecosystem of products. XCN is a utility-based cryptocurrency which is used for discounts, premium access, and to pay for commercial fees on Sequence, a ledger as a service, designed for enterprises, as well as other Onyx products. XCN is also used for on-chain governance for various community driven programs through Onyx DAO.

XCN was upgraded and re-denominated in March 2022 to enable native goverance features inherent in the token smart contract.

Chain’s decentralized applications utilize XCN as the governance token that enables XCN stakers to participate in the Onyx DAO to vote on Onyx Improvement Proposals (OIPs), earn XCN rewards for securing the protocol, and to vote for grants provided by the DAO treasury.

Onyx Protocol is a blockchain-based technology company on a mission to enable a smarter and more connected economy. They build cryptographic ledgers and cloud infrastructure that underpin transformative financial products and Web3 services.

Founded in 2014, Onyx Protocol has raised over $40 million in funding from Khosla Ventures, Pantera Capital, Capital One, Citigroup, Fiserv, Nasdaq, Orange, and Visa.

In 2018, Stellar acquired Onyx Protocol to form Interstellar, a commercial arm of the Stellar Foundation. In 2020, Onyx Protocol was re-acquired to continue its mission to build a more robust global financial system through blockchain and cloud technology.

The Onyx Protocol DAO comprises of XCN token holders who control the Onyx Protocol and various Onyx decentralized applications. The Onyx Protocol DAO also controls the XCN DAO Treasury of 10 billion units of XCN.

Community members can also vote for delegates who will be their voice and reason on Onyx Governance.

The Onyx Constitution is a set of rules and regulations adopted by the community to ensure a fair, safe, and transparent decentralized environment governed by its users.

The latest Onyx Constitution can be found under this link: https://forum.chain.xyz/t/cip-3-enact-the-chain-community-constitution/

Sequence is a ledger-as-a-service for managing balances. It combines the power of a token-based data model with the convenience of the cloud, making it easy to build, operate, and scale forward-thinking products. Sequence can securely track any type of value, letting software teams focus on shipping and scaling their products instead of building and maintaining ledger infrastructure.

Sequence is used as a system of record by a diverse set of companies including mobile wallets, crypto asset exchanges, lending platforms, sharing economy apps, payment services, funding sites, asset managers, and many more. Any application that needs to record transactions and calculate balances can benefit from using Sequence.