ONYXCOIN（XCN）代幣經濟學

Overview

Onyxcoin (XCN) is the native utility and governance token of the Onyx Protocol, a decentralized liquidity platform supporting a wide range of digital assets, including cryptocurrencies and NFTs. The protocol is governed by the Onyx DAO, with a strong emphasis on community participation, transparency, and sustainable ecosystem growth.

Token Economics Breakdown

1. Issuance Mechanism

• Total Supply: 48,470,523,779 XCN
• Current Circulating Supply: ~23–26.65 billion XCN (as of early 2025)
• Initial Distribution: Airdrops to non-US and non-sanctioned users
• DAO-Controlled Supply: The Onyx DAO controls approximately 25 billion XCN, with 10 billion allocated to the DAO Treasury and 15 billion subject to a time-locked smart contract.
• Burn Mechanism: 5 billion XCN were permanently burned by transferring to a dead address, reducing the total supply and increasing decentralization.

2. Allocation Mechanism

• DAO Timelock: The 15B XCN is released in 200M monthly increments, starting April 2024, with the accumulated amount from the lock period released at the first unlock.
• DAO Reserve: Used for staking rewards, liquidity incentives, grants, payroll, and other protocol activities.

3. Usage and Incentive Mechanism

• Utility: XCN is used for:
  • Governance (voting on protocol changes via the Onyx DAO)
  • Payment for premium services (Onyx Cloud, Sequence)
  • Staking (users can stake XCN to earn rewards, currently set at 12% APR, adjustable by governance)
  • Protocol fees and discounts
  • Participation in DeFi activities (lending, borrowing, liquidity provision)
• Incentives:
  • Onyx Points System: Users earn non-transferable NFT-based points for holding eligible assets, using DeFi apps, and engaging with partner dApps. Points are distributed in seasons and can lead to future airdrops or rewards.
  • Staking Rewards: Stakers receive XCN rewards, incentivizing long-term holding and participation in governance.
  • Liquidity Incentives: XCN is distributed to liquidity providers and DeFi participants to bootstrap and sustain protocol activity.

4. Locking Mechanism

• Time-Locked Smart Contracts: 15B XCN is locked and released monthly to ensure gradual market entry and prevent supply shocks.
• DAO Governance: All major allocations and releases are governed by on-chain proposals and community voting, ensuring transparency and decentralization.
• Staking Vault: Users must lock XCN to participate in governance and earn rewards, with the lock duration and reward rates subject to DAO proposals.

5. Unlocking Time

• DAO Timelock Unlock Schedule:
  • Start: April 2024
  • Rate: 200,000,000 XCN per month
  • Initial Unlock: Includes the accumulated amount from the lock period
  • Purpose: Funds are transferred to the DAO Reserve for protocol operations, incentives, and grants

Tokenomics Table

Nuanced Analysis and Implications

• Decentralization: The Onyx DAO’s control over major allocations, with all actions subject to on-chain governance, ensures community-driven decision-making and transparency.
• Supply Management: The gradual unlock schedule (200M/month) is designed to avoid sudden supply shocks, supporting long-term price stability and ecosystem health.
• Incentive Alignment: Staking, governance, and the Onyx Points system align user incentives with protocol growth, encouraging active participation and long-term holding.
• Deflationary Pressure: The burn of 5B XCN and the use of XCN for protocol fees (with potential for future burns) introduce deflationary dynamics, potentially supporting token value.
• Ecosystem Growth: Allocations for grants, liquidity incentives, and protocol development are structured to foster innovation and attract new users and developers.

Limitations and Future Considerations

• Unlock Risks: As with all token unlocks, there is a risk of increased sell pressure when large amounts are released, though the monthly cap mitigates this.
• Governance Evolution: The DAO structure allows for future changes to tokenomics, including adjustments to unlock rates, reward structures, and allocation strategies.
• Market Dynamics: The effectiveness of the tokenomics depends on sustained demand for XCN’s utility functions and continued community engagement.

Conclusion

Onyxcoin’s token economics are designed to balance decentralization, incentive alignment, and long-term ecosystem sustainability. The combination of fixed supply, controlled unlocks, robust governance, and multi-faceted utility positions XCN as a foundational asset for the Onyx Protocol’s evolving DeFi ecosystem.

References

• Onyx Protocol Documentation
• Onyx DAO Treasury & LDA Funding Details
• Onyx Points System Announcement
• KuCoin Onyxcoin Page
• Learn with Tap: Onyx Protocol

All data current as of September 2025. For the latest details, consult the official Onyx Protocol documentation and DAO governance forums.