Onyx Protocol is today announcing an exciting new
partnership with MyCointainer and Earn Network. Through the initiative, Earn
Network will offer enhanced staking opportunities on BNB Smart Chain and
cheaper transaction fees for the XCN token. XCN holders can potentially get up
to 40% APY on their tokens when staked.
The partnership with Earn Network will see Onyx launch
dedicated decentralized staking pools for XCN on BNB Smart Chain. Each user
will have the opportunity to stake their XCN tokens using two formal staking
processes, Flexible or Locked.
Flexible Staking describes a staking pool in which users
can deposit and withdraw tokens at any time without any restrictions or lock-up
periods. It offers flexibility and liquidity, with rewards distributed on a
regular basis. Users can choose to compound their earnings by leaving their
rewards in the pool or withdraw them.
Locked staking, also known as fixed-term or time-locked
staking, involves staking tokens for a specific lock-up period. Onyx will offer
two options here: 15-day and 30-day set staking periods. Users cannot withdraw
their staked tokens until the lock-up period expires. In return for committing
their tokens for a longer duration, participants typically receive higher
staking rewards compared to flexible staking.
All of the ETH fees collected for bridging XCN from ERC20
to BEP20 will be refunded as part of the ongoing gas refund initiative. Onyx
recently published an in-depth bridging article and will presently share
further details regarding the staking process via Earn Network.
Onyx’s partnership with MyCointainer will also see a
dedicated profile dashboard launched. This will serve as a central hub for all
Onyx-related products on the platform. Other products under development include
wallet integration, facilitating deposits and withdrawals of XCN processed on
BNB Smart Chain, and a staking mechanism based on smart contracts operated by Earn.
This will enable XCN rewards on the platform for thousands of potential users.
Onyx also intends to
introduce ‘Buy XCN with card’ functionality, providing a MasterCard and Visa
onramp for XCN, an XCN trading service offering pairs in EUR, USDT, and BTC,
and extensive marketing activities. Keep an eye on the Onyx’s socials for the
latest updates!
About
Onyx Protocol
Onyx Protocol (https://onyx.org/) represents a
decentralized liquidity protocol that supports multiple token types with
aggregated and unified capital access. This protocol solves the capital
efficiency trilemma and eliminates the single points of failure inherent in
centralized protocols. Unlike other lending protocols, Onyx Protocol offers
transparency and trustless lending, making it a better choice for digital asset
holders to access and earn liquidity.
About
Earn Network and MyCointainer
Earn Network provides smart contract infrastructure to
connect liquidity providers and pool creators in a completely non-custodial
manner. MyCointainer’s goal is to enable easy access to various rewarding
crypto mechanisms for all. They want everyone to equally benefit from a
changing financial landscape and speed up global crypto adoption.