Onyxcoin ($XCN) has witnessed an amazing 20% price increase today, after OnyxDAO made a series of very encouraging announcements. This jump is the latest in an extraordinarily good run for the digital asset, which has exploded in value to the tune of 2,656% since back in late December. 2024. The most recent update from OnyxDAO comes with a slew of changes that appear to beef up the way the asset works, and it has made it rain with plenty of warm fuzzies about the future of $XCN and Onyx. #OnyxCoin $XCN has surged 2,656% since late December and is now consolidating within a descending triangle, potentially gearing up for the next leg up! pic.twitter.com/zSAbLnOK4K — Ali (@ali_charts) February 12, 2025 OnyxDAO’s Exciting Updates: Staking and No Lockup Period OnyxDAO, the organization that oversees Onyxcoin, recently rolled out a series of updates that should fan the flames of further growth within the $XCN ecosystem. By far, the most important announcement was the ramping up of staking rewards. This clearly offers a lot more incentive for users to take part in our network. But what does it mean for the long-term value of $XCN? Another substantial update is the elimination of the lockup period for staking. Historically, a number of blockchain projects mandated that staked tokens be locked up for a given period, restricting users’ ability to access and move their tokens. By doing away with this lockup period, OnyxDAO offers an unprecedented level of flexibility that could well make staking $XCN an increasingly popular choice among holders. This tweak to the Onyxcoin staking model could very well make it an appealing option for investors looking for attractive and accessible staking rewards. These updates demonstrate Onyxcoin’s unwavering dedication to improving its ecosystem and ensuring that its token holders enjoy ever-greater benefits. Staking rewards have been significantly increased; liquidity has been ramped up, and now we’re just waiting for mass adoption to happen, which should happen anytime now if we go by the confidence in the $XCN token exhibited by its investors. EIP-1559 and the XCN Burn Mechanism: A Deflationary Model In another major step, Onyxcoin has integrated the EIP-1559 standard, which is a popular Ethereum improvement proposal, into its project. For us as users, that means the implementation now allows for the burning of $XCN. While the sorts of burning mechanisms that EIP-1559 makes possible exist on many different tokens across many different chains and have historically been considered “deflationary” methods, the unique way that we have implemented the standard means that, in a sense, we are enacting that kind of deflation in the Onyxcoin ecosystem. Did you know the $XCN Ledger Blockchain utilizes EIP-1559 to give #XCN a burn mechanism? XCN is the Layer 3 gas token pic.twitter.com/X6ZwNLGQKL — Onyx (@OnyxDAO) February 12, 2025 The EIP-1559 mechanism operates by burning a portion of each transaction fee, effectively removing $XCN tokens from circulation. This deflationary process can lead to an increase in the token’s value as its supply decreases. With the increased burn rate, $XCN is set to become even more attractive to long-term holders and investors who are seeking a store of value that has an inherent deflationary model. Onyxcoin’s blockchain is powered by $XCN, which serves as its Layer 3 gas token. It is not only the token that drives transactions but also the one used for payments, governance, and even discounts within the Onyxcoin platform. Its use in these varied cases of utility makes $XCN quite the attractive asset for all kinds of users, from individuals to businesses. Onyxcoin’s Potential: A Cloud Blockchain Infrastructure Not merely a token, Onyxcoin is a cloud blockchain infrastructure that provides groundbreaking solutions for businesses. With its Chain Core and Sequence services, Onyxcoin outfits businesses with the tools to build and efficiently scale financial services. Its offerings are aimed at companies that want the sorts of secure, scalable, and customizable blockchain solutions that could serve as the stable backbone of their businesses. In this way, Onyxcoin isn’t really part of the growing “blockchain-as-a-service” market. It occupies a space adjacent to that market, providing infrastructure that could easily support any number of businesses和not just the sorts of businesses that those companies might have envisioned when they first started working with “blockchain-as-a-service” companies. Onyxcoin is venturing into one of the most profitable and fast-growing sectors of the blockchain space—creating decentralized financial services for businesses. It is building these services on Ethereum. The use of the $XCN token within this infrastructure adds to the utility of the token and presents a robust, functional use case that goes well beyond any kind of speculative story. Onyxcoin’s strong upward path, its latest news, and its clear intent to construct a scalable blockchain infrastructure for businesses combine to form a potent story around $XCN that is appealing to both investors and users. The $XCN price is currently consolidating within a pattern that looks like a descending triangle—this could either be a set-up for a near-term breakdown (not what we hope for!) or a set-up for a possible resumption of the rally that the $XCN price has been on for much of 2023. Looking Ahead: The Future of XCN The $XCN token now has a firm footing in the blockchain space as one of the most exciting and dynamic assets. It has continued to build a perfectly executed narrative for growth. Recent price action has certainly added some flare to $XCN’s story, but the team has also executed some truly innovative and robust onboarding programs for the token. Chief among these is the implementation of staking rewards across the $XCN ecosystem. The prospect of Onyxcoin’s ever-expanding user base, as well as its attraction of new businesses to its platform, has got investors buzzing. The allure of adoption should be heightened by recent moves to take away staking lockups and to promise even more adopters-driven rewards for stakers. And then there’s that burn mechanism, which some folks are saying could help with price appreciation. Onyxcoin is consistently introducing fresh ideas and enhancing its outstanding projects. $XCN is set to remain a significant contender in the blockchain and DeFi space. If you’re a developer in search of blockchain solutions, an investor after high-flying fintech opportunities, or a user of DeFi looking for flexible staking options, $XCN is a project well worth your close attention. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: ximagination / 123RF // Image Effects by Colorcinch
