Onyxcoin
XCN
Evaluation Score
Overall rating on a scale of 0-10
Dimension Breakdown
AI Analysis
Comprehensive evaluation of the token
Onyxcoin (XCN) scores 4.25/10 across six fundamental sections. Active Development (5.0/10) reflects on-chain DAO proposals and the launch of the 'goliath' Layer-1 network, but suffers from low public code transparency, unverified commit activity, and centralized controls like the Guardian Wallet. Community Support (3.5/10) shows active governance rails but extremely low community engagement and forum participation. Tokenomics (5.0/10) presents clear multi-role utility across staking, governance, and gas, but is hampered by conflicting supply figures (ranging from 48.4B to 68.89B), unverified vesting schedules projecting dilution through 2030, and high token concentration. Market and Use Case (4.5/10) highlights an institutional narrative originating from the legacy Chain.com project, yet product-market fit remains unproven with the token trading ~98% below its all-time high. Team and Governance (4.0/10) features functional DAO governance alongside anonymous team members and historical restructuring. Security and Audit History (3.0/10) is constrained by a confirmed October 2023 precision-loss exploit of ~$2.1 million against the Onyx Protocol lending markets ('In October 2023, the Onyx Protocol suffered an exploit of approximately $2.1 million, caused by a precision-loss bug in the redeemUnderlying function of its lending markets') and a lack of verifiable audit scores for the token contracts. Overall weighted score computes to 4.25/10.
Development Activity
Code updates and developer engagement
Community Support
Social media presence and community engagement
Tokenomics
Supply, distribution, and utility
Market & Use Case
Value proposition and competitive landscape
Team & Governance
Team background and project governance
Security & Audits
Security history and audit status
About Onyxcoin (XCN)
Onyxcoin (XCN) is the native utility, gas, and governance token of the Onyx ecosystem, originating from the legacy Chain.com project. Functioning as an ERC-20 token on Ethereum as well as the native gas asset for the Onyx sovereign Layer-1 network (the "goliath" chain), XCN is designed to support decentralized lending, staking infrastructure, the Onyx Bridge, and token-weighted voting through the Onyx DAO. The platform targets institutional infrastructure use cases, including high-throughput transactions and real-world asset (RWA) tokenization.
Governance is coordinated on-chain via DAO proposals, allowing token holders to vote on protocol upgrades and operational changes. Beyond governance and gas fee payments, XCN is utilized for staking within the ecosystem. The token model features a fixed total supply mechanism with historical burns, though reported total supply figures vary across third-party trackers between 48.4 billion and 68.89 billion, with third-party projections indicating potential vesting emissions extending through mid-2030.
The project has experienced significant security and market challenges. In October 2023, the associated Onyx Protocol lending platform suffered an exploit resulting in an estimated loss of $2.1 million, caused by a precision-loss vulnerability in the redeemUnderlying function of its newly created oPEPE lending market. In addition, the token has experienced severe market depreciation, trading approximately 98% below its all-time high of $0.1841. Other identified concerns include limited team transparency with leadership identified only by first names, centralized controls such as the Guardian Wallet override mechanism, and minimal grassroots community engagement.