[PRESS RELEASE – Sweden, Götaland, July 3rd, 2023]
Onyx Protocol today announces an exciting new partnership with MyCointainer and Earn Network. Through this initiative, Earn Network will provide 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 option to stake their XCN tokens using two formal staking processes, flexible or locked.
Flexible staking describes a staking pool where users can deposit and withdraw tokens at any time without any restrictions or blocking periods. It offers flexibility and liquidity, with rewards distributed regularly. Users can choose to accumulate their earnings by leaving their rewards in the pool or withdrawing them.
Locked staking, also known as fixed-term or fixed-term staking, involves staking tokens for a specific lock period. Onyx will offer two options here: fixed staking periods of 15 days and 30 days. Users cannot withdraw their staked tokens before the lockout period expires. In exchange for committing their tokens for a longer duration, participants typically receive higher staking rewards compared to flexible staking.
All 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 transition article and will currently be sharing more details regarding the staking process via Earn Network.
Onyx’s partnership with MyCointainer will also see the launch of a dedicated profile dashboard. This will serve as a central hub for all Onyx-related products on the platform. Other products in 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 the “Buy XCN with Card” functionality, providing a MasterCard and Visa gateway for XCN, an XCN trading service offering EUR, USDT and BTC pairs, and extensive marketing activities . Keep an eye on Onyx’s social media for the latest updates!
About the Onyx Protocol
The Onyx protocol represents a decentralized liquidity protocol that supports multiple types of tokens with access to aggregated and unified capital. This protocol solves the capital efficiency trilemma and eliminates the single points of failure inherent in centralized protocols. Unlike other lending protocols, the Onyx protocol offers transparency and trustless lending, making it a better choice for digital asset holders to access and earn liquidity.
About the Earn Network and MyCointainer
Earn Network provides a smart contract infrastructure to connect liquidity providers and pool creators in a completely non-custodial way. The goal of MyCointainer is to provide easy access to various rewarding encryption mechanisms for everyone. They want everyone to benefit equally from an evolving financial landscape and accelerate the global adoption of crypto.
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