[PRESS RELEASE – Sweden, Götaland, July 3rd, 2023]
Onyx Protocol is today announcing an exciting new partnership with MyCointainer and Ear 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 withdrawing 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 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.