(Dinarian Note: Better Get In On This One... The way this was brought to me is nothing short of a miracle from the Universe.. Thank You Spirit!)
The Onyx Liquidity Protocol is now live on the Ethereum main network! Protocol users can immediately begin using Onyx to borrow tokens, stable coins, and cryptocurrencies and supply NFTs, tokens, stable coins, and cryptocurrencies directly within the decentralized application.
The main network currently supports all NFTs from the Bored Ape Yacht Club collection and CryptoPunks (must be wrapped with the wrapper provided to Wrapped Punks in the app) as a form of collateral with up to 50% of the floor borrowing capabilities.
Onyx, being a multi-token type decentralized liquidity protocol, enables you to not only use NFTs to provide collateral, but several other digital assets such as WBTC, ETH, APE, UNI, LINK, and more. Users can then borrow any other supported digital assets including stable coins such as USDT, USDC, DAI, and more.
The protocol is governed and controlled by Onyxcoin (XCN) stakers. The staking vault which is available in the dApp allows users to deploy proposals and vote on protocol improvements and/or changes. Those who are securing Onyx with their vote weight receive rewards in XCN, which is currently set at 31% APR and can be adjusted by a governance proposal.
The protocols lending is secured by over-collateralization and liquidators who are incentivized to liquidate positions that go over certain thresholds. To make liquidations easily available to all, we have launched a decentralized liquidation portal inside the application that’s viewable in a user-friendly interface.
Users can find more information in our document portal located at docs.onyx.org including our API and SDK or join our community chat groups located in Discord and Telegram.