Why is Onyxcoin (XCN) Surging 80% Today?

Onyxcoin (XCN), a decentralized platform that facilitates an all-in-1 peer-to-peer lending protocol, is making waves in the market. Following significant developments in its ecosystem, the token has posted gains of over 80% in the last 24 hours.

Data from Coingecko shows that the asset is exchanging hands at $0.02578 at press time.

With a market cap of more than $845 million, XCN’s trading volume has surged by over 101% from a day ago. It is hovering above $684 million, reflecting increased interest and a rise in market activity.

Binance List XCN Futures

Several factors contribute to this significant uptrend. One is the launch of the XCNUSDT perpetual contract in the crypto exchange Binance. This listing allows up to 25x leverage, meaning traders can increase their exposure to price movements.

For context, a perpetual contract is a type of derivative that allows traders to speculate on the price movements of an asset without owning it. Unlike traditional futures contracts, perpetual contracts do not have an expiration date, enabling traders to hold positions indefinitely.

Introducing the XCNUSDT perpetual contract on Binance Futures allows traders to speculate on the asset’s price movements with leverage, potentially increasing their profits (or losses). It has also provided more visibility and accessibility to XCN, which will likely attract more participants and improve market liquidity. 

Strategic Partnership with Chain Platform

Another factor contributing to Onyxcoin’s impressive performance is its strategic collaborations with blockchain infrastructure platform Chain. In a recent tweet, the Chain team disclosed that it would partner with Onyxcoin’s decentralized autonomous organization (DAO), OnyxDAO. This partnership aims to ensure that the XCN Layer 1 blockchain meets the ISO 20022 standard.

ISO 20022 is a global messaging standard used by financial institutions like banks and payment networks such as SWIFT to exchange data in a structured and secure way. If XCN becomes ISO 20022 compliant, it could integrate more easily with traditional financial systems and increase its appeal to institutions and enterprises.

Additionally, achieving this standard will likely position the platform for potential mainstream financial use cases, like cross-border payments or settlement layers.

Notably, XCN’s price movement in the past few weeks contrasts the entire crypto market, which has struggled for the last few weeks. While many crypto assets have been in the red, amassing double-digit losses as investors scramble to save their capital, XCN registered gains.

On-chain data shows that the token has surged by 83.2% over the month, 165.3% in the last two weeks, and 187.1% over the previous seven days. While XCN’s current price performance is impressive, the token is trading at 85.97% below its all-time high of $0.1841.

About Onyxcoin (XCN)

Onyxcoin (XCN) is the native cryptocurrency of the Onyx Protocol, a decentralized blockchain platform that provides Web3 infrastructure, governance, and tokenized financial services. Initially launched under the Chain Protocol, it evolved into a more decentralized project governed by OnyxDAO.

Onyx operates its own layer 1 blockchain, giving it more control over scalability, security, and protocol upgrades. As the platform’s native token, XCN can be used for payments within the ecosystem, staking, and incentivizing node operators. It can also power DeFi and financial applications built on the protocol and participate in governance proposals.