The crypto world is about to undergo some upheaval. But this time, the focus will be on an underrated coin called Onyxcoin (XCN). The coin broke into the scene quite recently and has already exploded. In a matter of days, it pumped almost 200% of its value.
XCN is the native token of the Onyx Protocol, a DeFi play built on the ETH chain. The brand was first released as CHAIN, but it soon rebranded itself. The platform aimed to build a better trustless infrastructure that makes payment more seamless and easy.
The New Kid On The Block
XCN is often touted as a glorified ledger. However, this is far from the truth. It is more like ETH 2.0 combined with DeFi 3.0. The token is not linear at all. It is a tool for developers to create Defi Protocols and smart contracts. The best part is that all of this is done on the solid foundation of ETH.
As per rumors across tha landscape, the coin might soon be seen in top exchanges like Coinbase and Binance. This will make the coin accessible to a wider audience. It is also said that the rebranding added traction to the coin. People have shown more affinity towards the coin after rebranding.
However, the creeping rise of the coin could be fueled by the feelings of FOMO. This is a powerful tool that can help developers push this coin forward. But what happens when that factor wanes? There might just be a crash.
As a result, XCN could be a good investment, but it does come with its own caveats.
