These docs are a comprehensive guide to the Onyx protocol maintained by the community.
Onyx Protocol is an algorithmic money market designed to bring secure and trustless credit and lending to users on Ethereum Network.
Onyx enables investors to lend and/or borrow cryptocurrencies, by pledging the platform an over-collateralized amount of cryptocurrency. Onyx does this by utilizing money markets, which are pools of assets with algorithmically derived interest rates, based on the supply and demand of each asset.
Users who choose to supply liquidity to Onyx earn compounded interest as rewards for supplying their assets to the protocol. When supplying assets, users are also given the ability to mint stable-coins, or borrow other assets against their supplied assets. Once a user has supplied assets to Onyx, the user can then borrow assets or mint stable-coins, by over-collateralizing and paying interest on the amount borrowed.
Loans from the Onyx protocol do not have monthly payments, late fees, and can be paid off at any time. Onyx is able to do this without ever requiring a credit check, with near immediate origination, using smart contracts that provide an automated, and absolutely transparent system for investment and profit distribution.
Onyx also provides loans for CryptoPunks and BAYC. NFT holders can leverage their idle NFTs to obtain loans and earn extra yield.
Onyx unites investors, borrowers, exchanges and others, into an open and fair platform, that empowers users and unlocks billions of dollars of value, corrects market inefficiencies, and offers tremendous potential to investors and users alike.
Website: https://onyx.org Twitter: https://twitter.com/OnyxProtocol Telegram: https://t.me/OnyxOrg Medium: https://blog.onyx.org/ Github: https://github.com/Onyx-Protocol