# About XCN

**Onyxcoin** (**XCN**) is the native cryptocurrency of the **Onyx Protocol**, a next-generation Web3 blockchain platform specifically designed to power decentralized financial services. As the cornerstone of the Onyx ecosystem, XCN plays a dual role as both a utility token and a governance asset, underpinning the protocol’s core operations and community-led development.

Within the ecosystem, XCN enables a wide range of functionalities. It is essential for participating in protocol governance, where token holders can propose and vote on critical updates, changes to the network’s parameters, and allocation of treasury funds—ensuring a decentralized and transparent decision-making process. In addition, XCN acts as a payment mechanism for accessing Onyx’s suite of financial applications and premium services, including Chain.com and other infrastructure products.

XCN is also the native gas token for the Onyx Ledger, a high-performance Layer-3 blockchain built atop Ethereum and Base. This means that all transactions and smart contract executions on the Onyx Ledger are powered by XCN, with a portion of each transaction fee being burned to introduce a deflationary mechanism and support long-term value appreciation.

Overall, Onyxcoin (XCN) functions as the economic engine driving innovation, security, and user engagement across the entire Onyx Protocol—empowering users, developers, and stakeholders in a truly decentralized financial ecosystem.

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