Tokens
ONYX - WCRO Pegged Token
ONYX is designed to be used as a decentralized pegged coin for things such as exchange, lending, borrowing etc.The protocol's algorithm aims to maintain ONYX 's peg of 1:1 ONYX:WCRO in the long run.Note that ONYX actively pegs via an algorithm, it does not mean it will be valued at 1 ONYX: 1 WCRO at all times as it is not collateralized. ONYX is not to be confused for a crypto or fiat-backed stablecoin.
OSHARE - Protocol Shares
OSHARE is one of the ways to measure the value of the ONYX Protocol and trust in its ability to maintain ONYX close to peg. During epoch expansions the protocol mints ONYX and distributes it proportionally to all OSHARE holders who have staked their tokens in the Boardroom .OSHARE holders have DAO voting rights on proposals to improve the protocol and future use cases within the ONYX Finance ecosystem.OSHARE has a maximum total supply of 79,001 tokens distributed as follows:
1.DAO Allocation: 4500 OSHARE vested linearly 365 days
2.Team Allocation: 4500 OSHARE vested linearly over 365 days
3.Rewards: 79000 OSHARE are allocated for incentivizing Liquidity Providers in two shares pools for the next year
4.Initial mint: 1 OSHARE minted upon contract creation for initial pool
OBOND - Onyx Bonds
ONYX BOND (bond tokens) are available for purchase when ONYX falls below the 1 CRO peg. If ONYX TWAP is between 1.00 and 1.01, neither OBOND nor ONYX will be issued.
e.g. If ONYX TWAP < 1, exchange ONYX for OBOND will be in a 1:1 ratio.
OBOND (bond tokens) are available for redemption when ONYX goes above the 1 CRO peg.
OBOND redemption will be more profitable with a higher ONYX TWAP value. When the ONYX TWAP is greater than 1.1, to encourage the redemption of OBOND for ONYX and incentivize users to redeem at the higher price, the OBOND to ONYX ratio will be 1:R, where R can be calculated in the formula as shown below:
R = 1+[(ONYX(twap price)−1)∗coeff)] (where coeff = 0.7)
Last updated