XCN Surges 40% as Onyx Acquires Chain.com Technology
XCN, the token of Onyx's decentralized finance (DeFi) protocol, has surged more than 40% in value over the past month. This impressive gain can be attributed to a series of significant announcements and developments made by the project.
On September 1, Onyx announced its definitive agreement to acquire Chain.com's technology and intellectual property, which will be integrated into the Onyx Wallet to create a blockchain-native neobank. The deal was put to a vote on Onyx's governance portal, where stXCN holders approved the acquisition.
This is not the only notable development in recent months. On July 1, Onyx launched Onyx Mesh, regulated financial settlement infrastructure built in collaboration with Chain and running directly on the Onyx Layer 1. This move streamlined the team's focus onto a single chain, consolidating all development efforts onto Onyx Layer 1.
The project's roadmap has been simplified, with dated shipping cadence demonstrating steady progress. The launch of Onyx Points on July 11 and Onyx Agent on August 7 further solidified the project's commitment to delivering tangible results.