Proposal: Adding XCN as an asset

I propose adding XCN token as a new asset in the coming days.

Here is the information about XCN token as of writing now.

sXCN uses a JumpRateModelV2 interest rate model with the following parameters:

  • 2% APY borrow base rate
  • 20% APY borrow rate at kink
  • Kink at 80% utilization
  • 250% APY borrow rate at 100% utilization

I propose a 25% reserve factor, collateral factor of 30%, close factor of 50% and liquidation factor of 10%.

As for the PriceFeed, we can ChainLink price oracle to get the price of XCN token.

Please let me know your thought!

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you can describe about onyx.org in details?

Looks interesting proposal
250% APY borrow rate at 100% utilization looks reasonable to prevent short

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Here are more information about Onyx protocol and XCN token.

Formerly known as Chain Protocol is rebranded and extended to Onyx Protocol for broader adoption of decentralization by passing the government proposal CIP-7.

As the result of execution of the proposal, Chain Protocol and Chain Token are rebranded as Onyx Protocol, Onyxcoin respectively while the token symbol “XCN” remains the same.

Onyxcoin (XCN) has a variety of use case applications within the Onyx ecosystem, outside of voting on Onyx Protocol and Onyx DAO activities. Users can also stake XCN to secure the protocol and earn rewards. XCN is also utilized for priority access to Chain.com’s suite of products, as well as discounts on software services and can be used as a secure method of payment for Chain.com products.

References:

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Why is the borrow cap set so low though?