LayerZero connected Onyx Digital Assets with a permissioned Avalanche Evergreen Subnet, which facilitated subscriptions and redemptions for funds offered by WisdomTree, a leading asset manager and pioneer in fund tokenization.

Avalanche Evergreen Subnets are institutional blockchains. They offer a range of features including EVM compatibility, permissioning, smart contract deployment, transaction levels, network privacy, and custom gas.

Financial services leaders are embracing blockchain, smart contracts, and tokenization to enhance legacy capital markets infrastructure and institutional workflows. WisdomTree and other Wall Street firms are participating in Spruce, an Evergreen Subnet, to test on-chain finance.

“This initiative under Project Guardian fundamentally aligns with Ava Labs’ mission to provide the tools and tech to digitize and tokenize the world’s assets while harnessing the speed, scalability, and customizability of Avalanche,” said John Wu, President, Ava Labs. “We are proud to be working with such industry leaders as they help drive forward the future of finance.”

According to the PoC participants, the initiative yielded several learnings that validated key benefits:

• Inclusion of alts in discretionary portfolios: Tokenized funds can standardize and automate the funding, order execution, and settlement processes for both traditional asset classes and alts.
•  The implementation of smart contracts for payments and investor register updates can streamline the management of investments in alts. As such, it could enable wealth managers to include more alts in client portfolios.
• Efficiency and scalability: The PoC demonstrated that multiple portfolios can be linked to representative models and automatically rebalanced through smart contracts.
• Broadening the investable universe with ledger interoperability: Interoperability protocols enabled wealth managers to access funds tokenized on various blockchain platforms without having to move the underlying assets from their base ledger of record.
• Improving the blockchain user experience: Novel Account Abstraction concepts, such as Biconomy’s Paymaster service, abstracted the complexities of interacting with blockchains, including the need to pay for blockchain transaction fees. Interoperability solutions abstracted the complexities of accessing assets across disparate blockchains and managing blockchain private keys.

“Our work under Project Guardian demonstrates a significant opportunity for the asset and wealth management industry,” said Tyrone Lobban, Head of Onyx Digital Assets. “By leveraging the power of blockchain technology we have shown how the construction and management of discretionary portfolios could be revolutionized.”

About Ava Labs

Ava Labs makes it simple to deploy high-performance solutions for Web3, led by innovations on Avalanche. The company was founded by Cornell computer scientists, who partnered with Wall Street veterans and early Web3 leaders to execute a promising vision for redefining the way people build and use open, permissionless networks. Ava Labs is redefining the way people create value with Web3.

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About Avalanche

Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.

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SOURCE: https://www.avax.network/blog/onyx-j-p-morgan-leverages-avalanche-for-portfolio-management

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Experience seamless earning with Onyx (XCN) staking pools on Earn Network. Get started quickly with our user-friendly step-by-step guide.

The partnership with Earn Network will see Onyx launch dedicated decentralized staking pools for XCN on BNB Smart Chain. Each user will have the opportunity to stake their XCN tokens using two formal staking processes, Flexible or Locked.

Flexible Staking describes a staking pool in which users can deposit and withdraw tokens at any time without any restrictions or lock-up periods. It offers flexibility and liquidity, with rewards distributed on a regular basis. Users can choose to compound their earnings by leaving their rewards in the pool or withdraw them.

Locked staking, also known as fixed-term or time-locked staking, involves staking tokens for a specific lock-up period. Onyx will offer two options here: 15-day and 30-day set staking periods. Users cannot withdraw their staked tokens until the lock-up period expires. In return for committing their tokens for a longer duration, participants typically receive higher staking rewards compared to flexible staking.

All of the ETH fees collected for bridging XCN from ERC20 to BEP20 will be refunded as part of the ongoing gas refund initiative. Onyx recently published an in-depth bridging article and will presently share further details regarding the staking process via Earn Network.

Onyx’s partnership with MyCointainer will also see a dedicated profile dashboard launched. This will serve as a central hub for all Onyx-related products on the platform. Other products under development include wallet integration, facilitating deposits and withdrawals of XCN processed on BNB Smart Chain, and a staking mechanism based on smart contracts operated by Earn. This will enable XCN rewards on the platform for thousands of potential users.

Onyx also intends to introduce ‘Buy XCN with card’ functionality, providing a MasterCard and Visa onramp for XCN, an XCN trading service offering pairs in EUR, USDT, and BTC, and extensive marketing activities. Keep an eye on the Onyx’s socials for the latest updates!

About Onyx Protocol

Onyx Protocol represents a decentralized liquidity protocol that supports multiple token types with aggregated and unified capital access. This protocol solves the capital efficiency trilemma and eliminates the single points of failure inherent in centralized protocols. Unlike other lending protocols, Onyx Protocol offers transparency and trustless lending, making it a better choice for digital asset holders to access and earn liquidity.

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About Earn Network 

Earn Network provides smart contract infrastructure to connect liquidity providers and pool creators in a completely non-custodial manner.

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About MyCointainer

MyCointainer’s goal is to enable easy access to various rewarding crypto mechanisms for all. They want everyone to equally benefit from a changing financial landscape and speed up global crypto adoption.

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SOURCE: ONYX BLOG

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