Onyx Protocol

2014-01-01

Adam Ludwin founds Chain, the predecessor company to Onyx Protocol, raising approximately $40 million from institutional investors including Nasdaq, Visa, and Citigroup.

2018-01-01

Chain is acquired by Lightyear Corp., a commercial subsidiary of the Stellar Development Foundation.

2022-03-01

Token rebranded from CHN to XCN at a 1:1,000 ratio; 5 billion XCN burned and 15 billion XCN donated to a new foundation.

2023-01-01

Governance proposal CIP-007 passes, officially renaming Chain Protocol to Onyx Protocol and Chain DAO to Onyx DAO.

2023-02-27

CertiK publishes audit report identifying the empty-pool/precision vulnerability in the Compound v2 fork code and explicitly recommending remediation. The Onyx team acknowledges the finding and decides not to act.

2023-10-23

Governance proposal to support a PEPE token market on Onyx passes with approximately 11 votes, majority from a single address.

2023-10-26

PEPE market contract deployed on Onyx with zero initial liquidity, creating the conditions for an empty-pool exploit.

2023-11-01

First exploit: attackers drain approximately 1,164 ETH ($2.1 million) from Onyx Protocol via the empty PEPE pool. TVL collapses 87%. Attacker address: 0x085bdff2c522e8637d4154039db8746bb8642bff.

2024-09-26

Second exploit: attacker (0x680910cf5Fc9969A25Fd57e7896A14fF1E55F36B) drains $3.8 million from Onyx Protocol using the same Compound v2 precision vulnerability plus an NFTLiquidation contract input-validation flaw. Assets stolen: 4.1M VUSD, 7.35M XCN, 0.23 WBTC, 5K DAI, 50K USDT.

2024-09-29

Governance proposal OIP-46 passes with 100% community support, approving shutdown of the Ethereum lending market, full lender reimbursement, and relaunch as Onyx Core.

2024-10-01

Onyx Core scheduled relaunch; Ethereum-based open lending market shut down.

2025-02-01

Onyx team announces development of the Onyx XCN Ledger, a Layer 3 blockchain built on Arbitrum Orbit using Coinbase Base as settlement layer, alongside a new whitepaper.