Onyx Protocol operates as a decentralized platform designed to facilitate a peer-to-peer money market lending protocol. It supports various digital assets, including Ether (ETH), ERC-20 tokens, ERC-721 tokens, and ERC-1155 tokens, which users can supply or borrow through a unified balance system. This system is backed by non-custodial custody via decentralized smart contracts. Additionally, users have the option to use NFTs as collateral to increase their borrowing capacity. The underlying mechanism of Onyx Protocol is driven by Onyxcoin (XCN), a decentralized digital asset on the Ethereum blockchain that functions as both the protocol's governance and utility token. Notably, credit lines accessed and borrowed through the Onyx Protocol do not come with monthly payments or expiration dates. Instead, they remain perpetual as long as the collateral remains deemed sufficient.