ONYX

$ONYX is a bToken powered by Baseline Markets, with each token backed by an underlying reserve of $ETH, which creates a max drawdown price known as the BLV. $ONYX has a hard-capped total supply of one million (1,000,000) tokens.

The initial distribution of $ONYX occurred through a private mint event for Passport holders only. Participants of the pre-sale were able to mint 500 $ONYX tokens for each Passport held, at an initial value of 0.001 $ETH per token — meaning 0.5 ETH per passport. $ONYX tokens that weren't minted during this event were used to provide liquidity.

Liquidity

Every $ONYX token is backed by $ETH, establishing the Baseline Value. For more information on how this $ONYX backing operates, check out the Baseline Markets docs.

Staking and Fees

$ONYX fees

$ONYX-side fees generated from the Baseline LP will be redirected to LPs who provide liquidity to the $ONYX–$INIT pool on Initia L1. This is designed to accelerate growth of the $ONYX–$INIT L1 pool and support our push to have it whitelisted for Enshrined Liquidity.

Snapshots of eligible LP wallets will be taken every hour. To qualify for rewards, a wallet must maintain its LP position continuously throughout an entire Initia VIP epoch. At the end of each epoch, 33% of the total $ONYX fees collected to date will be distributed among qualifying wallets, weighted based on the number of hourly snapshots each wallet has participated in. This distribution process will repeat indefinitely.

Once $ONYX–$INIT is approved for Enshrined Liquidity, LPs will also be able to stake their LP tokens with Initia validators. This unlocks dual incentives:

1. $ONYX rewards from the Baseline pool

2. $INIT rewards via Initia’s EL program

You can join the pool here: INIT/ONYX Liquidity Pool.

$ETH fees

• 50% to Baseline Markets

• 50% to Asphodel

Use Cases

Re-rolling Kamigotchi

Players are able to Re-roll their Kamis at the Vending Machine. Re-roll tickets are auctioned for $ONYX at the Vending Machine and are priced via a Gradual Dutch Auction.

Reviving Kamigotchi

Apart from using in-game items like Red Gakki Ribbons or "Melkarth's Heroic Awakening" Spell Cards, players are able to revive their liquidated Kamis by paying 3 $ONYX. You can do so by going to the Party menu and clicking the ONYX icon on the liquidated Kami.

Renaming Kamigotchi

Instead of giving a Kami Holy Dust , players are also able to rename their Kamis by paying 5 $ONYX in the Temple By The Waterfall room. You can do so by clicking the EMA Board shrine besides the lake and selecting ONYX as the form of payment.

Re-speccing a Kamigotchi Skill Tree

Aside from the Respec Potion, players are also able to restart their Kami Skill Tree by paying $ONYX You can do so by going to your desired Kami Skill Tree and clicking the ONYX icon. Note that re-speccing brings back your Skill Tree to its starting state.

Upcoming

Soon, a bridge will be added to allow $ONYX to enter/exit Kamigotchi World as an in-game item. This will allow players to exchange $ONYX for MUSU with other players, and will enable other in-game use cases.