Onyx Protocol has officially launched Goliath, a Layer 1 blockchain powered by the XCN token, designed to drive institutional adoption of blockchain technology for transaction processing. The network aims to offer near-instantaneous transactions, catering specifically to banks, financial institutions, and payment providers.
Goliath: A High-Speed Blockchain for Financial Institutions
The Onyx Goliath Project is structured to meet the strict security and efficiency requirements of the financial sector while achieving transaction speeds comparable to Visa, which processes around 24,000 transactions per second. Goliath will utilize an optimized proof-of-stake (PoS) consensus mechanism to enhance speed and scalability.
Development Roadmap and Key Milestones
Onyx Protocol has outlined a phased approach for Goliath’s development:
- Q2 2025: Release of the Goliath whitepaper, detailing the blockchain’s architecture and capabilities.
- Q3 2025: Deployment of the testnet to evaluate performance, security, and compatibility with financial systems.
- Q1 2026: Official mainnet launch, allowing financial institutions to conduct real-time blockchain transactions.
- Q2 2026: Introduction of the Bank Connectivity Mesh Network to enable secure interbank transactions and improve financial blockchain operations.
XCN Token and Incentive Program
To encourage adoption, Onyx Protocol is launching a points program designed to increase network participation and liquidity within the Layer 3 XCN Ledger. Users transferring WETH, USDT, CBTC, and USDC from Base blockchain to Onyx will receive reward incentives, with a 10x bonus for assets held within Onyx. A dedicated Points portal will be introduced soon.
It is important to note that XCN, the native token, will remain on Ethereum and be bridged to Goliath like other blockchain assets.
Market Reaction and XCN Price Performance
Despite high expectations for Goliath’s launch, XCN has dropped 18% in the last 24 hours, mirroring the broader crypto market downturn. Bitcoin (BTC) and Ethereum (ETH) are down 9% and 11%, respectively.
XCN previously saw a sharp rally in late January, reaching $0.050, but faced strong resistance, leading to a steady decline throughout February. The 7-day EMA has acted as dynamic resistance, preventing a price recovery. At the time of writing, XCN is trading at $0.015, hovering around its recent support level of $0.014.
Expanding the Onyx Ecosystem
Prior to Goliath Layer 1, Onyx Protocol introduced the XCN Ledger, a Layer 3 blockchain tailored for financial-grade applications, and the Onyx Wallet, a non-custodial, gas-free wallet aimed at simplifying crypto transactions.
With Goliath’s launch and upcoming ecosystem expansions, Onyx Protocol aims to bridge traditional finance with blockchain technology, offering institutions a scalable and efficient decentralized transaction network.
