Onyx Protocol (XCN) has just launched the Onyx Goliath Project, a Layer 1 blockchain network built for banks, financial system providers, and financial institutions.
Onyx Protocol (XCN) has announced the launch of its Layer 1 blockchain network, Goliath, designed specifically for banks, financial system providers, and institutions. The main focus is on providing a blockchain solution that meets the financial sector’s strict requirements while offering nearly instantaneous transaction speeds for institutions interested in using blockchain for payment processing.
Onyx aims to achieve transaction speeds comparable to traditional networks like Visa, which processes around 24,000 transactions per second. To achieve this, Goliath will use an optimized proof-of-stake consensus mechanism.
The project will follow a structured development timeline, beginning with the release of its whitepaper in Q2 2025. A testnet will be deployed in Q3 to assess performance, security, and compatibility with financial systems. By Q1 2026, the mainnet will be launched, enabling financial institutions to conduct real-time transactions. In Q2 2026, Onyx will launch a Bank Connectivity Mesh Network to facilitate secure interbank transactions and enhance blockchain-based financial operations.
Moreover, Onyx is introducing a points program to encourage network adoption and liquidity within the Layer 3 XCN Ledger. Users transferring assets like WETH, USDT, CBTC, and USDC from the Base blockchain to Onyx will receive rewards. A 10x bonus will apply to assets kept within Onyx, providing an incentive for liquidity providers and institutional investors. The Points portal will be available soon.
It’s worth noting that XCN, the blockchain’s native token, will remain on Ethereum and be bridged to the new network like other blockchain assets.
Despite the anticipated price surge following the launch of Goliath, XCN has seen a 18% decline in the last 24 hours, aligning with the broader crypto market downturn. Bitcoin (BTC) and Ethereum (ETH) have also experienced noteworthy drops of 9% and 11%, respectively.
There was a sharp rally in late Jan., with XCN price breaking above the 7-day EMA and reaching the $0.050 peak. However, the rally was quickly reversed, followed by a steady decline throughout Feb. The 7-day EMA acted as a dynamic resistance level, preventing any significant recovery. The most recent support is around $0.014, reached by the lowest wick on the current chart. Currently, XCN price is slightly above this support level, trading at $0.015.
The price is in the red across daily, weekly, and monthly timeframes, with no significant buying pressure to suggest a reversal.
