Onyx Protocol has launched a Layer 1 blockchain, powered by XCN token, to drive institutional blockchain adoption for transaction processing.
Onyx Protocol (XCN) has just launched the Onyx Goliath Project, a Layer 1 blockchain network built for banks, financial system providers, and financial institutions. The main objective of the Goliath Project is to provide a blockchain solution that meets the financial sector’s strict requirements while offering near-instantaneous transaction speeds to institutions that are interested in using blockchain for payment processing.
Specifically, the Goliath Layer 1 aims to achieve transaction speeds comparable to traditional networks like Visa. To put it into perspective, Visa processes around 24,000 transactions per second. Onyx Goliath will use an optimized proof-of-stake consensus mechanism.
The project will follow a structured development timeline, with the first milestone being the release of its whitepaper, slated for Q2 this year. In Q3, a testnet will be deployed 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 improve blockchain-based financial operations.
Additionally, Onyx is launching 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 held within Onyx, providing an incentive for liquidity providers and institutional investors. The Points portal will be introduced soon.
It’s important to note that XCN, the blockchain’s native token, will remain on Ethereum and will be bridged to the new network like other blockchain assets.
Despite the anticipated price surge following the launch of Goliath, XCN is 18% down in the last 24 hours, in line with the broader crypto market downturn with Bitcoin (BTC) and Ethereum (ETH) down by 9% and 11%, respectively.
That's $XCN easy. #Onyxcoin is launching their Goliath Mainnet later today 3/03/2025 and the price is expected to skyrocket
— ChristusXRP (@ChristosXRP) March 3, 2025
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 short-lived, followed by a steady decline throughout Feb. The 7-day EMA has since acted as a dynamic resistance level, preventing any meaningful recovery. The most recent support is around $0.014, marked by the lowest wick on the current chart. Currently, XCN price is just hovering at this support level, trading at $0.015 at the time of writing. The price is down on daily, weekly, and monthly timeframes, with no significant buying pressure to indicate a reversal.
Prior to Goliath Layer 1, Onyx has recently expanded its ecosystem with innovations such as the XCN Ledger, a Layer 3 blockchain built for financial-grade applications, and the Onyx Wallet, a non-custodial, gas-free wallet.
