The Onyx protocol launched a Layer 1 blockchain with XCN tokens, promoting the adoption of institutional blockchains for transaction processing.
Onyx Protocol (XCN) has launched the Onyx Goliath Project, a layer-one blockchain network built for banks, financial system providers and financial institutions. The main purpose of the Goliath project is to provide blockchain solutions that meet the strict requirements of the financial sector and to provide proximity trading speeds for institutions interested in using blockchain for payment processing.
Specifically, Goliath Layer 1 aims to achieve transaction speeds comparable to traditional networks such as Visa. To put that into perspective, the visa processes around 24,000 transactions per second. Onyx Goliath uses a consensus mechanism of optimized proofs.
The project follows a structured development timeline, with the first milestone being the release of a whitepaper scheduled for the second quarter of this year. In Q3, a testnet is deployed to assess performance, security, and compatibility with financial systems. By the first quarter of 2026, the Mainnet will be released, allowing financial institutions to conduct real-time transactions. In the second quarter of 2026, Onyx will launch a bank's connectivity mesh network to promote secure interbank transactions and improve blockchain-based financial operations.
Additionally, Onyx is launching a Points Program to promote network adoption and liquidity within Layer 3 XCN ledgers. Users who transfer assets such as Weth, USDT, CBTC, USDC from the base blockchain to Onyx will receive a reward. A 10x bonus will be applied to assets held within Onyx, providing incentives to liquidity providers and institutional investors. The Point Portal will be introduced soon.
It is important to note that XCN, the native token of the blockchain, remains in Ethereum and, like other blockchain assets, will be placed on a new network.
Despite the expected price surge after Goliath's launch, XCN has fallen 18% in the last 24 hours, in line with the wider crypto market slump, with Bitcoin (BTC) and Ethereum (ETH) falling 9% and 11% respectively.
There was a sharp rally in late January, with XCN prices peaking at $0.050, above the seven-day EMA. However, the rally was short-lived and steadily declined during February. The seven-day EMA then served as a dynamic resistance level, preventing meaningful recovery. The latest support is around $0.014, marking the lowest wick on the current chart. Currently, XCN prices are hovering at this support level and are trading at $0.015 at the time of writing. Prices are falling on daily, weekly and monthly time frames, with no significant purchase pressure to show a reversal.
Prior to Goliath Layer 1, Onyx has recently expanded its ecosystem with innovations such as XCN Ledger, a layer-3 blockchain built for financial grade applications, and Onyx Wallet, an unlawful, gas-free wallet.
