Onyx Protocol Unveils Goliath Project: A Game-Changer for Institutional Blockchain Adoption
Onyx Protocol has recently introduced the Onyx Goliath Project, a cutting-edge Layer 1 blockchain network designed to cater to the needs of banks, financial system providers, and other financial institutions. The primary goal of the Goliath Project is to offer a blockchain solution that meets the stringent requirements of the financial sector while delivering lightning-fast transaction speeds to institutions looking to leverage blockchain technology for payment processing.
The Goliath Layer 1 network aims to achieve transaction speeds that rival traditional networks like Visa, which processes approximately 24,000 transactions per second. To achieve this, Onyx Goliath will utilize an optimized proof-of-stake consensus mechanism.
The project is set to follow a structured development roadmap, starting with the release of its whitepaper in Q2 of this year. In Q3, a testnet will be launched to evaluate performance, security, and compatibility with financial systems. By Q1 of 2026, the mainnet will be rolled out, enabling financial institutions to conduct real-time transactions. In Q2 of 2026, Onyx will introduce a Bank Connectivity Mesh Network to facilitate secure interbank transactions and enhance blockchain-based financial operations.
In addition to the Goliath Project, Onyx is also launching a points program to incentivize network adoption and boost liquidity within the Layer 3 XCN Ledger. Users who transfer assets such as WETH, USDT, CBTC, and USDC from the Base blockchain to Onyx will receive rewards. Assets held within Onyx will receive a 10x bonus, providing additional incentives for liquidity providers and institutional investors. The Points portal is set to be unveiled soon.
It is worth noting that XCN, the native token of the blockchain, will remain on Ethereum and will be bridged to the new network alongside other blockchain assets.
Despite the high expectations surrounding the launch of Goliath, XCN has experienced an 18% decrease in value in the last 24 hours, mirroring the broader downturn in the crypto market with Bitcoin (BTC) and Ethereum (ETH) both down by 9% and 11%, respectively.
The price of XCN saw a significant rally in late January, breaking above the 7-day EMA and reaching a peak of $0.050. However, this rally was short-lived, followed by a gradual decline throughout February. The 7-day EMA has since acted as a dynamic resistance level, impeding any substantial recovery. The current support level is around $0.014, as indicated by the lowest wick on the current chart. At the time of writing, XCN is trading at $0.015, hovering around this support level. The price remains down on daily, weekly, and monthly timeframes, with no significant buying pressure to suggest a reversal.
Prior to the launch of Goliath Layer 1, Onyx had been expanding its ecosystem with innovations such as the XCN Ledger, a Layer 3 blockchain tailored for financial-grade applications, and the Onyx Wallet, a non-custodial, gas-free wallet.
In conclusion, the introduction of the Onyx Goliath Project represents a significant step towards driving institutional blockchain adoption for transaction processing in the financial sector. With its focus on speed, security, and compatibility with existing financial systems, Onyx Protocol is poised to make a substantial impact on the world of blockchain technology.