Onyx Protocol Launches XCN-Powered Layer 1 Blockchain, Goliath

Onyx Protocol has officially launched its Goliath Project, a Layer 1 blockchain designed specifically for the financial sector, which uses the XCN token as its foundation. The project’s main goal is to drive institutional adoption of blockchain technology for transaction processing, providing a solution that meets the stringent requirements of financial institutions. The Goliath Layer 1 blockchain aims to achieve near-instantaneous transaction speeds comparable to traditional financial networks like Visa, which processes approximately 24,000 transactions per second. To achieve this, the blockchain will leverage an optimized proof-of-stake consensus mechanism.

The Goliath project is following a structured development timeline, with significant milestones expected over the next few years. The first milestone, the release of the project’s whitepaper, is expected in Q2 2025. The testnet will then be deployed in Q3 2025, allowing Onyx to assess the blockchain’s performance, security, and compatibility with existing financial systems. By Q1 2026, the mainnet will be launched, allowing financial institutions to perform real-time transactions on the network. A major feature of the network will be the Bank Connectivity Mesh Network, which is set to be launched in Q2 2026 to enable secure interbank transactions and improve blockchain-based financial operations.

In addition to its core blockchain offering, Onyx is launching a points program to encourage adoption and liquidity within the Layer 3 XCN Ledger. This program will reward users who transfer assets such as WETH, USDT, CBTC, and USDC from the Base blockchain to Onyx. To further incentivize liquidity providers and institutional investors, Onyx will offer a 10x bonus for assets held within the Onyx network. The Points portal, which will serve as the hub for these rewards, will be introduced shortly.

XCN, which serves as the native token for the Onyx ecosystem, will remain on the Ethereum blockchain but will be bridged to the new Onyx network, alongside other blockchain assets. Despite the optimistic outlook for the project, the price of XCN has fallen by 18% in the last 24 hours, in line with the broader crypto market downturn. This decline mirrors a drop in the prices of Bitcoin (BTC) and Ethereum (ETH), which fell by 9% and 11%, respectively.

XCN’s price experienced a sharp rally in late January, breaking above the 7-day Exponential Moving Average (EMA) and reaching a peak of $0.050. However, this rally was short-lived, and the price began to decline steadily throughout February. The 7-day EMA has since acted as a resistance level, preventing any significant recovery in price. Currently, XCN is hovering around a key support level of $0.014, with the price sitting at $0.015 at the time of writing. The token has been in a downtrend over daily, weekly, and monthly timeframes, and there is no significant buying pressure to indicate an imminent reversal.

Before the launch of the Goliath Layer 1 blockchain, Onyx expanded its ecosystem with initiatives like the XCN Ledger, a Layer 3 blockchain designed for financial-grade applications, and the Onyx Wallet, a non-custodial, gas-free wallet. These developments, combined with the Goliath Project, are aimed at positioning Onyx as a major player in the blockchain space, particularly for institutional and financial market adoption. However, despite the project’s long-term potential, the current price action of XCN suggests that the token may face additional short-term volatility as the broader market downturn continues.