Onyx Protocol Launches Layer 1 Blockchain to Drive Institutional Adoption

The Onyx Protocol has successfully launched the Onyx Goliath Project, a Layer 1 blockchain network designed to cater to the needs of banks, financial system providers, and financial institutions. The primary objective of this project is to provide a blockchain solution that meets the stringent requirements of the financial sector while offering near-instantaneous transaction speeds.

Key Features and Objectives

The Onyx Goliath Layer 1 blockchain aims to achieve transaction speeds comparable to traditional networks like Visa, which processes around 24,000 transactions per second. To achieve this, the project will utilize an optimized proof-of-stake consensus mechanism.

The project’s development timeline is structured, with the following milestones:

  • Release of the whitepaper in Q2 this year
  • Deployment of a testnet in Q3 to assess performance, security, and compatibility with financial systems
  • Launch of the mainnet in Q1 2026, enabling financial institutions to conduct real-time transactions
  • Launch of a Bank Connectivity Mesh Network in Q2 2026 to facilitate secure interbank transactions and improve blockchain-based financial operations

Incentivizing Network Adoption

To encourage network adoption and liquidity within the Layer 3 XCN Ledger, Onyx is launching a points program. 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.

XCN Token Performance

Despite the anticipated price surge following the launch of Goliath, XCN is currently down 18% in the last 24 hours, in line with the broader crypto market downturn. The XCN price had rallied in late January, breaking above the 7-day EMA and reaching a peak of $0.050. However, the rally was short-lived, followed by a steady decline throughout February.

Onyx Ecosystem Expansion

Prior to the launch of the Goliath Layer 1, Onyx has 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.

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