Onyx has introduced Goliath, a Layer-1 blockchain specifically designed to meet the needs of financial institutions. The initiative aims to provide a secure and scalable infrastructure that can support banking and financial service providers, positioning itself as a high-speed alternative within the sector.
The project claims to offer transaction speeds comparable to traditional financial networks, such as Visa, which processes approximately 24,000 transactions per second. While this assertion highlights Goliath’s potential capabilities, its actual performance will become evident once the mainnet is launched.
Goliath is expected to operate on a Proof-of-Stake (PoS) consensus mechanism, which selects validators based on the amount of tokens staked. This approach not only enhances transaction efficiency but also significantly reduces energy consumption compared to Proof-of-Work (PoW) models.
Integration with XCN Ledger and Financial Networks
Onyx has confirmed that Goliath is built upon the existing XCN Ledger, which is already being utilized within the Onyx ecosystem as a Layer-3 roll-up solution. Despite functioning as an independent Layer-1 blockchain, Goliath will remain interoperable with established financial networks, ensuring seamless integration across platforms.
To provide clarity on the project’s development timeline, Onyx has outlined key milestones. The testnet deployment is scheduled for the third quarter of 2025, with the mainnet launch planned for early 2026. These phases will determine the blockchain’s ability to deliver on its promises regarding speed, security, and scalability.
Incentives Through the XCN Ledger Points Program
In addition to Goliath, Onyx is also focusing on enhancing engagement within its existing Layer-3 XCN Ledger. A newly introduced Points Program will reward participants who bridge specific assets, such as WETH, USDT, CBTC, and USDC, from the Base blockchain to Onyx. This initiative is expected to encourage broader adoption and utilization of the platform.
According to Onyx, the launch of Goliath represents a major step forward in blockchain-based financial infrastructure, aiming to redefine global finance by providing a network tailored to banking institutions. The platform is designed to deliver high-speed transactions, enhanced security, and increased scalability, addressing the needs of modern financial systems.
Despite the introduction of Goliath, Onyx has confirmed that XCN will continue to operate on the Ethereum blockchain. The token will be bridged to the new network, ensuring ongoing compatibility with decentralized finance (DeFi) platforms.
Market Reactions and Challenges Ahead
Following the announcement, XCN witnessed a significant price decline of over 11%, with a more substantial drop occurring just hours before the news was made public. Broader market conditions, including bearish sentiment influenced by Federal Reserve policies and other economic concerns, contributed to the downturn.
Recent trends indicate that XCN has experienced substantial volatility, with a notable drop of 50% in February. Earlier efforts to stabilize the token through a whale-led breakout attempt did not yield the desired results. While the launch of Goliath introduces a new technological advancement, it remains uncertain whether it will be sufficient to reverse the ongoing decline in XCN’s value.
Onyx’s latest initiative presents a promising step toward the development of blockchain solutions tailored for financial institutions. However, the market’s response and the platform’s ability to deliver on its ambitious goals will ultimately determine the success of Goliath in the evolving blockchain landscape.
