A Layer-1 Blockchain for Finance

Onyx has introduced Goliath, a Layer-1 blockchain designed for financial institutions. The project aims to provide a scalable and secure infrastructure for banks and financial service providers. 

Onyx says Goliath will offer transaction speeds comparable to networks like Visa, which processes 24,000 transactions per second. It’s a bold claim, and the mainnet launch will reflect how true this might be. 

Onyx Goliath Will Provide High-Speed Transactions with Proof-of-Stake

Goliath will use a Proof-of-Stake (PoS) consensus mechanism to support high-speed transactions. PoS reduces energy consumption by selecting validators based on the number of tokens staked.

According to the announcement, the project builds on XCN Ledger. Onyxcoin already uses it as a Layer-3 roll-up solution within the Onyx ecosystem. 

Goliath will operate independently as a Layer-1 blockchain but will remain interoperable with existing financial networks.

Also, Onyx has outlined key milestones for the project. The testnet will be deployed in Q3 2025, while the mainnet launch will take place in early 2026. 

Meanwhile, Onyx is also launching a Points Program for its Layer-3 XCN Ledger. Participants who bridge assets like WETH, USDT, CBTC, and USDC from the Base blockchain to Onyx will receive incentives. 

“Onyx Goliath is a revolutionary Layer 1 blockchain aimed at reshaping global finance. Designed for banks and financial institutions, it promises unmatched scalability, security, and speed,” Onyx team wrote on X (formerly Twitter).

While Goliath will introduce a new blockchain layer, XCN will remain on Ethereum. The token will be bridged to the new network, maintaining compatibility with DeFi platforms.

XCN fell over 11% today, but a major drop took place hours before the Goliath announcement. The crypto market has taken a serious beating today, as bearish news from the Federal Reserve has combined with other economic woes to crater the big pump from this weekend.

Indeed, shortly after Onyxcoin jumped up this month, there was a mass exodus of old investors. The team made a valiant effort to regain this sliding momentum, but it slid 50% in February. Earlier today, a whale-led breakout attempt failed, and it doesn’t look like Goliath will do much to halt XCN’s slide either.