Onyx Protocol has launched its latest innovation, the Onyx Goliath Project, a Layer 1 blockchain network designed specifically for banks, financial institutions, and payment service providers.
According to a March 4 blog post, the new blockchain, powered by the XCN token, aims to meet the financial sector’s stringent requirements while achieving transaction speeds comparable to traditional networks like Visa. It will use an optimized proof-of-stake (PoS) consensus mechanism to enable near-real-time transaction processing to match or exceed Visa’s capacity of approximately 24,000 transactions per second.
Onyx Protocol has established a roadmap for its Layer 1 network development. Key milestones include the release of its whitepaper in Q2 of this year, a testnet launch in Q3 to evaluate performance and security, and an official mainnet rollout planned for Q1 2026 for real-time transactions. In Q2 2026, a Bank Connectivity Mesh Network will be introduced to enhance interbank transactions.
Onyx is implementing a points program to boost network adoption that rewards users for transferring assets from the Base blockchain. A special 10x bonus will be available for assets held within the Onyx network. The Points Portal is set to launch soon, and the XCN token will continue to operate on Ethereum while being bridged to the new blockchain.
The Goliath Layer 1 launch follows a series of expansions within the Onyx ecosystem. Recent developments include the XCN Ledger, a Layer 3 blockchain tailored for financial applications, and the introduction of the Onyx Wallet, a non-custodial, gas-free wallet designed to streamline blockchain-based financial transactions.
In 2024, stablecoin transaction volumes reached a record $15.6 trillion, exceeding Visa’s by 119% and Mastercard’s by 200%. According to ARK Invest’s report “Big Ideas 2025,” stablecoin usage hit a five-year high with 110 million monthly transactions, slightly surpassing Visa and Mastercard by 0.41% and 0.72%, indicating a growing preference for stablecoins over traditional credit card networks.
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