Onyx (XCN) Token Skyrockets After Goliath Mainnet Debut
The decentralized finance (DeFi) landscape is buzzing with excitement as the Onyx (XCN) token experienced a remarkable surge in value, climbing over 80% within a mere 24 hours. This dramatic increase follows the highly-anticipated launch of the Goliath Mainnet.
Transition to a Standalone Layer 1 Blockchain
With the introduction of the Goliath Mainnet, Onyx is making a significant transition from its previous Layer 3 rollup to a dedicated Layer 1 blockchain. This shift is expected to deliver substantial enhancements in scalability, security, and overall performance.
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Potential to Rival Traditional Payment Systems
A standout feature of Goliath is its ambitious claim to compete with, or even surpass, the transaction speeds of established payment networks such as Visa, known for processing approximately 24,000 transactions per second (TPS). While the mainnet leverages a Proof-of-Stake consensus mechanism designed to support higher throughput, achieving such performance in a decentralized environment remains a formidable technical challenge.
Impressive Gains in XCN’s Market Performance
As of the latest reports, XCN is trading at $0.022, marking an impressive 136% increase over the past week. This recent rally follows a volatile early 2025, during which XCN soared by over 1,500% within two weeks, reaching a high of $0.035.
Market Capitalization and Cryptocurrency Rankings
The recent surge in XCN’s value has also propelled its market capitalization upward, adding more than $300 million in the last 24 hours alone—a 76.79% increase. As a result, XCN has re-entered the top 100 cryptocurrencies by market cap, leading the market in gains.
XCN On-Chain Activity and Trading Volume Increase
The launch of the Goliath Mainnet has sparked a notable increase in both trading volume and user activity for XCN. On April 11, the token recorded 3,902 daily active addresses and a trading volume of $591 million, indicating heightened engagement following the mainnet debut.
Futures Market Sentiment and Volatility
Despite the momentum in the spot markets, futures traders remain cautious. The OI-weighted funding rate for XCN was reported at -0.5648% as of April 11, according to CoinGlass, suggesting a prevailing dominance of short sellers. This scenario could lead to increased volatility in the short term, particularly if long traders are compelled to close their positions suddenly.
