Onyxcoin Surges 80% After Goliath Mainnet Launch

Onyxcoin, the native token of the decentralized finance (DeFi) protocol Onyx, experienced a remarkable surge of over 80% in its value within a 24-hour period following the launch of the Goliath Mainnet. This significant price increase underscores the market's enthusiasm for the protocol's new Layer 1 blockchain, which promises enhanced scalability, security, and performance compared to its previous Layer 3 rollup.

The Goliath Mainnet introduces a Proof-of-Stake consensus mechanism, theoretically capable of supporting higher transaction throughput. This upgrade aims to match or even surpass the transaction speeds of traditional payment networks, such as Visa, which processes around 24,000 transactions per second. However, achieving such performance in a decentralized environment presents a substantial technical challenge.

At the time of reporting, Onyxcoin was trading at $0.022, reflecting a 136% gain over the past week. This rally follows a tumultuous start to 2025, during which the token surged by more than 1,500% in just two weeks, peaking at $0.035. The recent price surge has led to a significant increase in market capitalization, with Onyxcoin adding over $300 million in value within the past 24 hours. This surge has propelled the token back into the top 100 cryptocurrencies by market cap, leading the gains in the crypto market.

The launch of the Goliath Mainnet has also sparked a notable increase in on-chain activity and trading volume. On April 11, Onyxcoin recorded 3,902 daily active addresses and a trading volume of $591 million, indicating a substantial uptick in user engagement following the mainnet launch. Despite the bullish sentiment in the spot markets, futures traders appear more cautious. The OI-weighted funding rate for Onyxcoin stood at -0.5648% as of April 11, suggesting that short sellers are currently dominant. This could lead to increased volatility in the short term, particularly if long traders are forced to exit their positions abruptly.