01 - Slice peeled onions into 1/2-inch thick rings and separate them into individual rings. Set aside.
02 - In a bowl, combine flour, cornstarch, baking powder, paprika, garlic powder, salt, and black pepper.
03 - Gradually whisk cold sparkling water into the dry mixture until a smooth, lump-free batter forms.
04 - Place panko breadcrumbs in a separate shallow bowl for dredging.
05 - Heat vegetable oil in a deep pot or fryer to 350°F.
06 - Dip each onion ring into batter, allow excess to drip off, then coat thoroughly in panko breadcrumbs. Press gently to ensure breadcrumbs adhere.
07 - Fry onion rings in batches for 2 to 3 minutes per side until golden brown and crispy. Avoid overcrowding the pot.
08 - Remove cooked onion rings with a slotted spoon and place on a paper towel-lined plate. Season immediately with salt.
09 - Whisk together mayonnaise, Sriracha, lemon juice, smoked paprika, and garlic powder in a small bowl until well combined.
10 - Serve crispy onion rings hot with spicy mayo dipping sauce on the side.