01 - Slice the onions into 1/2-inch thick rings and separate them. Set aside.
02 - In a bowl, combine flour, cornstarch, baking powder, paprika, garlic powder, salt, and black pepper.
03 - Gradually whisk in the cold sparkling water until a smooth batter forms.
04 - Place panko breadcrumbs in a separate shallow bowl.
05 - Heat vegetable oil in a deep pot or fryer to 350°F.
06 - Dip each onion ring into the batter, allowing excess to drip off, then coat in panko breadcrumbs. Press gently to adhere.
07 - Fry onion rings in batches for 2-3 minutes per side until golden and crisp. Do not overcrowd the pot.
08 - Remove with a slotted spoon to a paper towel-lined plate. Season immediately with a pinch of salt.
09 - Whisk together mayonnaise, Sriracha, lemon juice, smoked paprika, and garlic powder in a small bowl.
10 - Serve crispy onion rings hot with the spicy mayo dipping sauce.