Honestly, this card is just straight up bad now. It's not my own opinion either; lots of top players and casuals alike unanimously view the Golden Knight as the worst Champion in the game.

Reasons:

• His base stats are too underwhelming. He has less HP than a Valkyrie and only barely has higher DPS than the Knight. Despite having higher DPS, the Golden Knight's lower damage per hit means he cannot one shot Goblins of equivalent level while the Knight can.
• The Golden Knight directly competes with other Champions and is outclassed by them. Every other Champion can enable 3 card cycle just like he does, except that they are not completely terrible in most other situations. This is kind of like Mega Evolution if you've ever played Pokemon competitively. In a similar vein to using a bad Mega Evolution on your Pokemon team, why would you waste your only Champion slot in your deck for the Golden Knight if there are better options?
• Ability is extremely difficult to get good value out of and it is stopped way too easily. Literally any decently durable card that can take one dashing hit can just kite or stop the Golden Knight in his tracks, easily wasting 1 elixir for very little gain. Additionally, I have seen countless clips on here of the Golden Knight dashing in seemingly random ways, refusing to dash at targets that are within range. Whether or not this is truly intended, it is nevertheless another notable flaw of this ability.

Conclusion:

Poor base stats alone wouldn't necessarily be enough to kill a Champion's usage, as their ability can still function as a major selling point. However, you can't get away with having both bad stats and a bad ability. Unfortunately, the Golden Knight currently has both. It doesn't matter that he got a cooldown time buff recently to his ability. Oh wow, now I can waste 1 elixir dashing into a single target more often, woohoo!

This crap does not at all sound like what I would consider to be a Champion rarity card. Being of a higher rarity does not always have to correlate with top tier usage stats, but being the absolute rarest rarity of cards should entail at least some sort of strong competitive viability.

As the Golden Knight is right now, all he does is pointlessly clog up the pool of Champions with his presence; whenever you find a Champion card inside a chest, your chances of getting something like a Little Prince or Mighty Miner are significantly lowered by the existence of the Golden Knight. Getting a Champion should be something exciting, and having a 1/6 chance of getting such a nothing card feels like a slap in the face.

Anyway, long story short, make this card at least "Champion worthy". It's not feasible to actually change the rarity of a card in Clash Royale, as this would cause some serious backlash, so just make the Golden Knight worth it.