The competition to build Layer-2 scaling solutions has expanded to the Solana blockchain – with a new project called Solaxy (SOLX) securing over $3 million in presale funding.
While Ethereum’s Layer-2 networks have established their value, Solaxy aims to bring similar scalability benefits to Solana.
How Solaxy’s layer-2 solution tackles Solana network congestion
Solana has built a reputation for speed in the blockchain space.
Yet, even a network known for its fast transactions isn’t immune to growing pains.
During peak hours, users often get bogged down by frustrating delays and failed transactions.
Developers also grapple with network congestion that can severely hamper their applications’ performance.
Solaxy’s team is aiming to tackle these issues.
By processing transactions off-chain and then bundling them for settlement on the Solana mainnet, they hope to smooth out the user experience.
This approach is similar to adding express lanes to a congested highway – that’s the kind of relief Solaxy is aiming for.
The implications for both users and developers are significant.
For example, a decentralized exchange on Solana might struggle with slowdowns during a market surge.
With Solaxy’s Layer-2 technology, that same exchange could potentially handle the surge more smoothly, keeping trades fast and costs low.
According to the project’s whitepaper, this approach would enhance Solana’s current capabilities and allow for more advanced applications.
SOLX token presale passes $3m with early staking rewards
Solaxy’s presale is gaining momentum, passing the $3 million milestone in just over one week.
The project is attracting a wave of early investors who are purchasing SOLX tokens for $0.001572 each.
Various payment methods - including ETH, USDT, BNB, and direct card purchases - are broadening accessibility for both experienced crypto users and those new to the space.
A key draw appears to be Solaxy’s staking protocol.
This protocol allows presale participants to stake their purchased SOLX tokens immediately and begin earning rewards rather than waiting until the presale ends.
The inclusion of staking highlights Solaxy’s focus on building a sustainable ecosystem that benefits early users.
After the presale, investors can claim their SOLX tokens using the same crypto wallet they used to buy them.
The developers then intend to list SOLX on an exchange.
No details on which exchange have been revealed yet, but the developers have set aside 10% of the token supply for initial liquidity and another 15% for marketing.
Security audit success and growing market opportunity for Solaxy
Solaxy’s progress is about more than just its presale figures.
The team has proactively addressed security concerns, with an audit from Coinsult confirming the integrity of the SOLX token.
Coinsult’s audit found no evidence of minting exploits or honeypot risks – indicating a secure codebase ready for deployment.
This focus on security has attracted attention, leading to Solaxy’s inclusion on CoinSniper’s list of upcoming crypto launches and ICOBench’s featured projects.
The wider crypto community is also starting to take note.
In case you did not know - @SOLAXYTOKEN is the first of its kind!
— Austin Hilton (@austinahilton) December 19, 2024
✅ SOLAXY TOKEN - Presale 👉 https://t.co/GR9YK45OyQ pic.twitter.com/eUPw9Vebxi
Industry figures like Austin Hilton have discussed Solaxy’s potential, and Oscar Ramos posted an in-depth video analysis of the project on his YouTube channel.
Solaxy’s entry into the market comes as Ethereum’s Layer-2 solutions have reached a combined total value locked (TVL) of over $54 billion.
That’s a substantial increase from December 2023.
This growth suggests a potential opportunity for similar expansion within the Solana ecosystem.
As a Layer-2 solution for Solana, early investors believe Solaxy could be well-placed to mirror the success of Ethereum’s scaling solutions.