Solaxy (SOLX), the first Solana layer 2 blockchain, has raised $415K within the opening 48 hours of its presale.
The project is tackling Solana’s network congestion issue, with the presale funding used to develop of its layer 2 blockchain solution.
Currently, the presale is priced at $0.001556, but this will incrementally increase throughout the campaign, with the next uptick in under one day.
Goodriddance Solana’s congestion, scalability, and transaction failure issues
Solana has captured a significant market share this cycle thanks to its heightened transaction capabilities - but it isn’t perfect.
Token terminal data reveals that Solana has the most daily users of any blockchain. In the past 24 hours, 4.5 million wallets have transacted on the network, over double the next most active blockchain, Tron, with 2.25 million.
This puts a lot of stress on Solana’s infrastructure and often leads to a flawed user experience.
Solaxy’s whitepaper highlights the three main issues that this creates:
These are: congestion (which leads to network bottlenecks and downtime), scalability constraints (which raises transaction fees and reduces transaction speeds), and failed transactions (which causes frustration and can lead to significant losses for users).
There is an urgent need for a solution if Solana is to keep expanding. That’s what Solaxy is offering with its layer 2 blockchain.
Solaxy processes transactions off the Solana main network, which reduces the burden on the layer 1 chain. It then bundles these transactions, which increases scalability. Lastly, all transactions will be settled on the Solana main network, ensuring users still benefit from Solana-grade security and decentralization.
Through this approach to scaling Solana, Solaxy aims to improve the ecosystem’s user experience and unlock new high-volume applications.
Features of Solaxy layer 2
Solaxy claims to be building the “fastest chain ever.” Solana is theoretically capable of handling 6,500 transactions per second (TPS), but by batching transactions off the main chain, Solanxy aims to be even faster.
At the same time, this creates an environment where downtime is less of a concern. Solaxy promises zero downtime, something made possible by minimizing congestion through its layer 2 network.
The blockchain is also fully customizable, providing developers with modular toolkits to create innovative and bespoke applications and tokens.
With faster speeds, increased reliability, and a developer-friendly environment, Solaxy aims to be the new home for Solana’s most prominent use case: memecoins.
Currently, the Soalna memecoin ecosystem is worth $18.8 billion. But with the advent of memecoin launchpads such as Pump.fun and Moonshot, its memecoin market keeps getting stronger.
However, the above-mentioned issues of congestion, scalability, and failed transactions provide frustration for its users.
Solaxy is solving this, helping Solana to ‘double-down’ on its memetic monopoly in the crypto market.
Solana’s user base will only expand as we head deeper into the crypto bull market. Solaxy’s immediate presale success indicates that investors are well aware of this and will continue to participate in the token ICO.
Solaxy presale information
The Solaxy presale offers investors a way to purchase SOLX at a fixed price before it launches on exchanges.
Presale participants can stake their tokens amidst the presale and currently earn a 4,318% APY. However, this will decrease as the staking pool grows.
SOLX has a total supply of 138,046,000,000. 25% is allocated to community rewards, 10% to exchange listings, 30% to ecosystem development, 15% to marketing, and 20% to marketing.
Following the presale, SOLX aims to be listed on exchanges and investors will be able to claim their tokens from the project’s website.
Follow Solaxy on X or join its Telegram for updates. Alternatively, visit its presale website to learn more.