New Solana scaling solution Solaxy (SOLX) has raised $19 million in its ongoing presale.
The layer-2 protocol is designed to ease congestion on Solana’s network by handling transactions off-chain – a method used by Ethereum-based solutions like Arbitrum and Optimism.
Understanding Solaxy’s new layer-2 solution for Solana
Solaxy is Solana’s first dedicated layer-2 scaling solution to tackle the network’s congestion issues.
It processes transactions off-chain and then settles them on Solana’s mainnet - an approach that has improved scalability on other blockchains.
But Solaxy also introduces additional functionality beyond scaling.
The team is building a bridge between Solana and Ethereum, aiming to enable easy asset transfers while preserving Solana’s speed.
This technology arrives as Solana faces challenges.
Solana’s rising popularity in DeFi and meme coins has pushed its network capacity to the limit, leading to slower transactions and occasional failures.
For example, amid the hype around the TRUMP and MELANIA meme coins, Solana’s network struggled to handle the surge in trading activity.
Many users faced delayed or failed transactions, highlighting the need for urgent scaling solutions.
While Solana’s upcoming “Firedancer” upgrade promises improved performance – potentially reaching one million transactions per second – developers argue that layer-2 solutions will still be essential.
SOLX token utility & early presale performance
SOLX, Solaxy’s native token, plays a critical role in the protocol’s ecosystem.
Beyond covering transaction fees, it supports staking, with rewards currently at 212% per year.
Early investors have already locked up more than 5.4 billion SOLX tokens.
SOLX also plays a role in governance, allowing holders to influence future development decisions.
Since its launch, Solaxy’s presale has hit several funding milestones.
Source: SOLAXY
The presale price has climbed to $0.00163 as these milestones were met, with more than $19 million raised so far.
Part of the project's early appeal comes from Solaxy’s focus on security and long-term growth.
The project recently passed an audit from Coinsult, and 30% of the SOLX supply has been set aside for continued development.
Solaxy’s team also plans to list SOLX on DEXs and CEXs, allocating 10% of the supply for liquidity at launch.
Early signs suggest the community is optimistic about these plans.
The Solaxy Telegram channel has grown to over 6,200 members, while the project’s official Twitter page has 67,000 followers.
Solana’s 2025 outlook – Can Solaxy help with its scaling challenges?
Solana has strong momentum in early 2025 after a transformative 12 months.
Network revenue surged 213% in Q4 2024, and total value locked (TVL) climbed to over $12 billion in January, making Solana the world’s second-largest DeFi ecosystem.
Just as important, the network went an entire year without an outage, a key milestone given its history of instability.
Still, challenges remain.
Even with the previously mentioned Firedancer upgrade aiming to push speeds higher, congestion continues to be an issue.
This is where scaling solutions like Solaxy could play a role.
As Solana looks ahead to big goals this year – including expanded stablecoin adoption and the new Token-2022 standard – strong scaling solutions could be essential to continued growth without slowdowns.
Some early backers believe Solaxy’s technology and launch timing could align with growing demand.
However, the project’s true test will come after launch, when it will face real-world pressures.
For now, with over $19 million raised in presale, Solaxy is shaping up to be a highly anticipated layer-2 project for Q1.