Layer-2 project Solaxy (SOLX) has passed the $7 million milestone in its presale.
The project aims to be the first Layer-2 built specifically for the Solana blockchain, introducing rollup technology to help tackle the network’s transaction bottlenecks.
Solaxy – The Layer-2 solution for Solana’s network congestion
Solana has been experiencing growing pains over the past year.
Its increasing popularity has led to periods of network congestion, causing transaction failures and slower processing times.
Recent data from Dune reveals that as much as 50% of non-voting transactions can fail in a single day.
It’s like a traffic jam – but on the blockchain.
Solaxy offers a solution to this issue with the first Layer-2 network for Solana.
Think of it like this: Solaxy acts as an off-ramp, processing transactions away from the mainnet before bundling them together and sending them back to be confirmed.
This approach significantly reduces the computational burden and eases congestion.
The project’s native token, SOLX, is key.
SOLX is used to pay transaction fees and will also be crucial in project governance.
According to Solaxy’s whitepaper, the token will even contribute to the planned bridge between Solana and Ethereum.
The project has already seen strong community interest, with investors worldwide following Solaxy's Twitter account for updates.
Solaxy’s Telegram channel has also seen an influx of new members.
Solaxy presale passes $7m as early investors flock to SOLX staking app
Since launching on December 12, the Solaxy presale has gained serious traction, raising over $7.7 million from early investors.
SOLX tokens are currently on offer for a fixed price of $0.001588 each.
The payment options are flexible, ranging from major cryptocurrencies like ETH, USDT, and BNB to traditional card payments.
Though trading isn’t live yet, Solaxy offers features to encourage early participation in the presale.
One of them is the SOLX staking app, which allows presale investors to lock up their tokens for yield.
Investors have already locked up over 2.4 billion SOLX.
Looking ahead, the team has allocated 10% of the total token supply for exchange liquidity and 15% for marketing initiatives, setting the foundation for Solaxy’s post-presale phase.
The team has yet to announce which exchange(s) SOLX will list on first, but community members expect trading to begin shortly after the token generation event (TGE) at the end of the presale period.
Solaxy poised to capitalize on Layer-2 sector growth in 2025
The start of 2025 has seen a surge of activity in the Layer-2 space.
Data from Velo shows increased value flowing into the sector, and analysts are beginning to pay attention.
Galaxy Research, for example, predicts that Layer-2 platforms will generate more economic activity than alternative Layer-1 chains this year.
They even suggest that Layer-2 fees could jump from single digits to over 25% of aggregate alternative Layer-1 fees.
This timing could be ideal for Solaxy’s launch.
12 - L2s as a collective will generate more economic activity than Alt L1s over 2025.
— Galaxy Research (@glxyresearch) December 27, 2024
L2 fees as a % of Alt L1s fees (currently mid-single digits) will end the year above 25% of aggregate Alt L1 fees. L2s will approach scaling limits early in the year, leading to frequent… pic.twitter.com/Cj4tbmLxbZ
The project has already caught the attention of crypto analysis channels like 99Bitcoins and secured listings on tracking sites like CoinSniper and ICOBench.
Things also look solid on the technical side, with the SOLX token passing a security audit by Coinsult.
This audit confirmed that Solaxy’s team cannot mint new tokens.
In addition, 30% of the total SOLX supply has been allocated for ongoing development.
Solaxy, with its focus on scalability and growing community, is a project many in the Layer-2 space will be watching.