The crypto market continues to slide into bearish territory, but Solaxy (SOLX) has bucked the trend, raising $23.5 million through its ICO.
This new layer-2 scaling solution for Solana has drawn significant investor interest despite the market downturn.
Solaxy ICO defies market trends with strong investor backing
Solaxy has maintained steady momentum since its ICO went live on December 12th.
The native SOLX token, currently priced at $0.001646, has consistently attracted hundreds of thousands of dollars in daily contributions – even while market conditions have tanked.
Early investors can buy SOLX using either crypto or a bank card.
Solaxy’s team has also partnered with Best Wallet to streamline in-app purchases.
Looking ahead, the team has outlined clear plans for post-ICO development, allocating 10% of the SOLX supply for liquidity and 15% for marketing efforts.
Source: SOLAXY
Their roadmap includes a DEX listing immediately after the ICO ends, followed by a potential CEX listing after.
The excitement around Solaxy is continuing to increase on social media.
Solaxy’s X (formerly Twitter) and Telegram channels have grown substantially recently, with followers flocking to stay updated on the project’s progress.
This community expansion comes alongside a high ranking on CoinSniper.
How Solaxy’s layer-2 technology solves Solana’s congestion problems
Solaxy represents a new approach to fixing Solana’s congestion issues.
The layer-2 solution tackles these issues by processing transactions off the main blockchain – essentially creating a “fast lane” for Solana’s traffic.
This approach takes some of the pressure off Solana’s mainnet.
When users make transactions through the platform, they’re handled separately from Solana, then bundled together and sent back for final verification.
The result is lower fees and fast processing times, especially during busy trading periods when Solana typically struggles.
Solaxy’s whitepaper also outlines the team’s cross-chain ambitions.
They are developing a bridge between the Solana and Ethereum ecosystems, which could allow for easy asset transfer between two of crypto’s biggest blockchains.
This feature might expand Solaxy’s utility beyond just scaling.
Solaxy’s native SOLX token is key to the entire ecosystem.
The token is used for transactions, governance, and staking – with staking yields currently estimated at 172% per year.
Yields will gradually decrease as more investors stake SOLX, but over 6.6 billion tokens have already been locked up.
Major cryptos tumble but Solaxy continues gaining traction
Solaxy’s ICO momentum is in stark contrast to the broader market conditions, where most cryptos have seen declines.
Solana itself has dropped 16% in the past week, now trading around $140, and other major altcoins, like XRP, have faced similar selling pressure.
Yet Solaxy continues to attract investment.
The project’s security credentials back up this investor demand, with Coinsult’s audit confirming no honeypot risks and verifying that the team can’t mint additional tokens.
Such verification safeguards SOLX holders against token inflation.
Industry observers have also noted parallels between Solaxy’s model and successful Ethereum layer-2 solutions, like Arbitrum and Base.
These two platforms have become popular because of their ability to offer faster, cheaper transactions compared to the Ethereum mainnet.
Similarly, Solaxy’s team aims to bring that efficiency to the Solana ecosystem.
This focus on a practical solution, combined with the security audits, may explain why Solaxy is attracting so much interest in its ICO - even when the rest of the market is down.