Jakarta, Indonesia, January 7th, 2025,
Chainwire
Solaxy (SOLX), a new
layer-2 scaling solution built to address Solana’s network
congestion, has secured $8.9 million in presale funding.
The milestone comes as Solana struggles
with transaction failures – with data showing that, on some days,
over one-third of non-vote transactions fail to be completed.
Solaxy aims to tackle Solana’s
scaling issues amid growing network strain
Solana’s increased adoption has
introduced notable challenges.
As activity on the network has surged,
users have faced delays and transaction failures, particularly
during high-demand periods. The surge in meme coin trading and
automated bot traffic has pushed the network close to breaking
point – with failure rates climbing to as high as 50% during peak
periods.
Solaxy aims to address these
issues.
This
new layer-2 solution tackles Solana’s scaling issues by processing
transactions off-chain, bundling them, and settling them back on
Solana’s mainnet. This approach eases congestion while preserving
the network’s core security, drawing inspiration from other
successful layer-2 solutions, such as Base and Arbitrum.
A key feature of Solaxy is its ability
to keep the network running smoothly, even during heavy traffic.
According to the project’s whitepaper, its transaction
bundling mechanism is designed to handle the high volumes caused by
meme coin trading and DeFi activity.
These are two of the biggest sources of
strain on Solana. Ultimately, it’s about ensuring Solana can handle
whatever the market throws at it.
SOLX token powers Solaxy’s
ecosystem with governance & staking rewards
Powering the Solaxy ecosystem is
SOLX, the project’s native utility token. Beyond its role in
facilitating network functions, SOLX is integral to governance and
staking within the ecosystem.
Currently available exclusively through
the project’s presale phase, SOLX tokens have raised
over $8.9 million to date. Priced at $0.001592 during the presale,
tokens can be purchased using various cryptocurrencies or through
card payments by connecting a crypto wallet.
While the presale remains uncapped, the
team has outlined a transparent structure for token allocation.
10%
of the total supply is set aside for exchange listings after the
presale, while 30% will go toward ongoing network development.
Presale participants have the
opportunity to engage with the ecosystem immediately through
staking rewards introduced during the presale phase. To date, over
2.9 billion SOLX tokens have been locked for staking. Solaxy’s team
has rolled out staking rewards during the
presale, and more than 2.9 billion SOLX tokens have already been
locked up.
These rewards will be distributed over
a three-year period and will become claimable once SOLX officially
launches on the open market.
Layer-2 market trends &
Solaxy’s position in 2025
Layer-2 solutions have continued to
gain momentum in early 2025, with data from Velo indicating consistent value growth
across the sector. This trend highlights a favorable market
environment for projects like Solaxy. Solaxy is strategically
positioned to benefit from two key developments: the ongoing
expansion of Solana’s ecosystem and the rising demand for scalable
blockchain solutions.
Unsurprisingly, the project has
generated significant attention on social media.
The project has already fostered active
communities on platforms like Twitter and Telegram, reflecting its commitment to engaging with
users and building a collaborative ecosystem.
https://youtu.be/KKes-oruIno?si=VjeyWgHYWOm04zc0
Coverage from platforms like 99Bitcoins – and a recent
listing on CoinSniper – have
contributed to the project’s visibility.
Additionally, the SOLX token has
undergone an audit by Coinsult, which identified no issues with the
token’s code or honeypot risks. This reinforces Solaxy’s dedication
to maintaining transparency and trust within the community.
With its robust technical foundation and strategy to enhance
Solana’s performance, Solaxy is positioned to address critical
challenges in the blockchain space.
About Solaxy (SOLX)
Solaxy is developing a
Layer-2 scaling protocol for the Solana blockchain to reduce
congestion and prevent failed transactions. Its native token, SOLX,
will power transactions on the network.
Users can visit Solaxy here.
Contact
Solaxy
info@solaxy.io