New Solana Layer 2 Project, Solaxy, Raises $2 Million in First Week of Presale

Solana has showcased remarkable performance throughout 2024, outpacing Ethereum by over 50% in year-to-date gains. This solidified SOL’s position in the Layer 1 blockchain club. However, with its high throughput being stunted by spam transitions and network congestion, many started questioning the future of Solana. Among the emerging projects leading the charge to help Solana is Solaxy, the first-ever Solana Layer 2 protocol.

Currently priced at $0.001566, Solaxy ($SOLX) is in the sixth stage of its presale, which has seen overwhelming demand. With $2 million raised in under a week, the project highlights its popularity and optimism among investors regarding Solaxy’s innovative solution. Solaxy has recently reached a milestone of raising over $750,000 in the first 24 hours of its presale as well.

Early buyers can maximize their gains by staking their $SOLX tokens, with a dynamic APY of up to 1,680%. This rate is dynamically adjusted as more tokens are staked, rewarding early adopters while maintaining long-term sustainability.

How Does Solaxy Help Solana? The Use Case Behind the Solaxy Token Presale

Solana’s unmatched speed and cost-efficiency have made it a go-to platform for high-throughput applications, including meme coin launches. However, its popularity has led to significant congestion issues, with spam transactions and failed executions all over the place.

As the first-ever Layer 2 protocol on Solana, Solaxy addresses these pain points by introducing:

• Improved scalability and transaction throughput
• Lower fees
• Enhanced reliability

Beyond just solving Solana’s issues, Solaxy bridges the gap between Solana and Ethereum, leveraging Ethereum’s liquidity and security to create a powerful, multi-chain solution.

Solana and Its Network Congestion Issues

Solana certainly stands out from the Layer 1 blockchain crowd as a high-performance blockchain, but its rapid growth hasn’t been without challenges. As the platform gained popularity, it began experiencing network congestion. Thousands of applications, including meme coin launches and no-code platforms, have flooded the network with transactions.

Just like a busy highway during rush hour, too many cars (or transactions) trying to get through at the same time leads to gridlock, slowing everything down and making the network less efficient.

This congestion led to high rates of failed transactions, with some estimates suggesting that up to 25% of transactions don’t go through. These issues have highlighted the need for better scalability and more reliable performance on Solana.

On top of the natural network congestion, Solana suffered from spam transactions as well. Spam transactions are often sent by bots as they attempt to get into blocks via the shortest queues, akin to skipping lanes in traffic.

Meme coin projects are responsible for most of this spam, with gaming projects coming in second.

Solaxy as the Multi-Chain Solution to Solana’s Problems

Solaxy, the first-ever Layer 2 protocol built for Solana, provides a powerful solution for this problem. It’s building an express lane on the Solana highway, where priority traffic can move freely without being impacted by the congestion on the main road. Solaxy aims to take on a large portion of the transaction load, reducing congestion and ensuring that legitimate transactions are processed quickly and efficiently.

In addition to improving Solana’s performance, Solaxy also connects with Ethereum, combining the best features of both blockchains. The native token of the Solaxy network, $SOLX, is multi-chain, meaning it creates a new path of entry into both Solana and Ethereum.

This multi-chain approach gives users access to Ethereum’s deep liquidity while preserving the speed and low costs that make Solana so appealing. With these innovations, Solaxy is set to make the Solana network more scalable, reliable, and ready for the next wave of projects, choosing this blockchain when innovating.

What Is Having a Layer 2 Worth? Apparently, Over $1 Billion

Ethereum Layer 2 solutions have become a major part of the blockchain industry, with leading projects boasting market capitalizations of well over $1 billion. Examples include Mantle ($4.1 billion), Arbitrum ($4 billion), Optimism ($3.3 billion), and Polygon ($1.1 billion). Even newly-released projects like Pepe Unchained have crossed the 100 million market cap mark at some point.

As the first-ever Layer 2 solution for Solana, Solaxy is uniquely positioned to follow in their footsteps. Its multi-chain compatibility with both Solana and Ethereum further enhances its potential, extending its use case and increasing its appeal to both developers and investors.

The $SOLX token presale enables investors to board the train early and invest in a brand new Layer 2 project before it even comes to the market. A recent YouTube video from the crypto experts at 99bitcoins expressed bullish sentiments about Solaxy’s potential. The coverage starts at the 5:29 mark in the video below:

How to Get $SOLX

To get started with the $SOLX token presale, you’ll need a compatible crypto wallet and a funded balance in one of the supported cryptocurrencies. Users will need to follow these simple steps to secure their $SOLX tokens:

1. Connect wallet: Link crypto wallet to the Solaxy presale platform. Ensure it’s compatible and ready for transactions.
2. Fund wallet: Top up the wallet with $BNB, $ETH, or $SOL—three of the most active blockchain tokens supported by the presale. Alternatively, users can also purchase $SOLX directly using a credit or debit card. Best Wallet might be a good wallet to use for this.
3. Alternative – users can use Best Wallet for a seamless experience: to invest in Solaxy from the comfort of their own wallet, they can open Best Wallet and head to the “Upcoming Tokens” section. Tokens bought via Best Wallet will be automatically credited ahead of the official claim date.
4. Purchase $SOLX: Users need to decide on the amount they want to spend, and purchase $SOLX tokens. They have the option to get them outright, or to buy & stake them at the same time, leveraging the funds they currently have.

As the altcoin season approaches, investors are turning their attention to projects that improve on existing solutions and aim for mass adoption.

Solaxy fits the bill by offering a platform that solves Solana’s current limitations, unlocking the full potential of dApps built on it. With its focus on scalability, security, and decentralization, Solaxy is shaping up to be one of the more exciting projects in the crypto space right now.

Interested investors can keep up to date with Solaxy by joining its community on Telegram or X.

Visit Solaxy Presale

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