Solaxy Raises $28M in Presale, Aims to Boost Solana's Scalability
2min read Solana, a blockchain known for its high-speed transactions, has faced congestion issues, particularly highlighted during the launch of the Official Trump meme coin earlier this year. However, a potential solution is on the horizon with the development of Solaxy, a Layer-2 blockchain aimed at addressing these challenges.
Solaxy has successfully raised over $28 million through its ongoing token presale, generating significant interest and anticipation for its upcoming launch. The project aims to enhance Solana's scalability by leveraging a system called rollups, which bundle transactions and process them off the mainnet. This approach is designed to reduce the strain on Solana's Layer 1, mitigating issues of failed and delayed transactions that occurred during high-traffic periods in January. Additionally, offloading transaction processing could lead to lower gas fees, making the network more efficient and cost-effective for users.
Despite the offloading of transaction processing to the Layer 2 blockchain, the final settlement of transactions will still occur on Solana's mainnet. This hybrid approach ensures that Solana's security and transparency are maintained while providing users with faster transactions. The development of the Solaxy Layer 2 ecosystem is being driven by 30% of the total SOLX supply, with the team behind Solaxy regularly updating the community on its progress. Notable updates include partnerships with Hyperlane to enable seamless cross-chain transfers via a dedicated bridge and the development of a token launchpad for the Solaxy ecosystem.
One of the key features of the Solaxy presale is its staking mechanism, which offers an impressive staking APY of 144%. This dynamic APY allows users to grow their token holdings over the long term, although it will decrease as more traders lock SOLX tokens in the staking pool. Despite a 3-year vesting period, nearly 8 billion SOLX tokens have already been staked, reflecting traders' confidence in the project's long-term success. Additionally, a 7-day lockup period for staked tokens after the Token Generation Event (TGE) is in place to prevent mass sell-offs on launch and reduce market volatility.
Analyst Austin Hilton has highlighted Solaxy's potential for significant gains upon launch, predicting that Solaxy's Layer 2 could become the preferred chain for meme coin developers. This could positively impact the price of SOLX, further enhancing its appeal to investors. Currently, traders can purchase Solaxy for $0.001676 per token via the presale website using SOL, ETH, USDT, or a credit or debit card. The per-token price is scheduled to increase as the presale progresses, rewarding early backers. Alternatively, SOLX is available via Best Wallet, which also accepts BNB payments.
Solaxy's impressive performance during its presale phase can be attributed to its developers' marketing efforts and focus on security. With 15% of the total token supply dedicated to boosting the project's visibility, Solaxy has garnered support from over 84,200 followers across its X (Twitter) and Telegram pages. An audit from Coinsult confirmed that the project's smart contract has no underlying issues, and 10% of the total token supply is set aside for liquidity, reducing the risk of a rug pull and lowering slippage. Despite the volatility of the crypto market, Solaxy is poised to become one of the hottest crypto launches of Q2.
