Solaxy ($SOLX), the first Solana layer 2 blockchain, has raised $9 million in its presale campaign. It has also experienced a substantial uptick in staking activity, showing strong belief among investors.
The new project aims to enhance transactional capabilities inside the Solana ecosystem. Thus preparing it for new use cases as technology and market demands progress.
Solaxy’s staking mechanism offers investors a way to compound their holdings before $SOLX even launches on the open market. Presale buyers are taking full advantage of the over 3 billion tokens already staked.
The $SOLX token price will increase as the presale advances. It is a system designed to reward visionaries who see the potential in scaling Solana. Currently, $SOLX is available to buy at $0.001594. However, this price will increase throughout the ICO, with the next increase later today.
Addressing Solana’s Congestion Issue
Solana is highly scalable and capable of processing 6,500 transactions per second, but it still faces significant congestion issues.
Solana suffered numerous network outages in the early days of the 2021 bull run. It is now facing congestion issues. Higher fees, longer wait times, and transaction failures are also affecting this blockchain’s functionality. Moreover, Solana’s scalability has been unable to keep pace with its adoption since day one.
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Various metrics can illustrate Solana’s congestion issues, including its transaction failure rate. According to Dune Analytics data, 39% of non-vote transactions failed in the past 24 hours.
Solana leads the industry regarding real on-chain adoption, with 5 million users in the past 24 hours. It’s operating at a level beyond any other blockchain, so its congestion issue is no surprise.
That said, there’s an insatiable need for scalability solutions if it’s to continue growing.
Solaxy is offering just that by building the first Solana layer 2 blockchain. It’ll handle some of Solana’s transactions on a separate network, validating them in batches to reduce computational demand.
It means Solaxy can theoretically process more transactions per second (TPS) than Solana. Thus, it can open the ecosystem to a world of new potential use cases.
Solaxy will also report to Solana for transaction finality. That means it’ll boast equal security and permanency as the layer 1 chain.
Through this approach, Solaxy is building notoriety in the crypto sector as a promising piece of infrastructure. This is reflected in its presale raise.
Prominent analyst ClayBro noted Solaxy’s presale momentum in a recent YouTube video and said it could be one of the best cryptos to buy now.
Investors Scramble for 375% Staking APY
The Solaxy staking mechanism is in tall order as investors aim to maximize their potential returns from the presale.
Currently, the staking mechanism offers a 375% APY, meaning stakers could generate significant passive rewards before the presale ends.
Over 3 billion tokens have been staked, and rewards are being paid at a rate of 4377.4 tokens per ETH block.
That brings us to another point: Solaxy is available to buy on the Ethereum network. This was a shrewd move by the Solaxy team, showing an understanding of market dynamics and where the most liquidity lies.
While Solana’s total value locked (TVL) is $8.8 billion, Ethereum’s is $65.2 billion. By launching on Ethereum, $SOLX has a much deeper liquidity pool to fuel its development.
Solaxy is Set to Thrive Amid the AI and Meme Coin Supercycle
Solana is a leader in both meme coin and AI technology. Its meme coin factory Pump.fun has generated over $3.5 million in revenue in the past 24 hours, and numerous AI infrastructure projects have emerged on the network in recent months.
Solaxy’s juncture as a more scalable environment positions it to host new meme coin and AI applications that emerge within the ecosystem, free from the congestion issues of the layer 1 chain.
Investors can capitalize on this by contributing to the Solaxy presale. You can buy $SOLX via the project’s website or using the Best Wallet app’s Upcoming Tokens feature.
Follow Solaxy on X or join its Telegram for the latest updates.
