New Solana layer 2 blockchain Solaxy ($SOL) has raised $1.1 million in the past 24 hours, taking its total raise to $1.7 million.
The presale started just five days ago, showing a considerable appetite for this new project among investors.
It’s currently available to buy at a price of $0.001566, but this will rise throughout the ICO. The next increase will occur in under 48 hours.
Buyers can participate in the presale using ETH, USDT, and BNB. Presale investors can maximize their earning potential by staking their tokens. Currently, staking offers a 1,901% APY.
Solana is a victim of its own success. By becoming the largest and most active blockchain, the project has self-propagated its way to a major scalability issue.
Despite being capable of 6,500 transactions per second, Solana regulatory sees 4 million daily active users or more. Its transaction throughput is quickly gobbled up, leaving users waiting longer for transaction finality, paying higher fees, and sometimes getting their transactions rejected.
Solaxy’s layer 2 blockchain solves this issue, bundling transactions off-chain and reporting back to Solana for secure and decentralized finality.
But it doesn’t stop there. Solaxy is a multi-chain titan. While solving the budding scalability issue posed on Solana, Solaxy also taps into the Ethereum network as well.
As the first-ever Solana layer 2 blockchains, Solaxy is well ahead of the curve.
Solana leads in users and on-chain activity, and Ethereum leads in value. Solaxy benefits from both.
While rolling up transactions into bundles and processing them quicker for Solana, Solaxy also benefits from the DeFi infrastructure of Ethereum, a combination with huge potential.
In a nutshell, Solaxy takes what’s best about Solana and multiplies it: its ability to accommodate huge amounts of demand. Now, Solana will be able to facilitate volume that we’ve never seen on a blockchain before.
At the same time, the $SOLX token is multichain, available on both Ethereum and Solana. The Ethereum network remains front-and-centre in terms of liquidity, and so $SOLX has access to a vast investor pool.
As discussed, Solana’s position at the forefront of crypto adoption means that it’s facing the industry’s technical issues head on.
Network congestion and failed transactions are major ones. Meme coin and gaming related applications are major cultripts for high volume, and much of it is often spam.
This leads to high congestion and ultimately transaction failures. Up to 25% of transactions on the Solana chain fail.
Teams are working on solutions. For example, QUIC protocol has improved network reliability and Jump Crypto promises to raise real-world transactions per second.
But this doesn’t negate the need for layer 2 blockchains. Rather, it amplifies that Solana needs solutions to continue growing – which leads to Solaxy.
The Ethereum layer 2 world is worth alot. In terms of market cap, Polygon leads the way with a $5.5 billion valuation across its two tokens, Mantle comes in second at $3.9 billion and Optimism follows at $3.1 billion.
But by opening Ethereum liquidity to the first Solana layer 2 blockchain, this could well be a juncture that sends Solaxy to $1 billion and beyond.
It’s clear that early investors expect something like this to play out – the Solaxy presale is growing at a substantial rate.
After raising $600K in its opening four days, the presale raise shot up by $1.1 million in the past 24 hours. This not only confirms its vast market appeal, it also injects a sense of urgency for those yet to buy, knowing that the opportunity to be an early contributor is swiftly departing.
Investors can participate in the $SOLX presale via the project’s website, or by using the Best Wallet app’s Upcoming Tokens feature.
Those who buy via Best Wallet also get the advantage of being able to view their tokens before the presale ends and track key updates from the app.
As the crypto bull market edges forward, crypto networks like Solana are faced with new issues brought on by unprecedented levels of activity.
Solaxy is a response to the ever-changing crypto environment, allowing Solana to not only function fit-for-purpose, but also expand into new applications and utilities.
Follow Solaxy on X or join its Telegram for the latest updates.
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