Solaxy Presale Surpasses $22M as Solana Looks to Its First Layer-2 Protocol to Revive the Network's Bullish Narrative

Despite Solana's 13% loss this week after the Libra ($LIBRA) rug pull, Solaxy ($SOLX) surpassed $22 million in its presale. As Solana's first-ever Layer 2 protocol, Solaxy is seeing huge demand in its presale and shows no signs of slowing down.

Solana (SOL) had a rough week, declining by 13% following the rug pull of the meme coin Libra ($LIBRA). However, amidst this setback, capital flowed into Solaxy (SOLX), a Layer-2 protocol for Solana, with its presale reportedly surpassing $22 million.

Solana’s First Layer-2 Protocol Sees High Demand

Solana’s first-ever Layer-2 protocol, Solaxy, is witnessing huge demand in its presale, with no signs of slowing down. In the last week alone, the project raised more than $2 million, boasting an inflow of roughly $350,000 daily.

Many investors are keeping a close eye on Solaxy as it aims to help Solana overcome its scalability issues, potentially sparking the next SOL price rebound.

Only a limited time is left to buy SOLX for $0.00164, which will soon increase in the upcoming presale round.

Solana Drops on Libra Meme Coin Crash

Earlier this year, Solana soared from around $175 to its all-time high of $294 for a brief period, fueled mainly by the launch of $TRUMP and $MELANIA meme coins. However, Libra’s recent crash has dented market confidence in Solana-based meme coins.

After its launch, Libra quickly surged to a market cap of nearly $4.5 billion, reportedly promoted by a now-deleted post from Argentine President Javier Milei on X.

Soon after, Dexscreener data showed how Libra lost over 90% of its value.

This led some community members, like Pump.fun founder Alon, to call for improved user protections and more rigorous screening of new meme tokens on Solana.

I’m disgusted by the events that transpired over the past days surrounding $LIBRA. The people behind this project made substantial personal gains at the expense of many users, the ecosystem, and even an entire country.

I hope the people responsible get what they deserve.

I’m…

— alon (@a1lon9) February 17, 2025

The hype around Solana meme coins faded after the TRUMP token’s decline last month. Libra’s crash could worsen this, as it has already contributed to Solana’s 13% decline over the past week.

While SOL’s near-term sentiment seems shaky, it’s worth noting that capital is still flowing into Solaxy, which many investors are optimistic about as it solves real issues and addresses Solana’s scalability concerns.

Is Solaxy the Game-Changer Solana Needs?

Many Solana supporters see a chance for a rebound if the network can capitalize on a new growth catalyst. With potential Solana-based ETFs on the horizon and analysts projecting $400 as a possible next target, SOL might need a big project to reignite its bullish narrative.

Solana’s very first Layer-2 solution, Solaxy, is currently in presale.

The development team has been transparent about the progress, sharing regular updates on how rollups will improve transaction speeds and reduce congestion.

https://x.com/SOLAXYTOKEN/status/1890159110785544394

By combining Layer-2 technology with cross-chain bridges, Solaxy aims to enhance Solana’s versatility, especially for developers seeking seamless interaction between Solana, Ethereum, and other networks.

Recently, Solaxy announced its collaboration with Sovereign Labs and Hyperlane to optimize its performance and security.

Internal benchmarks on Solana’s mainnet showed promising results, indicating that the final product may reduce transaction costs and pave the way for more complex decentralized applications. 

When these features are fully launched, Solaxy could be the game-changing project that helps Solana truly become an “Ethereum-killer.”

How to Join SOLX Token Presale Before it Sells Out

The SOLX token is at the core of the project. It serves as the network’s transaction token and also grants holders exclusive governance and staking benefits.

Solaxy plans to list SOLX in Q2/Q3 of 202