Solaxy (SOLX) Aims to Solve Solana's Congestion Issues with its Upcoming Layer 2 Blockchain

The project has raised over $28 million through its ongoing token presale, with many expecting significant gains once it goes live.

Solana’s congestion issues are well known and were highlighted earlier this year when the chain struggled with the demand seen on the launch of the Official Trump meme coin, but a solution is close to launching.

Solaxy (SOLX) intends to solve the Solana network’s problems with its upcoming Layer 2 blockchain, which is currently being funded through a token presale that has already raised over $28 million.

Here’s more about Solaxy, its promising Layer 2 ecosystem, and the predictions for the token’s price following its listing.

Also Read: Best New Crypto Coins to Buy in 2023

Solaxy Is Launching a Layer 2 to Improve Solana’s Scalability

With the Solaxy presale nearing its end, the launch of its Layer 2 ecosystem is quickly approaching. Solaxy aims to reduce the burden on Solana’s Layer 1 by using a system of rollups. The Solaxy Layer 2 blockchain will use rollups to bundle transactions and process them in Solana’s stead.

By reducing the strain on Solana’s mainnet, Solaxy aims to tackle the issue of failed and delayed transactions that plagued Solana during high-traffic periods in January. Additionally, offloading transaction processing could result in lower gas fees.

Although Solaxy aims to increase Solana’s throughput, the final settlement of transactions will still occur on Solana’s mainnet. In this way, Solaxy’s Layer 2 takes a hybrid approach that retains Solana’s security and transparency while providing users with faster transactions.

As the development of the Solaxy Layer 2 ecosystem, fueled by 30% of the total SOLX supply continues, the team behind Solaxy is constantly updating its audience on its endeavors.

So far, the team has partnered with Hyperlane to create a dedicated bridge that will enable seamless cross-chain transfers. The team is also working on developing a token launchpad for Solaxy’s ecosystem.

Expert Predicts Big Gains After Launch and Highlights Generous Staking Rewards

Besides offering Solaxy at a lower entry point, the Solaxy presale features a staking mechanism with an impressive staking APY, currently at 144%. While this allows users to grow their token holdings long-term, the staking APY is dynamic, meaning it will decrease as traders lock more SOLX tokens in the staking pool.

So far, traders staked nearly 8 billion SOLX despite the 3-year vesting period, which can help prevent mass sell-offs on launch and reduce market volatility.

Plus, the project features a 7-day lockup period for staked tokens after the Token Generation Event (TGE), which can help prevent mass sell-offs on launch and reduce market volatility.

Popular analyst Austin Hilton predicts that Solaxy will see huge gains on launch, expecting Solaxy’s Layer 2 to become the go-to chain for meme coin developers, which could positively impact the price of SOLX.

Here’s How to Buy SOLX at a Discount

Traders can currently purchase Solaxy for $0.001676 per token via the presale website using SOL, ETH, USDT, or a credit or debit card. However, the per-token price is scheduled to increase each time the presale progresses to its next stage, which rewards early backers.

Alternatively, SOLX is available via Best Wallet, as the token is featured in the crypto wallet’s launchpad hub, which also accepts BNB payments.

Solaxy’s impressive performance during its presale phase is likely the result of its developers’ marketing efforts and focus on security. With 15% of the total token supply dedicated to boosting the visibility of the project, Solaxy already enjoys the support of over 84,200 followers across its X (Twitter) and Telegram pages.

Regarding security, an audit from Coinsult confirmed that the project’s smart contract has no underlying issues in its code. Plus, 10% of the total token supply is set aside for liquidity, reducing the risk of a rug pull and lowering slippage.

Although the crypto market is as volatile as ever, Solaxy seems poised to become one of Q2’s hottest crypto launches.

Visit Solaxy Presale