Solaxy (SOLX) Raises $3M in Presale to Solve Solana (SOL) Network Congestion Challenges

With Solana facing growing congestion challenges, a new Layer-2 scaling solution is beginning to draw investor attention. Solaxy (SOLX), aiming to become Solana's first Layer-2 protocol, has raised almost $3 million in its ongoing token presale event.

Solana-based Layer-2 scaling solution Solaxy (SOLX) has raised nearly $3 million in its ongoing token presale event.

The presale, which went live recently, has seen SOLX tokens being offered at varying price points, depending on the stage of funding. Currently, SOLX tokens are priced at $0.00157 each, with the price set to increase gradually as the project receives more funding.

Those interested in participating can use ETH or USDT for payments, while credit/debit card options are also available for crypto newcomers. Notably, presale buyers can stake their SOLX tokens to earn potential rewards, which will be distributed over a three-year period.

For added assurance, blockchain security firm Coinsult has audited the SOLX smart contract, and the project’s X (formerly Twitter) and Telegram channels provide regular updates on the development and presale milestones.

Solaxy aims to address a critical pain point for Solana—network congestion. The protocol operates by shifting transactions from the primary Solana chain to a dedicated Layer-2 network for processing, reducing the burden on Solana's infrastructure.

This approach utilizes a rollup architecture, which combines multiple transactions before settling them back on Solana's mainnet to achieve higher transaction throughput.

Moreover, Solaxy places emphasis on interoperability, striving to bridge the gap between Solana and Ethereum to facilitate cross-chain asset movements. This capability is expected to pave the way for cross-chain applications and DeFi integrations.

Solaxy's proposition has garnered attention within the crypto community, with 99Bitcoins recently featuring the project in a video that delves into its solution for Solana's scalability challenges.

About Solaxy (SOLX)

Solaxy is building a Layer-2 scaling protocol for the Solana blockchain to alleviate congestion and eliminate failed transactions. The project's native token, SOLX, will be used to power transactions on the network.

Interested parties can visit the Solaxy presale here.