Solaxy (SOLX) Raises $3M in a Week as Solana's First Layer-2 Solution Promises to Solve Scalability Issues

The new L2 chain promises improved scalability, high network throughput and, therefore, fast, cheap and smooth transactions.

Solana’s first-ever Layer-2 solution, Solaxy (SOLX), is off to a blazing start in its presale, having already raised $3 million in just the first week.

The demand for the product is accelerating rapidly, with the token presale adding nearly $1 million daily over the past two days.

The new L2 chain promises improved scalability, high network throughput and, therefore, fast, cheap and smooth transactions.

SOLX has already caught the attention of smart money investors, with many already calling it the next 10x crypto.

New Solana ICO Aims To Solve Scalability

In April of 2024, crypto news headlines stunned the market. Benzinga’s headlines read, “Solana Battles Network Congestion As Meme Coin Transactions Soar.”

Solana, built for scalability and high network throughput, was facing congestion due to the ongoing meme coin mania. Cryptonomist reported that Solana launched a new update to improve the congestion issues.

However, Research Partner at 1kxnetwork Wei Dai warns that the Solana blockchain’s tech stack is not up to the task of dealing with the upcoming meme coin supercycle. The rising transaction fees already signal growing congestion. If the trend continues, the chain could see an exodus of apps and users.

For instance, Solana transactions hit a new all-time high on December 18th.

Even the leading US-based crypto exchange Coinbase is sounding the alarm. In a recent X post, Coinbase Support revealed that the delayed Solana transactions on the exchange could be a result of “blockchain issues.”

Coinbase support agents are also privately communicating their concerns with the users, calling Solana “slow.”

While SOL bulls have criticized Coinbase for deliberately pushing the Base chain at the expense of Solana, the latter’s congestion issues are now well documented.

It is, therefore, no surprise that new Solana ICO Solaxy – the first Solana Layer-2 network – is seeing impressive demand from the very start of its presale.

Solaxy Presale Is The First Solana Layer-2 Solution

Solaxy could prove to be a game-changer for the Solana ecosystem ahead of the meme coin supercycle.

The new Layer-2 solution capitalizes on off-chain processing to reduce the burden on SOL Layer-1. It also means fast and cheap transactions on both chains.

Similarly, it uses transaction bundling and batch processing, techniques widely used by Ethereum’s L2 chains like Arbitrum and Optimism. Most importantly, all the transactions are finalized on the L1, creating no risk to Solana’s security.

This innovative roll-up architecture improves the user experience of developers and investors alike. Indeed, Solaxy is fully customizable, ensuring that developers can create tailored apps and provide peak performance.

The new Layer-2 is also expected to reduce the downtime issues frequently associated with Solana.

Is SOLX The Next 100x Crypto?

SOLX is a multi-chain meme coin, combining the Solana and Ethereum blockchains. In fact, it capitalizes on Ethereum’s security and liquidity as well as Solana’s improved scalability and network throughput, the perfect formula to attract whales and retailers alike.

It is not without any reason that the SOLX presale has already raised over $3 million in just the first week, with the demand starting to pick up pace.

Moreover, the new token’s sound fundamentals – including community-centric tokenomics and security audits – have also impressed smart money investors. Read the project’s whitepaper for more info.

For instance, there is a separate 25% allocation for staking rewards. Early SOLX buyers can stake their coins and earn attractive passive income, currently at a reward rate of over 1200% APY.

Unsurprisingly, smart money investors have been quick to recognize the project’s upside potential, with a few already calling SOLX the next 100x crypto.

Even some of the more conservative predictions are expecting up to 10x returns from the new token.

However, the strong demand means that the presale stages are quickly selling out, which is pushing the Solaxy price up. The SOLX token price currently stands at $0.00157, with the next hike scheduled for Friday. Meanwhile, the dynamic staking rewards are also going down with increased demand.

Interested buyers have a very short window to reap the maximum returns. They can visit the presale website, use the over-the-counter widget and buy Solaxy with just a few clicks.