Solaxy Token Presale Offers A Fix For Solana, A Victim Of Its Own Success

In many ways, Solana has become a victim of its own success. In 2024, Solana became the platform of choice for the launch of meme coins

Solana Layer 2 ICO Surges Past $750K In Funds Raised In Just 72 Hours

New Solana Layer 2 ICO Solaxy ($SOLX) exploded on launch, surging past $750K in funds raised in just its first 72 hours.

Solaxy is the first-ever Solana Layer 2 protocol, and investors are heavily backing the idea of a Solana token that removes the pain points of congestion, failed transactions, and scalability limitations.

$SOLX is in the fifth stage of its presale, priced at $0.00156. The presale initial offer price was $0.001. The next price stage kicks in when the fundraising total hits $860,311, at which point the price rises to $0.001562.

Presale buyers need to move fast to get the lowest prices. They can also take advantage of token staking to earn 2,778% per annum rewards. The return is calculated dynamically so reduces as more $SOLX is deposited into the staking contract. At press time, 414,097 $SOLX had already been staked.

Solana Victim Of Its Own Success, Solaxy Token Offers A Fix

In many ways, Solana has become a victim of its own success. In 2024, Solana became the platform of choice for the launch of meme coins because of its superior architecture to Ethereum in terms of transaction throughput and lower costs – Solana is faster and cheaper than Ethereum.

Still, Solana has run into problems because literally thousands of meme coins are being launched on the chain every day, thanks to the success of no-code launchers like Pump.fun.

Solaxy doesn’t just solve Solana’s problems; it is a multi-chain beast that bridges Ethereum and Solana, the two most powerful and popular blockchains in the crypto industry.

As the first Solana Layer 2 in existence, Solaxy token is way ahead of the curve. Solaxy chose Solana because it recognizes its robust power and seeks to unlock its full potential.

Multi-Chain SOLX Brings The Best Of Solana And Ethereum

Solaxy isn’t simply building yet another application on top of Solana; Solaxy token is a brand new application layer for Solana, with the added benefit of not just faster speeds and lower fees but the ability to leverage the liquidity and security of the Ethereum DeFi ecosystem.

In a nutshell, then, Solaxy takes what’s best about Solana and enhances it in ways not previously seen. Ethereum is the undisputed main commercial rail of the crypto world, commanding by far the most DeFi and other commercial activity.

The native token of the Solaxy network – $SOLX – is multi-chain so it pulls activity and buyers from both the Ethereum and Solana chains and a path of entry into both blockchain ecosystems. There is nothing else like $SOLX in the market today.

Layer 2s have grown in importance on Ethereum despite the upgrades that developers have been implementing since the move from proof of work to proof of take.

However, the changes have yet to substantively impact scaling. Still, successive improvements have now made it easier to build Layer 2s on Ethereum, which has had a negative effect on Layer 1 by reducing its fee revenue.

Although far from being the ‘Ethereum killer’ some may have hoped, Solana has nevertheless made impressive headway against the backdrop of Ethereum’s scaling and cost issues. Yet, as mentioned, Solana has its own issues too.

Spam Transactions Plague Solana, Solaxy Offers A Fix

Congestion is the main performance issue Solana contends with, and it takes many forms. Meme coin issuance is the major culprit, leading to a surge in so-called spam transactions.

Spam transactions are often sent by bots as they attempt to get into blocks via the shortest queues, with the majority of the transactions ending up unexecuted.

Meme coins are responsible for most of this spam but there has also been spamming associated with applications like ORE – a game that mimics proof-of-work mining to send out airdrops. At one point this year 16% of the Solana network was being used by ORE players.

Failed transactions are also a huge problem. Up to 25% of transactions fail on the Solana network. At one stage as many as 70% of non-vote transactions were failing.

Solana developers are working on fixes. QUIC protocol, for instance, has improved reliability and the forthcoming Firedancer upgrade from Jump Crypto promises to considerably improve real-world transactions per second.

However, as with Ethereum, these changes will not negate the need for Layer 2s. On the contrary, they draw attention to Layer 2s as a more immediate and reliable way to implement scaling solutions – all roads lead to Solaxy.

Solana Layer 2 Token To Be Next $1 Billion Cap Layer 2, A Bridge To Defi’s Future