This year has been excellent for Solana, which saw its token reach a new ATH at $263.83 on November 23rd and the release of pump.fun, a meme coin launchpad that already recorded more than $300 million in revenue.
However, its main blockchain still leverages Layer 1 technology, which can cause issues for meme coin traders and developers during high-traffic hours. Solaxy (SOLX) is now preparing to enter the market with its Layer 2, designed to provide Solana’s users with a more reliable and scalable solution.
Solaxy Seeks To Make High-Volume Trading Infinitely Scalable
As Solana continues to dominate the rankings as the blockchain that sees the most active users daily, according to the token terminal data, its issues become more apparent.
The ever-growing Solana ecosystem is often facing network overloads that make transaction execution unreliable, which often results in trade losses for its users. Plus, the blockchain suffers from congestion, downtime, and slow transaction speeds, which often raise transaction fees for its users.
To help investors bypass these issues and encourage meme coin developers to keep using Solana’s ecosystem, Solaxy is developing a Layer 2 network to reduce the data burden on Solana’s Layer 1.
Solaxy intends to resolve the issues Solana faces with a system called rollups, which will bundle several transactions into a single package before Solana’s main chain processes it. Doing that removes the processing burden from Solana’s main chain, resulting in faster transaction speeds.
Additionally, transaction settlement will be done on Solana’s main chain, meaning Solaxy’s Layer 2 users will still enjoy the benefits of Solana’s strong security.
While Solaxy works on improving the user experience on Solana, Pepe Unchained (PEPU) has already exited its presale stage and launched its Layer 2 network built on Ethereum. Although the token has since faced a correction, it soared by more than 600% just 48 hours after its launch, paving the way for future Layer 2 projects such as Solaxy.
Expert Praises Solaxy’s Security and Community Growth
Although it intends to significantly improve Solana’s transaction speeds, the project revolves around a meme coin, SOLX, whose mascot represents a fusion of the legendary Pepe meme and Albert Einstein.
As such, the success of SOLX will likely depend on the strength and trust of its community, which meme coin projects often secure via marketing and security updates. With 15% of its total 138 billion token supply reserved for marketing, SOLX has already gathered over 10,000 followers across its X (Twitter) and Telegram channels, just five days into its presale.
Regarding security, the project is focusing on promoting a safer trading environment with 10% of its total token supply set aside for liquidity, which reduces the risk of market manipulation and lowers slippage.
Additionally, Solaxy’s smart contract has been audited by Coinsult, which found no centralization risks or other threats to investor security.
Stock Investor, a crypto expert with over 50,000 followers on YouTube, is impressed with the project’s scope and its dedication to investor security.
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After he read through the project’s audit, he advised his audience to take a look at Solaxy while its presale is in its early stages.
SOLX Presale Gains Momentum as Investors Rush to Stake Their Tokens – Here’s How to Join
Investors can currently purchase SOLX for $0.00156 each using ETH, BNB, USDT, or a credit or debit card. No minimum investment is required, making the presale equally attractive to whales and casual investors.
Launched on December 12th, the presale has already raised more than $662,000, with the first quarter of a million raised in just 48 hours.
With the projects staking APY currently standing at 2778%, it’s no surprise that more than 414 million SOLX have already been added to the staking pool.
Besides the massive staking rewards, analyzing the project’s tokenomics further shows that 25% of the total token supply is reserved for rewarding the project’s early backers, with further details yet to be announced.
According to the project’s roadmap, Solaxy intends to raise funds throughout the first stage, launch the token in the second stage, and deploy the Solaxy Layer 2 during the third stage. The fourth and final stage will see the expansion of its ecosystem, meaning SOLX’s developers aim for long-term success.
As Solaxy meets its funding goals, its per-token price will increase, leaving investors with limited time to secure it at its current low entry point.
Source: Bitcoin
