Solaxy ($SOLX), Solana’s first-ever Solana layer 2 blockchain, has successfully crossed the $7 million total raised mark in its presale fundraising campaign.
The project is raising funds to build a secondary blockchain that helps alleviate Solana’s growing pains.
Its problem-solving approach and early momentum are drawing attention from top analysts, with one trader suggesting that $SOLX could 100x.
The presale is ongoing and currently priced at $0.001584. However, this price will rise throughout the ICO, with the next increase occurring later today. Those seeking the most value for money should not wait around.
Solaxy goes viral amidst token presale with 40K followers on X
Word is getting out that Solaxy is revolutionizing Solana, and it is happening fast. Over 40,000 people have already followed the project’s X account, while another 1,900 have joined its more personal Telegram community.
At the same time, prominent outlets such as 99Bitcoins have covered the token, showing it can draw attention at the highest levels.
Analyst Umar Khan recently hailed Solaxy on the 99Bitcoins YouTube channel, speculating that up to 100x gains could be up for grabs once it lists on the open market.
Khan also underscored the opportunity for investors to compound their gains via the project’s staking mechanism, which is live amidst the presale. It currently provides a 555% APY, but this will decrease as the staking pool grows.
Solaxy’s growth is happening while the broader market cools down. Bitcoin is stable at $93.7K, down 3% in the past month, while Solana trades at $192, down 20% this month.
However, Q1 2025 is just two days away, and there’s an overwhelming anticipation that big gains will follow. This is helped in no small way by Donald Trump’s entrance to the Oval Office. The president-elect is expected to usher in more favorable regulations for crypto and potentially even create a U.S. strategic Bitcoin reserve.
Should the market move as expected, this would create an ideal launch environment for Solaxy to emerge onto the open market and realize the price targets Umar Khan and other analysts set.
Tackling Solana’s congestion issue
Solaxy aims to eliminate Solana’s pressing congestion issue. Those who were around last cycle will remember Solana outages and the upheaval they caused for the ecosystem.
Solana experienced three outages in 2021 and five in 2022. This was due to the sheer demand for its services and the limited computational power available to process transactions.
Devs have managed to sidestep outages, with only one recorded in the last 18 months. However, the congestion issue hasn’t gone away. Transaction fees are higher than they could be, they can take a long time to process, and up to 40% of non-vote transactions fail to finalize.
A robust scalability solution is crucial for Solana to keep growing – especially as we knock on the door of the next bullish leg.
Enter Solaxy, the first Solana layer 2 blockchain. It bundles and computes transactions off the Solana main network, which means transaction throughput will be cheaper, faster, and more reliable. This is similar to how Arbitrum or Optimism work, providing heightened transactional capabilities compared to Ethereum.
The Solaxy blockchain will also report back to Solana for finality, meaning users can still enjoy the security and permanency of Solana.
The $SOLX token is at the heart of all of this, used to transfer value and pay gas fees on the Solaxy network.
Bringing Solana scalability to Ethereum
The Solaxy team has innovatively launched the presale on the Ethereum network.
It’s a setup that harnesses Ethereum’s robust DeFi and liquidity infrastructure and uses it to help scale Solana.
$SOLX can be bought on the project’s presale website using ETH, BNB, USDT, or a bank card. Investors can also buy it on the Best Wallet app’s Upcoming Tokens feature.
Solaxy has been audited by Coinsult, who found no issues with the project’s code.
