Solana is about to get its first layer-2 scaling solution, as the blockchain project Solaxy (SOLX) passes $22 million in presale funding.
The project aims to boost Solana’s transaction speeds while reducing costs through off-chain computation.
How Solaxy’s new layer-2 solution aims to scale Solana
Solaxy operates as a layer-2 network on top of the Solana blockchain, processing transactions off-chain before bundling them back for completion.
This approach aims to tackle one of Solana’s persistent challenges – network congestion.
Solana can theoretically handle up to 65,000 transactions per second, but usually experiences slowdowns (and failures) during busy periods, such as meme coin launches.
Solaxy’s team hopes to eradicate these slowdowns and create a more efficient setup for traders and developers.
Plus, Solaxy’s modular infrastructure supports customized dApps without sacrificing performance.
Source: SOLAXY
This benefits developers looking to build innovative applications without the delays caused by network traffic.
Solaxy will even feature a bridge between Solana and Ethereum.
However, what differentiates Solaxy from other scaling solutions is its specific focus on Solana’s ecosystem.
Few projects focus on addressing the unique challenges of Solana’s high-performance network.
It’s a goal that has attracted significant attention on X (formerly Twitter).
Solaxy’s official Telegram channel has also seen growth since going live.
SOLX token presale raises $22m ahead of DEX listings
The native SOLX token is key to Solaxy, handling everything from transaction fees to staking rewards.
SOLX holders can take part in Solaxy’s staking program, which offers estimated annual yields of 179%.
However, this rate will adjust as more investors opt to stake.
Beyond staking, SOLX will facilitate trading in Solaxy’s liquidity pools and cover gas fees for transactions processed through the layer-2 protocol.
SOLX isn’t yet available on the open market, but interested investors can gain exposure through the ongoing presale.
Solaxy’s presale has raised $22.7 million since launching on December 12th.
At the time of writing, SOLX tokens are priced at $0.001642 and can be purchased using crypto or a credit/debit card.
Solaxy’s team has also partnered with Best Wallet to make in-app purchases possible.
Once the SOLX presale ends, the team intends to list the token on a DEX and reserve 10% of the supply for liquidity.
The remainder of the supply will be used for marketing, staking rewards, network development, and Solaxy’s treasury.
Solaxy’s future – security audits and Solana ecosystem integration
As Solaxy prepares for launch, security remains a key focus.
The project has completed an audit from SolidProof, which found no vulnerabilities in the layer-2 smart contracts.
This attention to security has helped Solaxy earn listings on crypto rating platforms like CoinSniper and ICOBench.
The timing of Solaxy’s launch also looks like it will coincide with some developments in the Solana ecosystem.
VanEck forecasts Solana’s market share in the smart contract platform sector to grow from 15% to 22% by the end of 2025, driven by improvements like the Firedancer validator client.
Layer-2 solutions such as Solaxy could contribute to this growth by directly addressing scalability challenges.
Solana’s increasing adoption across DeFi platforms and developments like the Seeker phone from Solana Mobile point to a changing ecosystem that would benefit from Solaxy’s infrastructure.
However, it’s still early days for this new layer-2 project.
The developers must prove Solaxy’s real-world performance and attract users and developers to make a dent in Solana’s scalability issues.