SOLX Hits $5M on Presale, Fixes Solana Congestion With Its L2
Just four days after hitting the $4M milestone, new presale project Solaxy (SOLX) reached $5M. Ten days is an astonishing pace to raise millions in funding. So what’s special about Solaxy? Well, Solaxy is Solana’s first Layer-2 solution that focuses on meme coins. This means Solaxy could resolve Solana’s congestion issues by processing part of […]
Just four days after hitting the $4M milestone, new presale project Solaxy (SOLX) reached $5M. Ten days is an astonishing pace to raise millions in funding. So what’s special about Solaxy?
Well, Solaxy is Solana’s first Layer-2 solution that focuses on meme coins. This means Solaxy could resolve Solana’s congestion issues by processing part of transactions off-chain.
On top of that, Solaxy bridges Solana with Ethereum. It takes the best of both networks: high liquidity, security, and developer tools, fixes their shortcomings, and delivers an entirely new powerful ecosystem.
Saving Solana From Itself – Faster, Cheaper Meme Coin Trading
Solana saw a massive spike in user interest this year, largely due to its burgeoning meme coin sector. The reason is simple: Solana offers high speeds, low fees, and versatile developer tools. In fact, with pump.fun, anyone can launch a meme coin on Solana with zero coding skills.
But in a way, Solana became a victim to its own success. The network’s performance took a hit due to heavy traffic.
Solaxy aims to make transfers on Solana smoother, faster, and cheaper with its Layer-2 technology. No more congestion and failed transactions.
It’s true that Solana founder Anatoly Yakovlenko deems Layer-2s parasitic when they take away more resources from the base layer than they contribute, like in the case of Ethereum.
However, Solaxy doesn’t want to replace Solana. Instead, it builds upon Solana’s strengths, merging them with Ethereum’s liquidity and security, to create a high-performance network for degen traders. A network that would accommodate the ever-growing transaction volumes.
$5M Raised, 755% Staking APY – Can SOLX Repeat BONK’s Success?
Solaxy presale kicked off on December 14 and raised $1M in three days. The project’s X account is nearing 20K followers, and opinion leaders like ClayBro see serious potential in Solaxy’s Layer-2 solution.
It’s still early to judge if SOLX will repeat the success of top Solana meme coins like BONK and PENGU. But community interest is evident from the $5M raised, most of which will go toward product development and marketing to expand the project’s reach.
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