JAKARTA, Indonesia, Jan. 07, 2025 (GLOBE NEWSWIRE) — Solaxy (SOLX), a new layer-2 scaling solution built to address Solana’s network congestion, has secured $8.9 million in presale funding.
The milestone comes as Solana struggles with transaction failures – with data showing that, on some days, over one-third of non-vote transactions fail to be completed.
Solaxy aims to tackle Solana’s scaling issues amid growing network strain
Solana’s increased adoption has introduced notable challenges.
As activity on the network has surged, users have faced delays and transaction failures, particularly during high-demand periods. The surge in meme coin trading and automated bot traffic has pushed the network close to breaking point – with failure rates climbing to as high as 50% during peak periods.
Solaxy aims to address these issues.
This new layer-2 solution tackles Solana’s scaling issues by processing transactions off-chain, bundling them, and settling them back on Solana’s mainnet. This approach eases congestion while preserving the network’s core security, drawing inspiration from other successful layer-2 solutions, such as Base and Arbitrum.
A key feature of Solaxy is its ability to keep the network running smoothly, even during heavy traffic. According to the project’s whitepaper, its transaction bundling mechanism is designed to handle the high volumes caused by meme coin trading and DeFi activity.
These are two of the biggest sources of strain on Solana. Ultimately, it’s about ensuring Solana can handle whatever the market throws at it.
SOLX token powers Solaxy’s ecosystem with governance & staking rewards
Powering the Solaxy ecosystem is SOLX, the project’s native utility token. Beyond its role in facilitating network functions, SOLX is integral to governance and staking within the ecosystem.
Currently available exclusively through the project’s presale phase, SOLX tokens have raised over $8.9 million to date. Priced at $0.001592 during the presale, tokens can be purchased using various cryptocurrencies or through card payments by connecting a crypto wallet.
While the presale remains uncapped, the team has outlined a transparent structure for token allocation.
10% of the total supply is set aside for exchange listings after the presale, while 30% will go toward ongoing network development.
Presale participants have the opportunity to engage with the ecosystem immediately through staking rewards introduced during the presale phase. To date, over 2.9 billion SOLX tokens have been locked for staking. Solaxy’s team has rolled out staking rewards during the presale, and more than 2.9 billion SOLX tokens have already been locked up.
These rewards will be distributed over a three-year period and will become claimable once SOLX officially launches on the open market.
Layer-2 market trends & Solaxy’s position in 2025
Layer-2 solutions have continued to gain momentum in early 2025, with data from Velo indicating consistent value growth across the sector. This trend highlights a favorable market environment for projects like Solaxy. Solaxy is strategically positioned to benefit from two key developments: the ongoing expansion of Solana’s ecosystem and the rising demand for scalable blockchain solutions.
Unsurprisingly, the project has generated significant attention on social media.
The project has already fostered active communities on platforms like Twitter and Telegram, reflecting its commitment to engaging with users and building a collaborative ecosystem.
https://www.youtube.com/embed/KKes-oruIno (embedded video)
https://youtu.be/KKes-oruIno?si=VjeyWgHYWOm04zc0
Coverage from platforms like 99Bitcoins – and a recent listing on CoinSniper – have contributed to the project’s visibility.
Additionally, the SOLX token has undergone an audit by Coinsult, which identified no issues with the token’s code or honeypot risks. This reinforces Solaxy’s dedication to maintaining transparency and trust within the community.
With its robust technical foundation and strategy to enhance Solana’s performance, Solaxy is positioned to address critical challenges in the blockchain space.
About Solaxy (SOLX)
Solaxy is developing a Layer-2 scaling protocol for the Solana blockchain to reduce congestion and prevent failed transactions. Its native token, SOLX, will power transactions on the network.
Users can visit Solaxy here.
Contact
Solaxy
[email protected]
Photos accompanying this announcement are available at:
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https://www.globenewswire.com/NewsRoom/AttachmentNg/21836cfe-f253-4ca3-9318-4c1bc3412d57
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