The Ethereum network is well-known for several layer 2 networks such as Base or Arbitrum, among others. However, Solana will now have a layer 2 as well – Solaxy.
The native token SOLX just started presale and within only a few days, raised over $1.7 million. This could go viral quickly since Solaxy looks serious.
Just remember that Arbitrum’s ARB token is now at a $4 billion market cap, and not to mention other tokens on Ethereum as well.
The Solana Network Has Issues – Solaxy Aims to Fix Them
When you look at some data, it’s clear that Solana is the most used blockchain network right now. Just in the last 24 hours, over 5.3 million users used Solana, more than any other network. Numbers are coming from tokenterminal.com. This puts a lot of pressure on the network and causes issues that Solaxy aims to fix.
Solaxy is the first Layer 2 blockchain solution built on the Solana network. It aims to enhance the performance, scalability, and reliability of the Solana ecosystem by offloading transaction processing from the main Solana chain (Layer 1) to a secondary layer (Layer 2). The core technology behind Solaxy is rollup technology. This involves collecting multiple transactions, bundling them together, and then sending these bundled transactions back to the main Solana chain for final settlement.
This approach maintains the security of the main chain while significantly increasing transaction speed and capacity. Transactions on Solaxy are handled by specialized off-chain processors. These processors verify each transaction and group them into efficient bundles.
The bundles are then secured through Solana’s main network, ensuring the strong security of the base chain while adding speed and capacity. By minimizing congestion, Solaxy ensures consistent uptime for traders and developers, eliminating the downtime and failed transactions that often occur on the main Solana chain.
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Solaxy’s Unique Ecosystem Features – Next 10x Crypto?
Solaxy focuses on several key areas within the Solana ecosystem. It is particularly beneficial for meme coin trading, where sudden spikes in trading volume can overwhelm the network. The platform handles these volume surges by processing large batches of transactions simultaneously.
Additionally, Solaxy offers tools for developers to build and optimize their applications, making it easier to create and maintain decentralized applications (dApps) on the Solana network.
A notable endorsement comes from the YouTube channel 99Bitcoins, which recently highlighted Solaxy in a video to their 700,000+ subscribers. The channel has been marketing SOLX as a potential new altcoin with 10x growth potential.
One of the project’s attractive features is the immediate staking opportunity during the presale. Over 600 million SOLX tokens have already been staked due to a high Annual Percentage Yield (APY). However, investors should note that the staking opportunity is time-sensitive, as the APY will decrease as more investors stake the token.
Rewards from staking will be available when the presale ends and claiming begins. Investors can choose to stake their tokens or simply benefit from price increases during the presale stages. Currently, SOLX is priced at just $0.001566. You can buy the token in presale with ETH, USDT or a credit card.
This new crypto is well-positioned to become the next big thing on Solana when it hits exchanges in early 2025. Potential investors are still very early in the presale.
Disclaimer: CaptainAltcoin does not endorse investing in any project mentioned in this article. Exercise caution and do thorough research before investing your money. CaptainAltcoin takes no responsibility for its accuracy or quality. This content was not written by CaptainAltcoin’s team. We advise readers to do their own thorough research before interacting with any featured companies. The information provided is not financial or legal advice. Neither CaptainAltcoin nor any third party recommends buying or selling any financial products. Investing in crypto assets is high-risk; consider the potential for loss. Any investment decisions made based on this content are at the sole risk of the reader. CaptainAltcoin is not liable for any damages or losses from using or relying on this content.
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