Solaxy, the first-ever Layer-2 (L2) scaling solution built specifically to solve Solana’s limitations, has already raised over $54 million. The presale ends in less than two days! The mainnet launch is scheduled for July 7th, just around the corner as this project is generating considerable excitement inside and outside of the crypto community. By addressing the scalability challenges of Solana, Solaxy seeks to empower Solana with a more efficient, faster, and reliable network.
Launched officially in 2020, Solana emerged as a key player in the cryptocurrency landscape. Its low-cost, high-throughput, highly scalable network subsequently shocked the crypto community. Solana claims a maximum theoretical throughput of 65,000 transactions per second (TPS). At peak traffic times, its terrific promise can be stalled by queuing, go down with failed transactions and even crash. For reference, Solana is generally processing 3,000-4,000 TPS. The network’s real-world performance varies a lot from day to day.
Addressing Solana's Scalability Challenges
Solaxy shines as the answer to these struggles, presenting the first dedicated L2 network to help maximize Solana’s impressive feat. The project’s overall aim is to alleviate the congestion overflow problems that Solana occasionally faces. By taking these steps, we’ll provide for faster, easier, and more predictable transaction handling. By constructing on high of Solana, Solaxy desires to strengthen the community’s throughput and stability by 100X.
Solaxy’s recently announced several other initiatives to grow its Solana L2 ecosystem. Together, these improvements will improve user experience and help make the network work better. On top of that, they widen the blast radius of the shitcoin rug service down the Solaxy chain. The project’s dedication to ongoing improvement highlights its desire to become a major pillar of the underlying Solana ecosystem.
Solaxy recently launched its official testnet as well, allowing users to bridge their native Solana tokens. This allows users to experience the benefits of the L2 solution firsthand, testing its speed, efficiency, and ease of use. This testnet phase is instrumental in providing valuable feedback and iterating on the design and functionality before the eventual mainnet launch.
Strategic Token Burns and Ecosystem Development
Solaxy also recently completed a strategic $62 million SOLX token burn. This audacious step removed 35 billion tokens from circulation, enhancing their scarcity and value. This was soon followed by a second pre-launch token burn, doubling down on the initial move and tightening the token supply by an additional 20 billion tokens. These token burns are meant to increase the scarcity of the remaining tokens and encourage long-term holding.
Solaxy includes a decentralized launchpad purpose-built for the Solaxy chain. This launchpad will help independent and new projects to launch on the Solaxy network. It will accelerate creativity and promote progress throughout the community. By offering an all-in-one, scalable, highly efficient launchpad, Solaxy hopes to bring in new developers and projects that are looking for a dependable and advanced platform.
On July 7th, Solaxy will be launching their mainnet, block explorer and multi-chain bridge. This gathering is an amazing milestone for the project! The public block explorer will add a new level of transparency and enable users to easily track PMD transactions and all network activity. Aside from the cross-chain interoperability benefits, the multi-chain bridge will facilitate seamless transfer of assets from Solaxy to other blockchain ecosystems.
Incentives and Future Prospects
Solaxy provides staking rewards with an APY as high as 78%. In addition to solverse, users can earn passive income by staking their SOLX tokens. This opportunity pushes companies, community members and developers to be more active within the Solaxy ecosystem. The very high APY shows how serious the project is about rewarding its early adopters and building a thriving community.
Solaxy provides an interesting new methodology for scaling the Solana network. Its tokenomics offers a fascinating answer to the issues that Solana is experiencing today. The successful presale, strategic token burns, and upcoming mainnet launch indicate strong investor confidence and a clear vision for the future. Solaxy is having their official launch! How this launch will shape the Solana ecosystem and disrupt the entire cryptocurrency market remains to be seen.
