Solaxy recently made big leaps forward in the world of cryptocurrency. They actually released their mainnet, interoperable advance bridge and Igniter Protocol. With these exciting new developments, Solaxy has quickly become a project to watch. Pairing this with strategic token burns and massive accumulation from key whale wallets only increases its potential. With lightning-fast transactions, zero downtime, and seamless scalability, Solaxy has the potential to revolutionize decentralized finance (DeFi).
Technical Milestones
Solaxy has been hard at work building out its ecosystem, launching a number of important pillars in recent weeks. On June 29, Solaxy has released Solaxy Wiki. This central technical resource is designed to further teach and inform the community about the complex nature of the project. This resource is a one-stop shop for all the developers and advocates. We find it’s the best way to realize an even deeper understanding of Solaxy’s unique technology and vision.
On July 7, Solaxy released its mainnet, block explorer, and advanced cross-chain rainbow bridge. This achievement is an exciting milestone on the long project development roadmap toward improving safety. This launch brought together Solana, Solaxy, and Ethereum, allowing for cross-chain interoperability and increasing the visibility of the Solaxy ecosystem. The advanced bridge makes it easy to transfer assets between these networks, improving liquidity and the overall user experience.
With the launch of Igniter Protocol on July 21, Solaxy’s standing as one of the platform’s most versatile and dynamic projects was further cemented. Igniter Protocol is a multi-chain, fully decentralized token launchpad created to empower new projects and creative potential in the blockchain ecosystem. Overall, Solaxy is a great platform for launching tokens. By reducing regulatory barriers, this strategy quickly attracts developers and entrepreneurs, further energizing the growth and adoption of its ecosystem.
Strategic Tokenomics
Solaxy has taken a variety of defensive and offensive strategies to perfect its tokenomics and add value to its native token, SOLX. The most interesting is the burning of 55 billion SOLX tokens. This move accounts for roughly 40% of the current supply. These token burns were executed in two major phases: 35 billion tokens in the first phase and 20 billion tokens in the second phase.
By reducing the total supply of SOLX, Solaxy aims to create scarcity and increase the value of the remaining tokens. This is a common tactic used to encourage a longer-term holding of tokens, which helps align with price appreciation over time. Though Solaxy is not responsible, they are dedicated to their community, so they chose to burn 50% of the entire token supply. This action further demonstrates their confidence in the project’s long-term viability.
As of June 30, Solaxy’s tokens had already been staked and unlocked. This created a host of enticing incentives for token holders to stake their assets and engage directly with the protocol’s governance. Staking allows users to remove or ‘stake’ their tokens. In exchange, they are rewarded with a portion of the network’s transaction fees or other lucrative incentives. This new mechanism further incentivizes active participation and goes a long way to securing the network.
Layer-2 Solution and Neptoon Bridge
Solaxy’s Layer-2, off-chain transaction processing and instant roll-up mechanisms eliminates network bottlenecks and ensures high-speed throughput. With low latency and high throughput, this new technology enables lightning-fast transactions and seamless scalability, making Solaxy the ideal blockchain solution for high-volume applications. To alleviate congestion, Solaxy mainly makes transactions off-chain to reduce congestion and latency. Then, it batches those transactions together into one on-chain transaction, drastically reducing fees.
The introduction of Neptoon Bridge on 14 July possibly brings a DEX element to the Solaxy ecosystem. Remember, we are still learning about these particulars. This is a positive development and it shows that Solaxy is currently seeking ways to improve decentralized trading and liquidity provision. SOLX holders will benefit from DEX’s decentralized architecture allowing them to trade SOLX and other tokens directly from their wallets. This obviates the need for a single, centralized intermediary.
Solaxy takes advantage of Best Wallet, a non-custodial, KYC-free, multi-chain wallet on the App Store and Google Play. This wallet gives users the ability to store and manage their SOLX tokens and other digital assets in a secure environment. In addition, you have sole custody of your private keys. From a larger perspective, the wallet’s KYC-free design supports decentralization and privacy. This anonymity feature draws all sorts of users, including those who make their anonymity a priority.
Whale Wallet Activity
The Web3 market is abuzz over Solaxy! In less than 48 hours, whale wallets have purchased more than $495,000 in SOLX tokens. This significant capital investment commitment is an important vote of confidence in the project’s short-term development prospects and long-term strategic vision. A recent $113,000 transaction from a single whale wallet further exemplifies the level of interest and conviction from large investors.
Increased price purchasing Whale wallets coming into fresh capital can provide extreme upside for the price of SOLX. This increase not only bolsters the economic prosperity of the Solaxy ecosystem, but the social wellbeing too. Large investors have irreplaceable resources, experience, and connections to offer. Having them on board can multiply and speed up the growth and adoption of the project. With SOLX priced at only $0.001766 per token, this creates an opportunity for initial backers to realize massive returns as the project matures and continues to build momentum.
Solaxy’s solution keeps the security and speed that continues to make Solana everyone’s favorite blockchain to build and trade on. By leveraging Solana’s powerful infrastructure, Solaxy is able to provide a stable and efficient platform for decentralized applications. This approach allows Solaxy to leverage the strengths of Solana while addressing its limitations, creating a synergistic ecosystem that benefits both projects.
