Solaxy Raises $3M to Solve Solana's Network Congestion With Layer-2 Scaling Solution

With Solana facing growing congestion challenges, a new Layer-2 scaling solution is beginning to draw investor attention. Solaxy (SOLX), aiming to become Solana's first Layer-2 protocol, has raised almost $3 million in its ongoing token presale event.

As Solana continues to face growing congestion challenges, a new Layer-2 scaling solution is beginning to draw investor attention. Solaxy (SOLX), aiming to become Solana's first Layer-2 protocol, has raised almost $3 million in its ongoing token presale event.

According to a recent press release shared with 99Bitcoins, SOLX is now in the fourth stage of its presale, with tokens currently priced at $0.00157 each. Each new funding milestone will trigger a slight price increase, with the final presale price yet to be announced.

Those looking to participate in the presale can do so using ETH or USDT, while new crypto users can also purchase SOLX tokens using credit/debit cards. Additionally, presale buyers can stake their SOLX tokens for potential rewards, which will be disbursed over a three-block period of three years.

Blockchain security firm Coinsult has also audited the SOLX smart contract, with the audit revealing no issues or vulnerabilities with the token's code. Interested investors can follow Solaxy's development on its X (formerly Twitter) and Telegram channels, where the team posts regular updates on the project's development and presale milestones.

While Solaxy is yet to announce the final presale price and launch date, the project has already caught the attention of several crypto commentators. For example, the team at 99Bitcoins recently released a video discussing Solaxy, breaking down its approach to solving Solana's scalability challenges.

About Solaxy (SOLX)

Solaxy is a Layer-2 scaling protocol for the Solana blockchain, aiming to reduce congestion and prevent failed transactions. The protocol uses a rollup architecture to bundle multiple transactions together before settling them back on Solana's mainnet, enabling higher transaction throughput.

Solaxy also emphasizes interoperability, aiming to bridge the gap between Solana and Ethereum to allow users to move assets between the two blockchains and opening up possibilities for cross-chain applications and DeFi integrations.