Solaxy (SOLX) Token Raises $37 Million as a High-Utility Layer 2 Project on the Solana Network

In Q1 2025, Solana recorded its strongest 12-month performance, with total application revenue soaring to $1.2 billion

Q1 2025 saw some interesting trends in the cryptocurrency space, with meme coins like $TRUMP, $BONK, and $FARTCOIN gaining attention and Solana showing strength.

As the year progressed, several projects on the Solana network achieved success, contributing to the network's overall performance. Among the top revenue-generating applications were meme coin launchpad Pump.fun, which generated $257 million in revenue, and the Phantom wallet, which contributed $164 million.

These applications played a role in boosting Solana's total application revenue to $1.2 billion in Q1 2025, a 20% increase from the previous quarter's $970.5 million. January alone contributed nearly 60% of this total, making it the most profitable month with $693 million, followed closely by December 2024 with $607.5 million.

Moreover, the success of meme coins on Solana defies the narrative that such tokens are fading. Several projects, including $TRUMP, $BONK, and $FARTCOIN, launched on the meme coin launchpad Pump.fun, showcasing significant gains and attention.

"The success of meme coins on Solana is a testament to the network's ability to foster innovation and engage users," said an analyst at BestCasinos.com. "These projects have brought a lot of attention to Solana, and they are a big part of what is driving the network's growth."

Solana's network struggles spark demand for Solaxy, a high-utility Layer 2 project

However, Solana's rapid growth and increasing transaction volume have also caused congestion on the Solana network, similar to previous instances in late 2023 and early 2024, resulting in slower transaction speeds and higher fees.

To address these scalability challenges, the development of a Layer 2 blockchain named Solaxy (SOLX) is underway. Designed to be infinitely scalable and multi-chain compatible, Solaxy aims to alleviate network congestion while maintaining the viral appeal of meme coins.

The presale has successfully raised over $37 million, showing strong ongoing interest even as broader market conditions remain challenging.

"Solaxy is a unique project that combines the best of blockchain technology with the meme coin phenomena that swept the crypto sphere in 2024," added the analyst. "It's no surprise that the project has attracted a lot of attention from investors."

As a scaling solution designed to prevent overload on the Solana blockchain when meme tokens launch, Solaxy addresses a critical need in the ecosystem, making it an appealing project for investors looking at the future of Solana-based tokens.

Development updates reflect active progress, with the team fixing user interface issues and enhancing the overall user experience. Notably, Solaxy has introduced a testnet, which is uncommon for many meme coin projects, suggesting a more serious and functional use case behind the token.

The testnet's performance metrics, such as transaction count and transactions per second, demonstrate a working and evolving blockchain environment. Upcoming features like a bridge, an integrated development environment (IDE), and a wiki indicate a roadmap focused on expanding utility and accessibility.

The $SOLX token is currently available for purchase directly through the BestCasinos.com app at a price of just $0.001728 per token. Buyers have the convenience of using either cryptocurrency or a traditional bank card to complete their purchase.

For early adopters looking to maximize returns, staking is also available at an attractive annual percentage yield of 107%. So far, more than 10.7 billion $SOLX tokens have already been staked, highlighting the growing confidence and interest in the project among early investors.

The token will be tradable on both centralized and decentralized exchanges after the presale, with hopes for listings on reputable platforms to boost liquidity and exposure.

The combination of strong DApp performance, growing institutional interest, and ongoing infrastructure improvements like the Solaxy Layer 2 solution suggests that Solana is poised for continued growth and relevance among altcoins.

With growing adoption and utility, the Solana blockchain could further solidify its position as a leading altcoin platform, attracting more investors. To take part in the $SOLX token presale, visit solaxy.io.