The competition to scale Solana is heating up.

Solaxy (SOLX), the first Layer-2 solution explicitly designed for Solana, has just passed the $7 million mark in its presale.

The project, backed by investors eager to solve Solana’s challenges, aims to reduce network congestion and improve the overall user experience.

Solana Experiences Growing Pains but Solaxy Aims to Unclog the Network

Anyone active in the Solana ecosystem lately will be all too familiar with its pain points.

Network congestion has become a daily frustration, with around 42% of non-voting transactions failing during peak times.

The causes?

An influx of new users, the fast rise of meme coin trading, and a swarm of bots all vying for Solana’s limited network capacity.

This is where Solaxy steps in with its approach to scaling.

Instead of forcing even more transactions through the Solana mainnet, Solaxy eases the burden by processing transactions on a second layer.

It’s like adding extra lanes to a highway – traffic flows smoother, even during busy periods.

Solaxy’s approach centers around three key features: off-chain processing to handle the heavy lifting, transaction bundling to reduce costs, and secure settlement back on the main Solana chain.

What also sets Solaxy apart is its bridge between Solana and Ethereum, which opens new opportunities for developers who want to use both ecosystems.

SOLX Token Presale Takes Off & Raises $7M as Investors Jump In

Solaxy’s success hinges on its native token, SOLX, which has already caught the attention of investors.

In less than two weeks since its presale went live, Solaxy has raised over $7 million.

That’s a clear sign of the demand for Solana scaling solutions.

Early investors can cur