Solaxy (SOLX), a new layer-2 scaling solution built to address Solana’s network congestion, has secured $8.9 million in presale funding.
The milestone comes as Solana struggles with transaction failures – with data showing that, on some days, over one-third of non-vote transactions fail to be completed.
Solaxy aims to tackle Solana’s scaling issues amid growing network strain
Solana’s increased adoption has introduced notable challenges.
As activity on the network has surged, users have faced delays and transaction failures, particularly during high-demand periods. The surge in meme coin trading and automated bot traffic has pushed the network close to breaking point – with failure rates climbing to as high as 50% during peak periods.
Solaxy aims to address these issues.
This new layer-2 solution tackles Solana’s scaling issues by processing transactions off-chain, bundling them, and settling them back on Solana’s mainnet. This approach eases congestion while preserving the network’s core security, drawing inspiration from other successful layer-2 solutions, such as Base and Arbitrum.
A key feature of Solaxy is its ability to keep the network running smoothly, even during heavy traffic. According to the project’s whitepaper, its transaction bundling mechanism is designed to handle the high volumes caused by meme coin trading and DeFi activity.
These are two of the biggest sources of strain on Solana. Ultimately, it’s about ensuring Solana can handle whatever the market throws at it.
SOLX token powers Solaxy’s ecosystem with governance & staking rewards
Powering the Solaxy ecosystem is SOLX, the project’s native utility token. Beyond its role in facilitating network functions, SOLX is integral to governance and staking within the ecosystem.
Currently available exclusively through the project’s presale phase, SOLX tokens have raised over $8.9 million to date. Priced at $0.001592 during the presale, tokens can be purchased using various cryptocurrencies or through card payments by connecting a crypto wallet.
While the presale remains uncapped,
Go to Source to See Full Article
Author: AMBCrypto Team
