The first-ever Solana Layer-2 chain - Solaxy (SOLX) - is creating a strong buzz in its presale.
Both smart money investors and retailers are among the early buyers, which has pushed SOLX’s presale total past the $1 million mark in less than a week.
Solaxy presents a cutting-edge idea - using the roll-up architecture to tackle the growing network congestion on Solana and offer improved throughput and scalability ahead of the upcoming meme coin mania.
The ambitious project has impressed prominent crypto influencers, with many calling it the next 10x crypto.
Coinbase Sounds Alarm On Solana’s Network Congestion
The leading US-based crypto exchange Coinbase has raised serious issues regarding the Solana ecosystem.
Prominent NFT trader Bangerz noticed that the exchange showed a 45-minute wait time for Solana transactions. In response to her complaints on X, Coinase Support responded that the delay could be due to wallet maintenance or blockchain issues.
We understand your Solana transactions are experiencing delays, which can be due to wallet maintenance or blockchain issues.Our team is aware and working on a fix, but we don't have an estimated resolution time. (1/2)^GS
— Coinbase Support (@CoinbaseSupport) November 28, 2024
Coinbase in-app customer service agents have also privately communicated that Solana is slow, a stark difference from the chain’s public marketing.
my usdc sol deposit has been pending for 3 days“SOL is also slow on its own” https://t.co/lzChKMNleZ pic.twitter.com/IOm4I8IZga
— saori (@saori_xbt) November 28, 2024
This isn’t a one-off issue. Back in March and April of this year, Solana’s blockchain was seeing extremely high congestion, with a failure rate of 50%-80% and 20s-40s Average Ping Time, crypto analyst Dagnum P.I. revealed.
While Solana fixed the issue back then, Research Partner at 1KX Wei Dai believes that the blockchain’s tech could see extreme congestion in the coming meme coin supercycle, resulting in a mass exodus of apps and users from the ecosystem.
In this regard, Solaxy’s Layer-2 rollup architecture could prove to be a game-changer in the coming months.
Solaxy - The First-Ever Solana L2 Rollup
Solaxy’s rollup architecture promises an excellent user experience for investors and app developers alike.
Much like its Ethereum counterparts, this L2 chain will batch Solana L1 transactions into bundles, process them off-chain and publish them back onto Layer-1 for finality.
The approach significantly increases the network throughput, reduces the burden on the Solana Layer-1 and could potentially deliver extremely fast and cheap transactions on both chains.
Meanwhile, app developers can benefit from Solaxy’s modular architecture, create tailored apps and deliver peak performances.
This new chain could particularly play a key role in making sure that Solana remains the hotbed for meme coin and NFT activity in the 2025 risk-assets supercycle. Read Solaxy’s whitepaper for more on its next-gen features.
Is SOLX The Next 10x Crypto?
Solaxy’s native cryptocurrency, SOLX, promises excellent scalability and cheap transactions while also benefitting from Ethereum’s liquidity and security, thanks to its multi-chain nature.
It also means that the new token could see heavy investments from both SOL and ETH holders alike, raising its long-term ceiling.
As such, SOLX has appealed to retailers and smart money investors alike. For instance, savvy investors are impressed with its community-centric tokenomics, considering there is no separate allocation for the developer team or any private sale, which significantly reduces the risk of a rug-pull.
Similarly, Solaxy’s native staking platform has appealed to retail investors, considering it is currently offering a reward rate of just under 1200% per annum.
25% of the total SOLX supply has been set aside for staking and community rewards.
A transparent roadmap, multiple security audits and popular X and Telegram accounts all indicate a strong possibility of explosive returns for SOLX.
It is, therefore, no surprise that prominent crypto influencers are already calling Solaxy the next 10x crypto.
Interested buyers can visit the SOLX presale at solaxy.io and buy the token with just a few clicks, either through a bank card or by swapping crypto.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
