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Solana L2 Project Solaxy Passes $22M in ICO as Expert Names it the Next Crypto to Explode
This article was published more than a year ago. Some information may no longer be current.
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Solaxy (SOLX) has quietly raised over $22 million in its ICO – positioning itself as the world’s first Layer-2 solution for Solana.
With the project’s native SOLX token receiving enormous attention on social media, is it set to become the next big thing in blockchain scaling?
How Solaxy Solves Solana’s Network Congestion with Layer-2 Scaling
Solaxy is taking on a challenge that Solana users know all too well – network congestion.
Although Solana is fast and cheap, its popularity over the past year has led to several serious “traffic jams.”
Transaction failures during peak times aren’t uncommon, and users often find themselves waiting longer and paying more than they expected.
Solaxy offers a practical fix: handle transactions off-chain first, then settle them on Solana’s main network.
It’s a simple idea that makes a big difference – less congestion when it counts.
Plus, since Solaxy bundles multiple transactions together, it slashes fees and processing times.
Developers will also benefit from Solaxy’s modular setup.
Instead of cramming every app into a one-size-fits-all solution, they can tailor their scaling strategies.
This approach could be huge for busy applications like DEXs.
And if that wasn’t enough, Solaxy’s team also plans to bridge Solana and Ethereum.
This cross-chain bridge would let users tap into Solana’s speeds while still accessing Ethereum’s liquidity.
It’s about getting the best of both worlds.
Solaxy ICO Passes $22M as Investors Eye SOLX Token DEX Launch
Solaxy’s ICO has now topped the $22 million mark.
The native SOLX token is priced at just $0.00164, with early investors jumping in before the next price bump in under 48 hours.
Most of the early buzz is because of how unique Solaxy’s ecosystem is.
Ethereum boasts several Layer-2 solutions, but Solana – despite its congestion issues – has been lacking in that department.
That gap has made Solaxy’s timing spot on.
Excitement is also building around SOLX’s planned DEX launch.
Unlike some projects that dangle future utility, Solaxy’s team has mapped out a clear roadmap for after the crypto ICO wraps up.
They’ve set aside 10% of the total supply (13.8 billion SOLX) for DEX liquidity.
These plans have caught the attention of some major crypto influencers, including ClayBro, who said that Solaxy could be the next crypto to explode.
ClayBro also pointed out Solaxy’s enormous staking rewards, estimated at 182% per year.
Since the staking app went live, investors have locked up over 6.3 billion SOLX.
Why Solaxy’s Launch Aligns with Solana’s Bullish Outlook
Solaxy couldn’t have picked a better time to launch.
JPMorgan recently raised its Solana price target to $500 by 2026 – and some analysts think it could go even higher.
The bank pointed to rising institutional interest and the possibility of spot ETF approval as key catalysts.
An SEC-approved ETF could land as early as March, potentially prompting a wave of capital similar to when spot BTC ETFs launched.
At the same time, Solana’s DeFi scene keeps growing, with total value locked (TVL) recently climbing to $12.1 billion.
That momentum circles back to why Solaxy is becoming so relevant.
As more users and capital flood into Solana, congestion issues will only worsen – making Layer-2 solutions like Solaxy more of a necessity.
VanEck projects Solana’s market share in the smart contract space to rise from 15% to 22% by the end of the year.
If Solaxy can get even a tiny piece of that ecosystem, SOLX investors could be in line for sizable gains.
