Jakarta, Indonesia, January 7th, 2025 - Solaxy (SOLX), a new layer-2 scaling solution for the Solana blockchain, has raised $8.9 million in presale funding. This funding comes at a crucial time as Solana faces significant transaction failures, with reports indicating that over one-third of non-vote transactions fail on certain days, and failure rates can reach 50% during peak periods.
Solaxy aims to alleviate these congestion issues by processing transactions off-chain and bundling them for settlement on Solana's mainnet, thereby maintaining network security while enhancing performance. The SOLX token, priced at $0.001592 during presale, serves as the ecosystem's utility token, facilitating governance and staking rewards.
As of now, over 2.9 billion SOLX tokens have been locked for staking, with rewards set to be distributed over three years post-launch. The presale remains uncapped, with 10% of the total supply allocated for exchange listings and 30% for ongoing development. The project has garnered substantial social media attention and has undergone successful audits to ensure security and transparency.