Rarely do utility tokens package themselves as memecoins, given their serious nature of operations and company. However, Solaxy adopts a more storyline-centric, comical approach to convey its use case to potential users.
With its innovative Layer 2 solution, Solana’s recently emerging blockchain issues may find some rest soon, investors speculate.
Meme Coin With a Scalable Solution for Solana
The increasing demand for Solana has not been without multiple challenges. As one of the best and fastest-growing blockchains in the space right now, Solana has seen a surge in both transactions and development activity. This growth has caused several problems, including network congestion, slow transaction speeds, and a rise in failed transactions.
For developers and end users alike, these issues have hindered seamless operation, making it difficult for the blockchain to scale effectively. Naturally, such a situation could end up risking the reputation of Solana that it has built over the years — as a better alternative to other costly and slower options.
This is the reason for Solaxy’s introduction. The project, packaged as a memecoin, introduces a Layer 2 solution designed to address these concerns. By utilizing off-chain processing, Solaxy plans to divert Solana’s transaction burden from its Layer 1 to Solaxy’s Layer 2.
With this use case, Solaxy not only improves transaction throughput but also ensures lower costs and higher reliability. It shall feature the bundling of transactions, which would allow for reduced network congestion, while its modular design would support customization, making it easier for developers to create DApps. This may not instantly come off as a day-to-day application-based utility for many retail investors but could be a huge benefit for developers.
Depicting a timeline of blockchain development across centuries, the project also pays attention to its design element, which aims to portray it as a relatable memecoin. Solaxy is portrayed as the futuristic version of blockchain technology, essentially conveying its mission to make Solana better than its current state.
So far, Solaxy has been successful too, as the project — despite its utility-driven nature — has attracted thousands of followers across various social media platforms.
Presale and Tokenomics
Solaxy has already gained significant attention and has raised more than $200k during its ongoing presale phase. With audit entities like Solidproof and Coinsult having given it good safety ratings as well, investors have been confidently considering Solaxy’s native token SOLX as a safe investment with high growth potential.
The project’s staking functionality adds to its appeal further by offering high APYs. As it is still in its presale stage, early investors shall have the opportunity to benefit from these rewards the most, as the rewards shall go down with each passing presale stage, leading up to the launch.
Solaxy’s tokenomics are also structured to ensure sustainable growth. The allocation is as follows:
- 30% of the tokens are dedicated to product development, ensuring the technical complexities of the Layer 2 solution are addressed effectively.
- 25% is reserved for community rewards, encouraging engagement and participation.
- 20% is held by the treasury to support the project’s future needs, which could include multiple elements that may directly or indirectly affect project growth.
- 15% is allocated for marketing, which the developers promise shall be carried out aggressively in the coming weeks to help reach a wider audience.
- 10% is set aside for listing liquidity, ensuring a smooth transition to exchanges.
Why Are Rollups the Need of the Hour?
The fast adoption of blockchain technology has led to unprecedented network demand, pushing the limits of scalability and efficiency — not just for Solana but for many other leading blockchains too. But as one of the most active blockchains at the moment, Solana has been recording a huge influx of developers, users, and decentralized applications.
This surge, while a testament to its popularity, has brought significant challenges such as congestion, higher transaction costs, and intermittent failures, as mentioned above. As blockchain ecosystems grow, these issues threaten to undermine the seamless experience users have come to expect, making scalability solutions indispensable.
This problem has plagued Solana users for some time now, evident through their various tweets, analyses, and posts on other social media platforms.
Rollups are among the most effective solutions to this problem, providing an additional layer of infrastructure to alleviate the pressure on Layer 1 networks. Acting as an off-chain processing mechanism, rollups bundle transactions together and execute them on a separate layer before finalizing them on the main blockchain. This reduces congestion and significantly improves speed while maintaining the security and decentralization of the base layer.
For Solana, the need for rollups is particularly urgent due to its high transaction volume and active community. Solaxy’s Layer 2 rollup not only supports seamless operation but also elevates Solana’s performance by introducing advanced scalability features. By diverting a significant portion of transactions to Solaxy’s Layer 2, the network’s main layer can maintain optimal performance, even during peak usage.
Developers building DApps on Solaxy’s Layer 2 can also benefit from lower costs and faster speeds, all of which ultimately make it a project with huge potential as an investment.
With an active Twitter and Telegram channel and an engaging community, it may not be surprising to see the SOLX token pump upon its launch and record some serious gains in the coming weeks or months.
