A new Solana cryptocurrency is seeing significant hype and FOMO, despite the broad-based correction in the crypto market.
Solaxy (SOLX), the first-ever Solana Layer-2 token, has raised $3.5 million in its ICO in just one week, signalling strong adoption and upside potential.
Considering its low-cap nature, in-demand utilities and the ambitious mission of improving Solana’s scalability, SOLX has appealed to smart money investors and retailers alike, with many experts already calling it one of the best cryptos to buy now.
How Solaxy Is Set To Tackle Solana’s Growing Network Congestion?
There are growing concerns regarding Solana’s scalability and network throughput, especially in light of the coming bull market.
Earlier this month, Coinbase Support claimed multiple times that the Solana network was facing high congestion, resulting in slow transactions.
SOL bulls claimed that Coinbase is defaming Solana with the intent of pushing Base, the exchange’s Ethereum Layer-2 chain. However, Solana’s network congestion has been well-documented.
During this year’s meme coin mania in March and August, Solana saw nearly 75% of its transactions fail.
Considering experts believe that the meme coin supercycle hasn’t even started yet, these scalability and network congestion issues could resurface again.
However, Solaxy could prove to be a game-changer. It is the first Solana Layer-2 chain and will use a roll-up architecture, similar to Ethereum’s L2 chains like Arbitrum and Optimism.
Solaxy will bundle Solana’s L1 transactions into separate batches, process them off-chain and publish the final results back on Layer-1. This will significantly reduce the burden on Solana without compromising its security and other fundamental attributes.
Solaxy promises improved scalability, high network throughput and fast and cheap transactions on Solana. With such an ambitious goal, it is no surprise that the project is creating a strong buzz and has raised over $3.5 million in its ICO.
Is SOLX The Best Crypto To Buy Now?
Besides Solaxy’s cutting-edge Layer-2 technology, its native token has also impressed smart money investors.
For instance, SOLX is a multi-chain token. Not only does it offer Solana’s improved scalability but also Ethereum’s security and liquidity. Following its IEO, SOLX will go live on several chains, gaining maximum visibility among potential investors.
Similarly, the new token has adopted community-centric tokenomics, with no separate allocation for the developer team or any private sale. According to its whitepaper, 30% of the token supply has been reserved for ecosystem development while the remaining 25% has been allocated towards community rewards.
The remaining SOLX tokens have been split amongst the project’s treasure, marketing initiatives and CEX listings.
Similarly, the project has taken strong steps to ensure that SOLX is a safe investment. For instance, its smart contract has been audited by Coinsult, which did not reveal any vulnerabilities or centralization risks.
The smart contract ownership has been renounced, which means that the developer team cannot blacklist investors, set any selling fees or disable training. There is also no honeypot feature.
Most new cryptocurrencies do not offer such safety even before their launch.
Moreover, Solaxy also has a native staking pool, which is currently offering a reward rate of over 1000% per annum.
Thanks to its unique value proposition, smart money investors are bullish on SOLX’s upside potential. NASS Crypto, a YouTuber with over 1 million subscribers, has called Solaxy the next iteration of the Layer-2 technology in a rescind video, which already has nearly 100k views in just over a day.
Meanwhile, other prominent investors are eyeing anywhere between 100x and 1000x returns from SOLX following its IEO, considering its small-cap valuation, calling it the best crypto to buy now.
However, time is running out for interested buyers who are looking to reap the maximum returns. The presale stages are quickly selling out, pushing up the SOLX price. Meanwhile, the Solaxy staking reward rate is dipping with increasing demand.
Interested buyers can purchase SOLX with just a few clicks using the over-the-counter widget on the presale website. They are also advised to follow the project’s X and Telegram accounts for the latest updates.
