Can Solana Build a $55B Layer-2 With Solaxy? ICO Nears $24M

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Solaxy ($SOLX) has surged past $23.7 million in funding, with its presale maintaining strong momentum despite a steep market correction.

With Ethereum’s Layer-2 ecosystem once reaching a peak of $55 billion in Total Value Secured (TVS), Solana – DeFi’s next top contender – is gearing up to challenge it, starting with the launch of its first Layer-2 solution, Solaxy.

Solaxy currently stands as the only solution to Solana’s persistent network congestion problems and offers early investors the opportunity to support the project and improve the user experience for all Solana users.

The current funding stage for the project puts a price of $0.001648 per Solaxy’s native token, $SOLX. However, the token’s price will undergo a slight tick in price as the presale stage progresses to the next.

Ethereum Layer-2s Boosted Its Ecosystem; Solaxy Aims To Do The Same For Solana

The total value secured (TVS) of rollups on Ethereum peaked at over $55 billion in December, led by Layer-2 solutions such as Arbitrum, Base, and OP Mainnet.

While TVS has since declined by 36% to $35 billion, Ethereum’s Layer-2 ecosystem remains strong, continuing to enhance scalability, reduce transaction costs, and improve efficiency while maintaining the security and decentralization of the mainnet.

These improvements have fueled Ethereum’s adoption and network growth. User Operations Per Second (UOPS) have climbed to 229.23, with a scaling factor of 16.37 – highlighting a significant increase in transaction processing capacity compared to Ethereum’s base layer, according to L2 Beat.

L2BEAT – The state of the layer two ecosystem

By handling most transactions off-chain, L2s have also helped reduce costs, addressing the congestion and high fees that emerged during Ethereum’s DeFi and NFT boom post-2020.

Transaction Costs – growthepie

With these advancements, Layer-2s are expected to play an even bigger role in Ethereum’s future. Investment management firm VanEck projects that the Layer-2 ecosystem could expand into a $1 trillion market by 2030.

However, Ethereum isn’t the only blockchain making strides in DeFi scalability.

While it remains the dominant network, Solana is evolving beyond its reputation as a hub for meme coins.

Now, with the development of its first Layer-2 solution, Solaxy, Solana is positioning itself to compete directly with Ethereum’s scaling ecosystem – potentially claiming a much larger share of the DeFi market.

Solaxy’s Developer Upgrades Bring Its Launch Much Closer

Solaxy is currently the only solution addressing the persistent issues that have plagued the Solana blockchain since its inception.

Solana has experienced multiple outages, including a 17-hour downtime in 2021 caused by memory overflow from Grape Protocol IDO bot transactions on Raydium and a 19-hour outage in 2023 due to a malfunctioning validator congesting the “Turbine” protocol.

With the introduction of Solaxy, Solana will have its first rollup solution, reducing the burden on the main blockchain by handling the majority of transactions. Over time, this could make Solana more competitive against Ethereum, attracting more DeFi-focused dApps to its ecosystem.

Solaxy’s recent developer upgrades indicate how the project is improving liquidity and developer experience.

It has successfully tested Hyperlane integration, enabling seamless asset transfers between Solana L1 and Solaxy’s rollup on devnet. Deposits and withdrawals are now live, making moving funds in and out of Solaxy easier.

Next, the team plans to launch a stable production version and expand asset support beyond SOL. On the developer side, Solaxy has integrated the latest Sovereign SDK and improved Solana CLI compatibility, making it easier for developers to build and interact with the network.

Block explorer and Solana-native tool support are now available, and further optimizations will simplify program deployment and interaction on the rollup devnet.

$SOLX: Looking At Potential Value

With Solaxy nearing its potential launch, Solana fans could be in for a major upgrade that might help $SOL reclaim its previous all-time high of $293.

The last time $SOL hit that price level was last month, coinciding with the surprise debut of Official Trump ($TRUMP) and yet another episode of network congestion on Solana.

With Solaxy in place, a potential meme coin superstar launching on Solana wouldn’t have to face the same transaction processing slowdowns.

If Solaxy delivers a massive improvement to Solana, it could achieve a valuation comparable to Ethereum’s top rollups, which are currently valued at over $1 billion.

Should that happen, the ongoing Solaxy presale could present the lowest entry point for investors looking to get in early on this pioneering solution.

Solaxy: Get In On The Ground Floor Of Solana’s First Layer-2 Solution

To join the ongoing presale, visit the Solaxy website and connect your wallet—such as Best Wallet – to purchase $SOLX.

Best Wallet’s multichain support makes it the ideal platform for $SOLX, which is currently available on Ethereum and has recently expanded to Bitcoin, with a Solana launch coming soon. You can download Best Wallet on Google Play or the Apple App Store.

Join the X and Telegram community to stay updated with Solaxy’s latest developments.

Learn more about Solaxy’s technology.

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