Solana Marks 5 Years as Its First Layer-2, Solaxy, Prepares to Launch with ICO Nearing $27M
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Solaxy’s ($SOLX) total funds raised are now less than $270,000 away from reaching the $27 million milestone.
As the first Layer-2 chain on Solana ($SOL) designed to tackle the mainnet’s scaling challenges, Solaxy is preparing for its launch – coinciding with Solana’s birthday on Sunday.
Solana recently marked its fifth year of existence, with founders reflecting on its journey from block 0 to a blockchain now valued at over $64 billion.
If Solaxy successfully enhances Solana’s ecosystem, its current presale price of $0.001666 could represent the lowest entry point for investors eyeing what could be the dawn of a massive Layer-2 sector on Solana. For context, Ethereum’s Layer-2 sector now exceeds $14 billion, with its top four solutions valued at over $1 billion each.
That said, the next presale stage is set to begin in less than 28 hours, and with it, a higher token price, making now a key opportunity to get in at a lower cost.
Launched in the Turmoil of 2020, Solana Rose to Challenge Ethereum – Now, Solaxy Is Set to Take It even Further
Solana’s genesis block was created precisely on March 16, 2020, a milestone that its founders recently reflected on.
The project debuted right when the COVID-19 pandemic struck, triggering widespread panic and causing the biggest market crash since 1987 – yet Solana pressed forward. As co-founder Raj Gokal recalled, the timing was far from perfect.
solana launched 5 years ago today:
– covid lockdowns were rolling across the world
– stock market just had the largest drop since 1987
– investors called every portco to call for layoffs
– every other launch in crypto was cancelled
Despite those challenging beginnings, Solana has grown remarkably. Today, the network boasts over 1,300 validators, has processed more than 408 billion transactions, and has facilitated nearly $1 trillion in decentralized exchange volume.
Thank you to all the relentless founders, devs, and nCMOs around the globe who have made Solana what it is today — 5 years in, we’re just getting started 🎊 pic.twitter.com/p89PynhjpJ
While Solana has surged to a $64 billion market cap, its journey is still far from over.
Though it hasn’t fully claimed the title “Ethereum killer” just yet, it’s worth noting that Solana is still only about half as old as Ethereum. In that time, Ethereum experienced major developments, notably the rise of Layer-2 solutions to address its slow transaction speeds, high gas fees, and scalability issues.
Solana has yet to undergo a similar phase of development – but that’s where Solaxy comes in. Positioned to solve Solana’s scaling challenges, Solaxy could be the catalyst that finally enables Solana to take on Ethereum in full force.
Just like Solana’s launch amid pandemic-induced market fear, Solaxy is emerging during a time when investor sentiment is clouded by uncertainty, setting the stage for a potentially powerful breakout.
How Will Solaxy Improve Solana?
Solana has faced persistent network congestion issues that have limited its ability to outpace Ethereum fully.
Solaxy aims to change that by implementing several key solutions: processing transactions off-chain to reduce the strain on Solana’s network, utilizing rollups to bundle transactions for improved cost-efficiency, and maintaining Solana’s strong security framework.
What is Solaxy? 🤔
Solaxy is the latest and greatest improvement to Solana that:
🛸 Processes transactions off-chain to reduce congestion
🛸 Uses rollups to bundle transactions for cost-efficiency
If successful, Solaxy could position Solana as a far more reliable blockchain for developers and a more compelling choice for investors backing Solana-based projects.
This would not just solidify Solana’s reputation for meme coin launches but also open the door for DeFi projects to thrive on the network.
Ethereum has steadily lost total value locked (TVL) share in DeFi, and a stronger, more scalable Solana could accelerate this shift – with Solaxy at the forefront of that value exodus.
What Would Be a Potential Return for $SOLX? Is 7x Conservative?
Now, the big question is: could $SOLX follow a growth trajectory similar to Solana and reach a billion-dollar valuation?
Two key factors could drive this:
How effectively Solaxy fuels the growth of Solana’s Layer-2 ecosystem.
Layer-2 success often mirrors its parent chain’s growth (as seen with Ethereum’s Layer-2 tokens rising alongside ETH).
Top Layer 2 (L2) Coins by Market Cap. Source: CoinGecko
If $SOLX achieves a $1 billion valuation, that would translate to a token price of roughly $0.007 – a 7x gain from its current presale price when factoring in total supply.
But there’s reason to believe Solaxy could surpass even that. As Solana’s first Layer-2 solution, Solaxy isn’t just entering the space – it’s pioneering it.
Best Wallet’s multi-chain support offers a smooth way to manage $SOLX, which is currently available on Ethereum. The wallet recently expanded to Bitcoin and is also gearing up for its upcoming Solana launch.
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