The Solaxy ($SOLX) team is putting in place the final pieces before the token launches on exchanges, and FOMO is building among investors.
Its presale raise has cruised past $54 million threshold and is averaging $1 million in daily inflows. At the current rate, the total raise could top $60 million before $SOLX lists on the open market.
Solaxy is one of the largest presales of the year and the largest–ever on the Solana blockchain, a clear testament to its post-exchange launch potential.
The team has promised that $SOLX will list on “major exchanges” following the presale, although it has yet to reveal which ones. But as the first-ever Solana layer 2 blockchain, it’s almost certain that Solaxy is on the radar of listing teams at Binance, Coinbase, Kraken, and the rest.
Right now is the last chance for investors to buy $SOLX at a fixed and discounted price of $0.001766. However, there are under six days until Solaxy lists on exchanges.
Solaxy team burns $62M worth of $SOLX tokens
In what might be the most aggressive purposeful wealth destruction event in crypto history, the Solaxy team has just burned $62 million worth of $SOLX tokens. The move wasn’t just a bold publicity stunt (although it went viral on X); it was an effort to ensure the long-term economic health of the Solaxy ecosystem.
With less $SOLX in circulation, investors and users have a narrower pool of tokens to buy. This concentrated demand will have a better impact on the $SOLX price, which could lead to substantial value appreciation.
The team burned 35,046,000,000 $SOLX, which were worth $62 million at the time. However, they could be worth a lot more once the token lists on the open market. In hindsight, there’s every chance that this event will be considered a billion-dollar burn.
The Solana layer 2 blockchain that delivers on its roadmap
Solaxy isn’t just ambitious; it’s executing on its promises.
The project is weeks away from launching the world’s first Solana layer 2 blockchain, with the official mainnet launch scheduled for 7 July.
Despite the presale being ongoing, the team has already delivered on multiple roadmap plans. Notably, the Solaxy test network is live, allowing users to transfer assets to the network, track on-chain activity, and deploy tokens.
But what’s Solaxy trying to achieve? It will handle some of Solana’s workload to eradicate the network’s pressing congestion issue. Congestion on Solana results in longer wait times and higher rates of transaction failures during periods of peak network activity.
Solaxy will use off-chain computation and transaction bundling technology to increase scalability. It’ll be cheaper, faster, and more reliable than Solana.
Fueled by the Hyperlane bridge, users will easily be able to transfer digital assets onto the Solaxy blockchain without compromising on security. And Solaxy won’t just connect to Solana; users can even bridge Ethereum-based assets to the network.
Between these two ecosystems, there is a $70 billion TVL and $137 billion in stablecoins. Yet, Solaxy offers better speeds and fees than both. Could it be that a sizable portion of Ethereum and Solana liquidity migrates to the Solaxy blockchain once the Hyperlane bridge goes live?
Unsurprisingly, Solaxy is generating a huge buzz among top analysts. For example, Borch Crypto recently hailed $SOLX as “the best crypto to buy” and urged prospective investors to act quickly because the presale is set to end soon.
Solaxy launches $30,000 bounty for security experts
Solaxy is taking its launch seriously – they’ve just announced a $30,000 prize pool on Catina, inviting developers and blockchain security experts to research security flaws in the project’s smart contract code.
This is not an isolated event. The team has also received a smart contract audit from Coinsult, which found no issues with the project’s code.
It’s a massive assurance boost for prospective investors, reaffirming that Solaxy is safe and secure. For the team, security isn’t an afterthought; it’s a main priority.
With that, it appears that everything is falling into place for $SOLX to see long-term growth once it hits the open market.
Whether it generates 5x, 10x, or even 100x gains remains to be seen – but one thing is for certain – Solaxy has a bright future as the world’s first Solana layer 2 blockchain.
Follow the project on X or join its Telegram for updates. Alternatively, visit its website to buy tokens.
This article is for informational purposes only and does not provide financial advice. Cryptocurrencies are highly volatile, and the market can be unpredictable. Always perform thorough research before making any cryptocurrency-related decisions.