Solaxy: The First EVER Solana Layer 2 That Finally Fixes Solana

by

As a seasoned crypto analyst with over a decade of experience in the digital asset industry, I find myself constantly intrigued by the dynamic nature of this space. The recent surge in institutional adoption, driven by Bitcoin and Ethereum ETFs, has undeniably propelled the market to new heights.

As a researcher, I’ve observed that the introduction of Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs) this year has significantly boosted institutional adoption of cryptocurrencies to unprecedented levels. Given the crypto-friendly nature of the incoming US presidential administration and the broader market rally, Bloomberg analyst Eric Balchunas anticipates a wave of new crypto ETFs in the upcoming year. These potential additions could encompass XRP (XRP), Solana (SOL), as well as dual ETFs for enhanced diversity.

Following a quick drop below $2.40 last week, XRP bounced back to $2.50, securing its position as the third-largest cryptocurrency by market capitalization with a slight advantage over USDT worth approximately $2 million. On the other hand, SOL is finding it challenging to reach its November peak of $262.93.

Nevertheless, these tokens have demonstrated remarkable achievements this year and could potentially experience further growth if Balchunas’ forecasts are accurate.

Experts Predict the Arrival of LTC, HBAR, XRP, SOL ETFs (With a Catch)

Balchunas predicted various ETFs that might become available in 2025, although they may not launch simultaneously, including: Litecoin (LTC), Hedera (HBAR), Ripple (XRP), Solana (SOL), and a combined Bitcoin-Ethereum fund.

As a researcher, I posit that we might see Listed Cryptocurrency (LTC) Exchange-Traded Funds (ETFs) before their counterparts, given that Litecoin (LTC) is a hard fork of Bitcoin and has not been classified as a security by the Securities and Exchange Commission (SEC). Conversely, Hedera Hashgraph (HBAR) appears to be free from such SEC-related legal hurdles.

It appears that ETFs based on XRP and SOL cannot be launched while Gary Gensler remains in his role at the SEC, because the current SEC views these tokens as securities, despite a court ruling to the contrary.

Donald Trump designated Paul Atkins, an advocate for cryptocurrencies, as the prospective SEC chairman. This appointee could potentially loosen the regulatory control over these digital assets.

Hashdex, Franklin, and Bitwise have submitted applications for both Bitcoin (BTC) and Ethereum (ETH) ETFs, while Canary is the sole filer for ETFs focusing on Litecoin (LTC) and Hedera Hashgraph (HBAR). Balchunas expressed uncertainty about whether there’s a strong enough investor interest in altcoin ETFs.

Solaxy Aims to Fix Solana’s Scalability Limitations, Introduces a New Application Layer

For quite some time, there has been chatter regarding a SOL Exchange Traded Fund (ETF). Interestingly, the cryptocurrency once ranked third in size, Solana (SOL), is now trailing XRP by approximately $40 million. This shift could potentially be linked to concerns about the reliability of Solana’s network performance.

Solana has experienced issues such as network congestion, failed transactions, and downtime in the past. One significant incident occurred in February 2024, which persisted for approximately four and a half hours.

Essentially, Solana finds itself in a challenging position because of its own widespread appeal. Numerous meme coin projects have sprung up on Solana, attracted by its impressive transaction speed and the user-friendly tools like Pump.fun that require no coding. However, it seems that Solana’s infrastructure may not be fully equipped to manage such a sudden surge in demand.

As a crypto investor, I’m excited about the new Layer-2 solution, Solaxy, which is being developed on top of Solana’s robust infrastructure. This innovative approach aims to enhance both its reliability and affordability. By shifting transactions away from the primary chain, Solaxy effectively eliminates potential bottlenecks and outages.

The indigenous token of Solaxy, denoted by $SOLX, serves a purpose that transcends merely paying transaction fees. With its multi-chain infrastructure, it functions as a conduit linking Solana and Ethereum networks. This connection facilitates the movement of activities between two vast ecosystems and ensures seamless cross-network transactions.

Currently, you can purchase SOLX during its presale at a price of $0.001566, but keep in mind that the price is set to rise within approximately 44 hours and 30 minutes. In just one week, this project has successfully raised close to $2 million, which will primarily be invested into the development of the network.

A substantial portion of the funds is planned to be given out as staking rewards to early supporters. With an impressive Annual Percentage Yield (APY) of 1,827%, this could be a great chance to earn high potential returns once $SOLX becomes available on significant trading platforms.

If you’d like to back Solaxy or participate, feel free to check out their official site or drop by their X channel for further details.

Could Solaxy Push Solana to #3 Again?

As a crypto investor, I’m cautious about declaring that SOLX will be the next 100x cryptocurrency. Yet, its potential as a possible solution to Solana’s current issues is intriguing, making it an exciting prospect. Interestingly, several altcoins are currently experiencing significant growth, which adds to the appeal of keeping SOLX on my radar.

If Solaxy assists Solana in addressing the challenge known as the “blockchain trilemma” by enhancing its scalability, security, and decentralization, it may stimulate interest in SOL, potentially paving the way for the creation of Solana Exchange-Traded Funds (ETFs).

In addition, developers working with Solana will be presented with a completely fresh platform for creating applications during the current market surge. This could lead to a flurry of creative projects that were once thought impossible.

Read More

2024-12-18 13:27