Things change in crypto really quickly – just a couple of months ago the sentiment on the market was heavily bullish with a pro-crypto president taking office in the US.
Bitcoin, along with top altcoins such as Solana were trading at all-time-high levels. The SOL price is one of the best stories in this bull run since it pumped from $15 to over $294 in the span of 20 months.
However, Solana is now trading around 60% lower from its all-time high range. What’s even more worrying is that on-chain metrics are decreasing as well.
For example, the number of active wallets and number of new wallets created on Solana are over 50% down now in March compared to what we had in January.
However, if this bull run taught us anything, it’s that Solana emerged as a top layer-1 solution, “beating” Ethereum in many on-chain metrics, including trading volume.
Despite the recent SOL price crash and declining metrics, Solana is far from dead. The network continues to process millions of transactions daily with minimal fees, and developers are still actively building on the platform. Major projects and partnerships remain intact, showing that the underlying technology and ecosystem have staying power beyond short-term price movements.
In fact, this temporary downturn may actually present opportunities for new innovations like Solaxy to establish themselves within the Solana ecosystem before the next potential market upswing.
When the real bull run returns, Solana could again play a pivotal role in the market. This is what Solaxy is aiming to use, as the first layer-2 solution on Solana. Their native token SOLX is currently in presale priced at just $0.00166. Over $25.8 million has been raised since the presale launched in December.
Why Solaxy Stands Out in the Solana Ecosystem
Solaxy is the first layer-2 solution built specifically for Solana. It uses rollup technology to make transactions faster and more reliable while keeping Solana’s security intact. This helps Solaxy handle more than 50,000 transactions every second – much more than Solana’s 4,500 TPS.
One of Solaxy’s key features is its cross-chain bridge. This bridge lets users move assets between Solana, Ethereum, Base, and Solaxy itself. The team is working with Hyperlane to build this connection between different blockchains, making it easier for users to access their crypto across multiple networks.
Staking is another attractive feature for potential investors. By staking SOLX tokens, users can earn passive income over time. Many early supporters have already locked up more than 7.2 billion SOLX tokens, with rewards set to be distributed over three years after the presale ends.
Technical Innovation: Solaxy’s Rollup System
What makes Solaxy different is how it solves Solana’s scaling problems. The platform processes transactions off-chain using zero-knowledge rollups. This means it can bundle thousands of transactions together before confirming them on Solana’s main network.
This approach helps avoid congestion during busy times and reduces failed transactions. Users also benefit from lower fees – Solaxy transactions can be up to 65% cheaper than regular Solana transactions.
The system uses a dedicated sequencer to keep transactions in order and prevent bottlenecks. This helps maintain fast processing times with less than 100ms of delay. Solaxy also partners with Celestia for data storage, which keeps information accessible without overloading Solana’s network. It’s also worth noting that many crypto veterans such as ‘Borch’ who has over 87k subscribers on YouTube are starting to notice SOLX.
The SOLX token does several important jobs in the ecosystem. It’s used for transactions, staking rewards, development funding, governance voting, and paying gas fees within the network.
Developers will find Solaxy especially useful because it offers ready-made components for building apps, meme coin platforms, and games. The system works particularly well for meme coins and small transactions because it’s designed to handle many small-value transactions efficiently.
With its technical advantages and position as Solana’s first layer-2 solution, Solaxy is catching the attention of blockchain experts who see its potential to enhance the Solana ecosystem when the market rebounds. Until then and a highly-anticipated launch in a few weeks, you can buy SOLX token at a discounted price in presale.
Read also: $1,000 In Cardano (ADA) or SOLX? AI Has a Clear Winner and the Best Altcoin Pick
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