Solana Layer 2 Solaxy ($SOLX) has raised $27 million in its giant presale, underscoring the popularity of the go-to next-generation blockchain.
Solaxy is gaining a lot of attention for its plan to obliterate the congestion problems afflicting the Solana network.
But Solana’s growing pains are not holding it back, and there is much more to be achieved with the implementation of Layer 2 scalability solutions like Solaxy.
Solana ($SOL) is trading 1.7% higher at $133, as all major altcoins plus bitcoin trade in the green. Bitcoin is shifting up a gear to $85,741 in a 3.6% move.
Among the Solana coins, a clutch of them has shown resilience over the past 24 hours. Dogwifhat ($WIF) is up 8.75% at $0.495, Fartcoin ($FARTCOIN) advanced 24% to $0.344, decentralized exchange native token Raydium ($RAY) is at $1.85 for a 10.8% gain and SPX6900 ($SPX) is 7.6% higher to $0.437.
$SOLX is priced at $0.001668 but there are only 24 hours to go before the presale price increases in its 60th stage.
Given its strong scaling use case and fundraising, the price of the native token is set to explode at listing.
Meme coins like $WIF have risen 31,018% since their lows, so imagine what a coin that builds stuff to solve real-world problems can achieve.
As crypto assesses yesterday’s rate decision, dot plot, and Powell comments on what it means for the direction of US Federal Reserve monetary policy, the market is stabilizing as bulls prepare for a renewed charge.
Chairman of the Fed Jerome Powell and the Federal Open Market Committee (FOMC) members are struggling with the competing challenges of a possible tariff-inspired resurgence of inflation and a simultaneous dent to confidence and growth from the same source.
The Fed has yet to decisively determine which way it will turn, but dovish noises indicating that interest rate cuts are still very much in play (albeit for the second half of the year) will bolster risk assets, including crypto.
Financial markets liked Powell’s reassuring tones on inflation and recession, which suggested that the risks on either side of the equation were likely to balance each other out. The total crypto market cap is up 1.4% to $2.9 trillion.
Interestingly, BlackRock’s Robbie Mitchnick, global head of digital assets at the asset manager, thinks that recession is actually a tailwind for bitcoin.
“A recession would be a big catalyst for bitcoin,” he says based on its scarcity, decentralization and “independence from traditional monetary systems”.
In other words holding bitcoin – and we might add crypto more broadly – is a good hedge in times of economic stress.
Solana watchers focus on how innovative developments like Solaxy will make it the main commercial rail of crypto
Whatever Powell and the FOMC’s final direction of travel, the prospects of a ‘Fed Put’ backstop for the markets are waning.
But looking past the macro noise, Solana-watchers are focused on the next development milestone steps for the Solana blockchain as it celebrates its fifth year of existence.
Alongside the coming launch of the Firedancer client, more immediately implementable solutions like Solaxy’s Layer 2 are likely to provide robust solutions for those transacting on Solana today and into the future.
Also, if anyone thinks Solana is just about meme coins, they would be making a mistake that could cost them.
Solana is positioning itself to be the No.1 chain for running decentralized applications, supplanting Ethereum and its myriad would-be challengers.
Solaxy is the first Layer 2 chain on Solana ($SOL), and it has set its sights on no bigger target than solving the scaling roadblocks that have emerged as a major problem of its success.
Whether it is new addresses, daily transactions or daily active addresses, Solana is the clear winner among the top blockchains (see the charts below).
Solana ETFs launch, Messari lists Solaxy among the most noteworthy Solana innovations
If successful in its scaling ambition, Solaxy could cement Solana’s position as a far more reliable blockchain for users and developers and a more compelling choice for investors backing Solana-based projects.
Solving the congestion problem will establish Solana as the foremost commercial rail of the crypto industry by surpassing Ethereum as the home of DeFi.
Solaxy is at the center of a paradigm shift in the economics of blockchain transactions – making them cheap, fast and reliable.
Solana is already making deep institutional inroads. Yesterday the first Solana futures products started trading on the CME derivatives exchange.
Today (Wednesday 19th) that debut was followed by the launch of two Solana futures ETFs, the Volatility Shares Solana ETF (ticker SOLZ) and the Volatility Shares 2X Solana ETF (SOLT).
Research and data site Messari lists Solaxy among the most notable recent upgrades and innovations on the Solana chain:
Agave v2.1 Update: This update has improved network performance by optimizing block limits and introducing a greedy scheduler, reducing mean slot times below 400ms.
Protocol Upgrades: Upcoming protocol upgrades aim to enhance network sustainability but may reduce validator revenues, raising concerns for smaller operators.
Solaxy Layer-2 Solution: Solaxy is a new Layer-2 solution that uses rollup technology to improve transaction efficiency, potentially pushing Solana’s price past $300 by addressing congestion and scalability issues.
All told then, there are multiple reasons why you should consider contributing to the Solaxy presale. One other is the staking rewards.
Currently, if you buy and stake $SOLX today you could earn a return of 151% over a 12-month period, although bear in mind the yield changes dynamically with the level of deposits into the smart contract.
Solaxy devs working on a powerful easy-to-use wallet, launchpad and multi-chain bridge
Judging by the most recent dev update from the Solaxy team, great strides are being made in bringing the product to fruition.
First up on the development is wallet support for non-technical users.
Solaxy’s developers have initiated collaboration with major wallet providers to ensure seamless support for its rollup.
Rollup is the batching process for transactions, which are ‘rolled up’ before they are recorded on the Layer 1 chain.
The wallet support work aims to facilitate users’ interactions with Solaxy ($SOLX) without requiring technical expertise.
Meanwhile, discussions are moving forward with key platforms to facilitate token launches on Solaxy, ensuring a smooth and accessible launchpad experience for projects looking to deploy on the Layer 2 network.
Over the past couple of weeks developers have focused on benchmarking and refining Solaxy infrastructure to enhance performance.
According to the dev update, these improvements deliver: lower latency and higher bandwidth (more transactions per second); reduced fees for users; and optimized on-chain data storage on Solana L1, minimizing unnecessary costs and maximizing efficiency.
Finally, devs are working on a dedicated bridge user interface, using Hyperlane’s repository. The bridge will enable seamless cross-chain transfers between Solana, Ethereum, Base, and Solaxy.
$SOLX could pump 50x – here’s how to join the Solaxy presale
YouTube crypto expert Borch, with 87k subscribers, thinks Solaxy could be the next 50x presale because of its first-mover advantages, which place it at the center of the technical advancements that are moving the Solana ecosystem to the next level.
To contribute to the presale, visit the Solaxy presale website and connect your wallet – such as Best Wallet.
Best Wallet’s multi-chain capability provides a friction-free 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.
You can download Best Wallet today from Google Play or the Apple App Store.
Keep up to date with the latest Solaxy developments by joining the project’s X and Telegram communities.
The post No Fed Put But Powell Stance Lifts Crypto – FARTCOIN Jumps 24%, Solana Layer 2 Solaxy Blasts Past $27m appeared first on Cryptonews.
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