Best Meme Coin to Buy? Solaxy Secures $16M for First Solana Layer-2
The post Best Meme Coin to Buy? Solaxy Secures $16M for First Solana Layer-2 appeared on BitcoinEthereumNews.com.
Once known for its speed, Solana now faces scalability challenges as demand from dApps and NFT marketplaces pushes its infrastructure to its limits. Solaxy ($SOLX) has secured over $16 million in funding to tackle Solana’s growing network congestion issues. Frequent network slowdowns and disruptions during peak usage periods have exposed vulnerabilities, raising concerns about Solana’s ability to sustain high-performance applications. To address these challenges, Solaxy is developing a Layer-2 solution aimed at reducing congestion, minimizing transaction failures, and enhancing overall network stability. https://x.com/SOLAXYTOKEN/status/1883923468137165020 By optimizing scalability, Solaxy seeks to ensure Solana remains fast, efficient, and capable of supporting long-term growth. Meanwhile, $SOLX is available at a presale price of $0.001618. Investors and blockchain enthusiasts monitoring off-chain transaction solutions are following the token’s progress, with its next scheduled price increase set to occur in less than 24 hours. Solana’s Network Congestion and Solaxy’s Layer-2 Solution Early 2024 marked a turning point for Solana as the network struggled with severe congestion amid a surge in crypto activity. Transaction failures and delays exceeded 75%, frustrating users and raising concerns about Solana’s status as a leading Layer-1 blockchain. The issue became more pronounced following the debuts of $TRUMP and $MELANIA, which further strained the network. 75% of Solana Transactions Are Failing as Bots Dominate Swap Count The Solana blockchain is experiencing a high rate of failed transactions amid massive trading volumes that has led to network congestion. 🗞 Read more: https://t.co/1IyudTmy3w pic.twitter.com/Ocuuraa44Z — Laura Shin (@laurashin) April 5, 2024 To address these challenges, Solaxy is introducing a Layer-2 solution designed to enhance Solana’s performance by reducing congestion and transaction failures during peak times. This approach leverages off-chain processing, where multiple transactions are bundled together before being submitted to Solana’s main network as a single, consolidated operation. By substantially reducing the main network’s workload, Solaxy…
Filed under: News - @ January 30, 2025 10:21 pm