Solana’s Attempt to Mirror Ethereum’s $55B Layer-2 Ecosystem with Initial L2 Solaxy; ICO Reaches $23.7M

Solaxy’s ($SOLX) ICO has currently achieved total funding of $23.7 million and shows no signs of deceleration, even in the current market climate.

With Ethereum’s Layer-2 ecosystem having previously reached a peak of $55 billion in Total Value Secured (TVS), Solana – the next major competitor in DeFi – is preparing to challenge this, starting with the introduction of its inaugural Layer-2 solution, Solaxy.

Solaxy currently serves as the sole solution to Solana’s ongoing network congestion challenges and provides early investors the opportunity to support the initiative and enhance the user experience for all Solana participants.

The current funding level for the project assigns a value of $0.001648 per Solaxy’s native token, $SOLX. However, the token’s price is expected to experience a slight increase as the presale phase advances to the next stage.

Ethereum Layer-2s have certainly provided a significant boost, and Solaxy aims to do the same for Solana

The total value secured (TVS) of rollups on Ethereum peaked at over $55 billion in December, driven by Layer-2 solutions such as Arbitrum, Base, and OP Mainnet.

Although TVS has since decreased by 36% to $35 billion, Ethereum’s Layer-2 ecosystem remains robust, continuing to enhance scalability, lower transaction costs, and improve efficiency while preserving the security and decentralization of the mainnet.

These advancements have propelled Ethereum’s adoption and network expansion. User Operations Per Second (UOPS) have risen to 229.23, with a scaling factor of 16.37 – indicating a substantial increase in transaction processing capability compared to Ethereum’s base layer, according to L2 Beat.

L2BEAT – The state of the layer two ecosystem

By processing the majority of transactions off-chain, Layer-2 solutions have also contributed to reducing costs, addressing the congestion and high fees that arose during Ethereum’s DeFi and NFT surge post-2020.

Transaction Prices – growthepie

With these advancements, Layer-2s are anticipated to play an even more significant role in Ethereum’s future. Investment management firm VanEck projects that the Layer-2 ecosystem could expand into a $1 trillion market by 2030.

However, Ethereum is not the only blockchain making progress in DeFi scalability.

While it remains the leading network, Solana is evolving beyond its reputation as a hub for meme coins.

Now, with the development of its first Layer-2 solution, Solaxy, Solana is positioning itself to compete directly with Ethereum’s scaling ecosystem – potentially capturing a much larger share of the DeFi market.

Solaxy’s recent developer enhancements bring it significantly closer to launch

Solaxy is currently the only solution addressing the ongoing issues that have affected the Solana blockchain since its launch.

Solana has faced multiple outages, including a 17-hour downtime in 2021 caused by memory overflow from Grape Protocol IDO bot transactions on Raydium and a 19-hour outage in 2023 due to a malfunctioning validator congesting the “Turbine” protocol.

With the introduction of Solaxy, Solana will have its first rollup solution, alleviating the burden on the main blockchain by managing the majority of transactions.

Over time, this could enhance Solana’s competitiveness against Ethereum, attracting more DeFi-focused dApps to its ecosystem.

Solaxy’s recent developer upgrades indicate that the project is enhancing liquidity and developer experience.

It has successfully tested Hyperlane integration, allowing seamless asset transfers between Solana L1 and Solaxy’s rollup on devnet.

Deposits and withdrawals are now live, facilitating easier movement of funds in and out of Solaxy.

Next, the team plans to launch a stable production version and expand asset support beyond SOL.

On the developer side, Solaxy has integrated the latest Sovereign SDK and improved Solana CLI compatibility, simplifying the process for developers to build and interact with the network.

Block explorer and Solana-native tool support are now available, and further optimizations will ease program deployment and interaction on the rollup devnet.

The potential value of $SOLX in the future

As Solaxy approaches its potential launch, Solana supporters may be in for a significant upgrade that could assist $SOL in reclaiming its previous all-time high of $293.

The last time $SOL reached that price point was last month, coinciding with the unexpected debut of Official Trump ($TRUMP) and yet another instance of network congestion on Solana.

With Solaxy in place, a potential meme coin superstar launching on Solana would not have to contend with the same transaction processing delays.

If Solaxy provides a substantial improvement to Solana, it could achieve a valuation comparable to Ethereum’s leading rollups, which are currently valued at over $1 billion.

If that occurs, the ongoing Solaxy presale may offer the lowest entry point for investors looking to engage early with this groundbreaking solution.

Be among the early adopters of Solana’s first Layer-2: Solaxy

To participate in the ongoing presale, visit the Solaxy website and connect your wallet—such as Best Wallet – to purchase $SOLX.

Best Wallet’s multichain support makes it the ideal platform for $SOLX, which is currently available on Ethereum and has recently expanded to Bitcoin, with a Solana launch forthcoming.

You can download Best Wallet on Google Play or the Apple App Store.

Join the X and Telegram group to stay informed about Solaxy’s latest developments.

The post Ethereum’s $55B Layer-2 Ecosystem: Can Solana Replicate With First L2 Solaxy? ICO Hits $23.7M appeared first on Cryptonews.