New Solana scaling solution Solaxy (SOLX) has raised $19 million in its ongoing presale. The layer-2 protocol is designed to ease congestion on Solana’s network by handling transactions off-chain – a method used by Ethereum-based solutions like Arbitrum and Optimism. Solaxy is Solana’s first dedicated layer-2 scaling solution to tackle the network’s congestion issues. It processes transactions off-chain and then settles them on Solana’s mainnet - an approach that has improved scalability on other blockchains. The team is building a bridge between Solana and Ethereum, aiming to enable easy asset transfers while preserving Solana’s speed.
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