Solaxy, a Jakarta, Indonesia-based provider of a layer-2 scaling solution for Solana, raised $8.9M in Presale funding.
Backers were not disclosed.
The company intends to use the funds to expand operations and its development efforts.
Solaxy is a new layer-2 solution that tackles Solana’s scaling issues by processing transactions off-chain, bundling them, and settling them back on Solana’s mainnet. This approach eases congestion while preserving the network’s core security, drawing inspiration from other successful layer-2 solutions, such as Base and Arbitrum. Empowering the Solaxy ecosystem is SOLX, the project’s native utility token. Beyond its role in facilitating network functions, SOLX is integral to governance and staking within the ecosystem.
FinSMEs