Solaxy Hits $56M Raise – Solana’s First Layer 2 Is Live. Next Big Crypto Play?
Solana's ecosystem just leveled up. Solaxy, its maiden Layer 2 solution, launches after securing a jaw-dropping $56 million in funding. Is this the scalability fix SOL maximalists prayed for—or another 'VC exit liquidity' special?
Why Layer 2 matters for Solana
Congestion memes meet their match. Solaxy promises to turbocharge Solana's throughput while slashing fees—critical for competing with Ethereum's rollup-dominated landscape. But can it deliver beyond testnet hype?
The $56 million question
That funding round wasn't pocket change. Backers clearly bet big on Solana's ability to attract developers fleeing Ethereum's gas fees. Now comes the hard part: proving Layer 2 isn’t just a buzzword for the SOL ecosystem.
Greed index: Neutral
Traders eyeing Solaxy tokens should note: early Layer 2 projects either moon hard (see: Arbitrum) or become cautionary tales (remember Optimism’s rocky start?). Proceed with diamond hands—and exit strategy.
Institutions Turn to Solana for On-Chain Finance, Solaxy Steps in as the Layer 2 Fix
A new wave of DeFi adoption is underway, fueled by the expansion of tokenized real-world assets and increased institutional participation. Per a recent market report by Artemis and vaults.fyi, the total value locked on top lending platforms has surged 60% in the past year (and is now approaching $60 billion), as traditional finance embraces on-chain yield markets.
With almost $10 billion locked into its own DeFi protocols, Solana is emerging as the go-to network for on-chain finance, with market commentators praising its pioneering technology and high developer growth rate (which is even faster than Ethereum’s).
At the same time, SOL Strategies (HODL), a Canadian firm that holds more than 420,000 SOL in its reserve, has applied to list on the Nasdaq exchange in the US. This move is particularly notable as it replicates MicroStrategy’s Bitcoin playbook (led by Michael Saylor), but focuses on Solana exposure instead.
SOL Strategies has filed FORM 40-F with the SEC, an important step toward our potential Nasdaq listing under the symbol STKE.
This filing expands our path to U.S. capital markets while maintaining our CSE listing under HODL.
Read the full announcement: https://t.co/51g0zs9qX7
— SOL Strategies (CSE: HODL | OTCQB: CYFRF) (@solstrategies_) June 19, 2025
This institutional confidence reaffirms Solana’s momentum, but also highlights its challenges. During January’s meme coin frenzy, Solana’s network experienced temporary but significant congestion, leading to slower transactions when cryptos like the OFFICIAL TRUMP (TRUMP) coin exploded in popularity.
Solaxy’s LAYER 2 solution directly targets Solana’s scalability bottlenecks by offloading transaction bundles to a secondary network for processing, and finalizing them on Solana’s Layer 1.
By effectively expanding throughput and reducing on-chain load, Solaxy will ensure that surging user activity (from DeFi trades to in-game actions) can be handled without degrading Solana’s performance. Solaxy’s Layer 2 will also offer a cross-chain feature, using a bridge to ethereum and Solana to connect liquidity between the two ecosystems.
Whales Push Solaxy Presale Past $55 Million as Mainnet Launch Nears
Solaxy’s presale has raised over $55.5 million, making it one of the year’s most successful crypto presale campaigns.
On-chain data continues to show significant whale participation, with large purchases accelerating the presale raise from $53 million to over $55 million in a matter of days. This demand even prompted Solaxy’s team to briefly extend the sale’s timeline to accommodate last-minute interest.
The Solaxy team has also carried out two massive token burns, permanently removing about 55 billion SOLX (roughly 40% of the total supply) from circulation even before the token enters the market. This dramatic supply reduction (worth nearly $100 million in total) shows the team’s commitment to sustainable value for early supporters.
Another MASSIVE burn. 🔥
We’ve just burned 20,000,000,000 $SOLX, further tightening supply ahead of mainnet.
This follows our previous 35B $SOLX burn, bringing the total burn to 55 BILLION $SOLX – That's ~40% already burned!
View here: https://t.co/0izmHfkIJv
Less supply.… pic.twitter.com/Q7rIj0BCbc
— SOLAXY (@SOLAXYTOKEN) June 19, 2025
Solaxy’s Layer 2 rollout is now in full swing, and a series of key milestones are planned for the coming weeks. The SOLX token’s claim portal will go live for presale buyers on June 23 – and the Solaxy mainnet is scheduled to launch on July 7, marking the official debut of Solana’s first Layer 2 solution. This launch will include the full cross-chain bridge functionality between Solaxy, Ethereum, and Solana.
On July 14, Solaxy will launch the much-awaited Neptoon (native DEX) platform, followed by the Igniter Protocol no-code token launchpad just one week later.
Solaxy Could Be the Backbone of Next-Gen On-Chain Activity
Solaxy’s Core strength lies in its ability to provide a real solution to Solana’s scaling needs. By leveraging Solana’s base layer security while executing transactions on a new Layer 2, Solaxy will effectively turbocharge throughput for activities like trading, NFT minting, and gaming.
The project’s emergence also comes at a pivotal time: with DeFi protocols integrating real-world assets, and on-chain asset managers quadrupling their capital this year to over $4 billion, there’s a growing need for infrastructure that can handle institutional-grade volumes. Solaxy can position the Solana network to capture more of that FLOW without the hiccups seen in prior high-traffic episodes.
Industry experts have also noted that after Ethereum’s success with its own Layer 2s, Solaxy’s L2 could open the floodgates for new Solana projects and blockchain users who demand both speed and scalability.
For early believers in Solaxy, its presale offers a final chance to secure a stake in what could be a historically significant Layer 2 ecosystem. The SOLX token claim opens on Monday for presale buyers, after which SOLX will begin trading on decentralized exchanges – with more listings to follow.
Buyers can also immediately deploy their tokens in Solaxy’s staking program to earn up to 76% APY rewards.
