The Solana-based DeFi protocol, Solanax, is hosting its private sale that ends on the 25th of June. In an attempt to widen the project's reach and growth, Solanax will proceed further with an Initial Exchange Offering that would commence on the 28th of June.
We've seen a recent boom of automated market makers and decentralized exchanges in the crypto space but instead of saturating the market, these projects are adding value and use to the market. What started with Ethereum-based tokens has now moved ahead to other blockchains like Cardano and Solana. The sole reason is to improve the speeds and transaction costs while giving the users a space to openly swap while providing liquidity to the market. Ethereum uses Proof-of-Work as the consensus algorithm that has limitations when it comes to scalability. Solana, on the other hand, uses Proof-of-History: an algorithm designed specifically to tackle the issue of transaction speeds while not compromising on decentralization.
Solanax is adding value to this sector by bringing their state of the art DeFi protocol that not only allows simple swaps but also integrates the œLimit Order facility where users can buy or sell an asset at their preferred price that also prevents slippage and loss of transaction fees.
The native token of Solanax is $SOLD which, as mentioned above, is the focus of the private sale and IEO. Solanax is offering 10 million $SOLD tokens at a base price of 0.1 USD in this private sale that can prove to be a great entry point for investors. Apart from that, the early investors would get 40% of the supply allotted to them on which they can stake to get swap trading fees as rewards. Due to this, a huge number of investors naturally gravitated towards the private sale and are expected to overflow to the subsequent IEO as well where Solanax is looking to sell another 10 million tokens with a target of at least 2 million USD from the offering.
In an attempt to engage the community, Solanax is also conducting an airdrop that ends on 15th of June. The winners of this airdrop will be announced on 16th of June where a pool of two thousand participants will share an overall amount of 50,000 USD. This airdrop requires the participants to perform simple tasks that help marketing of the platform and engage a bigger community.
All-in-all, Solanax has a great competitive advantage over all the existing Decentralized Exchanges due to the huge difference in fees and transaction speeds. Their attempt to make a huge global community is also commendable. All this, coupled with the solid roadmap, gives us a clear picture of how early investors will surely get decent incentives and returns in the long run.
Source:-https://cryptonews.com/news/the-private-sale-of-solanax-solana-based-dex-ends-on-25th-of-10710.htm
