The latest news in the crypto world is that Solanax, a new DeFi protocol intending to change the way people do transactions is entering the Solana Network. Solanax is a decentralized, non-custodial, and automated pool-based liquidity mechanism that supports trading within the Solana blockchain ecosystem.
What Is Solanax?
Unlike Bitcoin and Ethereum, the Solana network is different because it offers a simple interface, better blockchain speed, and cheaper transactions than ever achieved by its counterparts. Moreover, by providing trustless token swaps and trading to reorient the crypto world significantly, Solanax has the potential to become a critical exchange community platform.
The primary challenges faced by crypto enthusiasts worldwide include the slow and expensive Ethereum PoW (Proof-of-Work) consensus mechanism. Solanax aims to make it simple by eliminating the order book and the complex, time-consuming procedures from the equation to offer users the freedom to trade without fearing censorship or loss of their assets through malicious attacks or fraud.
The Most Significant Features And Strengths Of Solanax
- By eliminating all intermediaries, Solanax ensures that users are completely in control of their transactions.
- As Solanax enhances the blockchain speed, it ensures swaps taking place at lightning speeds, compared to Ethereum's 15 transactions per second.
- Solanax ushers in the next-level liquidity and ensures friction-less yields by providing a simple interface and reducing the complexities.
- Key Points Of The Solanax Project
- The ultimate aim is to make DeFi more accessible to people and bring financial services closer to them than ever.
- Increase the transaction speed to lower the transaction cost considerably. For example, it can help people take advantage of low gas prices by speeding up the transaction and beating price volatility.
- Create a simple interface to enable people to create a comfortable trading environment.
- Implement a central order book to provide liquidity access across the entire ecosystem. Thus, individuals need not rely on a single liquidity source.
Why Should People Choose Solanax?
Solana rectifies Ethereum and other blockchains' weaknesses to garner more strength and create a platform capable of offering what the industry lacks today. The aim is to extend a better alternative to people by providing more advanced features than the traditional DeFi exchanges. In addition, the ever-increasing demand for a higher blockchain speed and lower gas fees has resulted in Solana reevaluating its strategies and expanding its capacity.
While Ethereum works on the PoW (Proof-of-Work) concept, Solana has adopted PoH (Proof-of-History) as its new method for verifying transactions on the network. Bitcoin and Ethereum networks have speed and scalability issues. As networks expand, it affects the transaction speed and confirmation times, thereby increasing transaction costs. The PoH concept can enable Solana to handle thousands of transactions in a second compared to Ethereum's limit of 15 per second.
The enhanced blockchain speed and the simple interface should attract people to using Solanax. Solana aims at achieving these objectives while maintaining strict security standards and decentralization simultaneously.
Besides, Solana proposes to reward early adopters by offering benefits based on platform incentives, allotting them 40% of the ongoing token supply. Furthermore, as the Solanax platform does not charge any fees, the stakeholders of the $SOLD tokens get the entire swap trading fees, i.e., 0.2% from the maker and 0.3% from the taker. Below are the details of the ongoing private sale announced recently.
The Ongoing Private Sale Of Solanax
The total supply of SOLD tokens is 80 million, of which 10 million SOLD are available for private sale.
The sale period is from June 06, 2021, to June 25, 2021.
The token value is $0.1 with a 3-month vesting interval and $0.15 without a vesting gap.
Besides the ongoing private sale, there is an initial exchange offering of 10 million SOLD tokens. This offering will happen in three rounds, as detailed below.
- Round 1 will be from June 28th, 2021 until the 5th of July,, for 5 million SOLD with a token value of $0.20.
- Round 2 will comprise 3 million SOLD at the rate of $0.25 from July 8-13, 2021.
- The final round for the remaining 2 million SOLD at the rate of $0.30 is scheduled from July 16-19, 2021.
Source:-https://coincodex.com/article/11498/solanax-to-build-the-worlds-fastest-dex-on-blockchain-here-is-all-that-you-need-to-know/
