Solanax aims to revolutionize the world of decentralized Finance by providing the fastest, cheapest decentralized exchange which will operate without any third-party extensions.
Over the last few years, the DeFi industry has experienced growth. According to Statista, the Decentralized Finance industry had more than $80 billion in crypto locked in during May 2021, a significant increase from the $15 billion locked in six months prior in December 2020.
It’s no surprise that DeFi has grown in parallel with crypto. DeFi is gaining traction among individuals, financial institutions, and even governments, with El Salvador being the first country to embrace Bitcoin as legal cash.
The thriving DeFi industry continues to witness new projects and developments that make transactions faster, cheaper, and more accessible. Solanax is one such initiative.
Solanax is a revolutionary new decentralized blockchain-based automated market maker (AMM) based on the Solana protocol. Its mission is to push DeFi to new heights by offering the fastest and cheapest decentralized exchange without the need for a third party, ensuring that users in the Solanax ecosystem can trade without fear of being censored or losing control of their assets.
The Solana Effect
Solanax is able to provide a solution to the existing DeFi difficulties. The Ethereum main-net proof-of-work (PoW) consensus has serious technical faults, as everyone knows. It’s slow, difficult to grow, and transaction fees are high.
Solana was chosen as the underlying blockchain to address these issues. As a result, in 2021, Solana will be the crypto world’s fastest-growing ecosystem. With a transaction rate of 50,000 per second, this permissionless, high-performance blockchain based on Proof of History (PoH) allows for low-cost, high-speed transactions unlike any other.
No More High Gas Fees: The Solanax platform offers near-zero fees for providing liquidity to an AMM pool, farming the LP token, and harvesting the returns by using Solana.
No More Liquidity Issues: Because liquidity providers prefer one exchange over another, traders on the DEX, which has restricted liquidity, will not be charged for any slippage.
Limit Orders – With a regular AMM, you may specify the number of tokens to be traded as well as the amount of slippage. If the prerequisites are not met, the order and gas fee is wasted rather than waiting for the transaction to complete.
And let’s say there was any uncertainty about Solana’s long-term survival. In that case, consider the $314 million spent in Solana’s most recent funding round, led by Andreessen Horowitz, one of Silicon Valley’s most well-known venture capital firms, and Polychain Capital, a crypto hedge fund that also makes VC-style investments. This was the crypto world’s way of expressing their support for Solana, a well-supported gesture to its long-term success, and given that Solana is widely predicted to become the new crypto standard for DEX platforms.
The Solanax Ecosystem
Solanax has a clear strategy and project goals, despite the fact that it is still in its early phases. There’s more to the Solanax Ecosystem than just a lightning-fast and low-cost DEX.
Liquidity providers are rewarded in direct proportion to the level of liquidity they supply to the pool; therefore, they are incented to supply liquidity to low-volume assets for bigger payouts. The taker receives 0.3 percent of the DEX charge, while the manufacturer receives 0.2 percent.
Solanax, which offers the quickest DeFi protocol with AMM and DEX, employs a wormhole bridge to gain access to all crypto-assets created on the Ethereum network. Because the Wormhole is not a blockchain network, it can securely rely on consensus and bridge completion.
Solanax is genuinely decentralized. When all guardians see a onchain event, they execute the exact computation and sign a document called a Validator Action Approval (VAA). The event is automatically evaluated by the Wormhole contracts on all chains and triggers a mint/burn if a 2/3+ majority of all guardian nodes follow and sign the same event using their keys.
To save your funds on the Solana blockchain and use Solanax’s features, you’ll need a Solana (SPL) wallet.
The Solanax ecosystem’s native token is $SOLD. With an initial quantity of 80 million $SOLD Tokens, the allocation is as follows: 5% Team Tokens, 15% Liquidity, 15% Staking, 25% Private Sale, and 40% Public Distribution.
Get a Head Start on Solanax and Reap the Benefits
Solanax’s next-level liquidity is already proving popular in the crypto community. A big, expanding, and enthusiastic community sprang up almost quickly after private sales were announced.
Early adopters are rewarded with platform incentives, with 40% of their total token supply allocated to them. The ongoing private and public IDO on solstater has garnered a wealth of interest; it is worth checking their very active social media accounts for further information on the Airdrop, IEO, and Private Sale.
The private sale began on the 5th of June and ended on the 16th of June. Two thousand people will share a prize pool worth $50 000 of $SOLD tokens in the first airdrop. Details of which can be found here: https://t.co/kpTzWgLU2z?amp=1
There is much buzz being generated around the Solanax project, and rightly so. A solid product that offers a clear competitive edge over more expensive and slower rivals. For more details on the project at the forefront of the DeFi evolution, see:
White paper: https://solanax.org/whitepaper.pdf