Solanax: Redefining the DeFi Sector
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
The DeFi sector has undergone somewhat of a boom over the last years. The advancement in blockchain technology and a global distrust of the traditional banking system, has meant that the Decentralized Finance sector, according to Statista, had more than 80 billion USD of crypto locked in during May 2021, a sizeable leap from the 15 billion USD locked in as of December 2020, just six months ago.
It is no coincidence that as crypto boomed so has DeFi. More and more people, financial institutions and even Governments have joined the DeFi evolution, with El Salvador most recently becoming the first country to adopt Bitcoin as legal tender.
The booming DeFi continues to see innovations and new projects which make transactions faster, cheaper and more accessible. One such project is Solanax.
Solanax is an exciting new decentralized blockchain-based automated market maker (AMM) built upon the innovative Solana protocol. Its vision is to take DeFi to new levels by providing the fastest, cheapest decentralized exchange without the need for any third-party involvement, ensuring users in the Solanax ecosystem can trade without censorship or risk losing ownership of their assets.
The Solana Effect
Solanax manages to provide the solution to existing issues surrounding DeFi. Everybody knows that the Ethereum main-net proof-of-work (PoW) consensus has major design flaws. It is slow, hard to scale and transaction fees are expensive.
To fix these problems, Solana was chosen as the underlying blockchain. Solana is the fastest growing ecosystem in the crypto world in 2021. With the ability to provide an incredible 50,000 transactions per second, this permissionless, high-performance blockchain based on Proof of History (PoH) enables low-cost and high-speed transactions like no other.
No More High Gas Fees - By using Solana, the Solanax platform offers near-zero fees to provide liquidity to an AMM pool, farm the LP token and harvest the rewards.
No More Liquidity Issues - Because liquidity providers prefer one exchange over another, traders will not have to pay for any slippage on the DEX, with its limited liquidity.
Limit Orders - Regular AMMs will allow you to state the number of tokens to be traded and the amount of slippage. However, should the conditions not be met, the order and gas fee are wasted rather than waiting for a transaction to proceed.
And if anyone was in any doubt about the long term viability of Solana, one just has to look at the 314 Million USD invested into Solana’s latest funding round which was led by Andreessen Horowitz, one of Silicon Valley’s most prominent venture-capital firms, and Polychain Capital, a crypto hedge fund that also does VC-style investments. This was the crypto world saying they believe in Solana, giving a well-backed nod to its long term success and the belief that Solana is widely expected to establish the new crypto standard for DEX platforms.
The Solanax Ecosystem
Although still in its very early stages, there is a clear roadmap and project goals for Solanax. Within the Solanax Ecosystem, there is more than just a lightning fast and cheap DEX.
Liquidity providers are incentivised to provide liquidity to low-volume assets for higher
rewards, as they receive a share in direct proportion to the volume they provide to the pool. The DEX fee distribution is 0.3% for the taker and 0.2% for the maker.
Solanax, as well as providing the fastest DeFi protocol presenting AMM and DEX, uses a wormhole bridge to access the entirety of crypto assets generated on the Ethereum network, The Wormhole is not a blockchain network so it can safely depend on consensus and finalization of the chains that it bridges.
Solanax is truly decentralized. All guardians perform the same computation upon observing an onchain event, and sign a so-calledValidator Action Approval (VAA). Should a 2/3+ majority of all guardian nodes observe and sign the same event using their individual keys, then it is automatically validated by the Wormhole contracts on all chains and triggers a mint/burn.
A Solana (SPL) wallet will be required to store your funds on the Solana blockchain and utilize with Solanax'es features
$SOLD is the native token of the Solanax ecosystem. With a total supply of 80 000 000 $SOLD Tokens, the distribution is:
5% Team Tokens, 15% Liquidity, 15% Staking, 25% Private Sale and 40% Public Distribution
Get Into Solanax Early and Reap the Rewards
The next-level liquidity offered by Solanax is already proving to be a hit in the crypto world. As soon as private sales were announced, a large, growing and enthusiastic community springing up immediately.
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 June and ends on the 16th June.. In the first airdrop, Two thousand people will share a prize pool worth 50 000 USD of $SOLD tokens. Details of which can be found here: https://t.co/kpTzWgLU2z?amp=1
There is a lot of 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