Let’s get straight to the point – Solaxy’s claim of being a Solana layer-2 solution is highly questionable. The token is actually on Ethereum, the team is registered offshore under the same address as another suspicious presale, the staking rewards are exaggerated, and the marketing tactics are manipulative. Nearly every aspect of this project raises concerns, and multiple independent sources have already questioned its legitimacy.
If you were considering investing in Solaxy, this article is a must-read. We’ll also link independent investigations that further validate our suspicions.
Table of Contents
Solana Layer-2 Claims
Solaxy markets itself as the first layer-2 scaling solution for Solana, promising faster transactions and lower fees. However, Solana’s architecture is fundamentally different from Ethereum – it doesn’t require layer-2 solutions. Solana was designed for high throughput at the base layer, making additional scaling layers unnecessary.
…But The SOLX Token is on Ethereum?
You would expect the “Solana layer-2” to operate natively on Solana. However, according to the whitepaper, the presale only accepts ETH, USDT, and BNB.
The inconsistency doesn’t stop there. According to a Coinsult Audit, the SOLX token is actually on the Ethereum blockchain.
To make matters worse, despite all the marketing hype about being a “Solana layer-2”, the project’s own disclaimer states that the token is just a memecoin. These contradictions alone are enough to cast serious doubt on the entire presale, but the concerns don’t end here.
Suspicious Offshore Address
Solaxy is registered under Solaxy Tech Ltd at:
Quijano Chambers, P.O. Box 3159, Road Town, British Virgin Islands
If you’ve been following our articles, this address may look familiar – it’s the exact same address used by Mind of Pepe, another highly suspicious presale we previously investigated! This address is commonly shared among numerous offshore entities, raising concerns about the legitimacy of the company behind Solaxy.
It’s also worth adding that the presale’s audit notes “KYC Unknown”, reinforcing doubts about the team’s complete lack of transparency.
Whitepaper Lacks Any Real Details
A credible blockchain project should have a whitepaper detailing its technology, development milestones, and roadmap. This is especially important for a project claiming to be a layer-2 for a network that doesn’t even need one.
Solaxy’s whitepaper, however, is just sixteen pages long with a large font and no meaningful technical details. There’s no mention of a testnet, developer activity, or actual progress.
The project does have a development updates page, but it lacks any concrete proof of progress – no visible repositories, no working features, and no evidence of collaborations.
Even more bizarre is the “History” section on their website. Instead of highlighting real development milestones, it presents a timeline featuring Pythagoras, Da Vinci, Tesla, Einstein, Steve Jobs, and Vitalik Buterin, as if that somehow validates the project’s innovation.
Unrealistic Staking Rewards
Solaxy promises staking rewards of several hundred percent APY – an impossibly high rate that simply isn’t sustainable.
These types of staking models rely on a continuous influx of new investors to sustain payouts. Once demand slows, the system collapses. This isn’t a legitimate staking mechanism – it’s a Ponzi scheme in disguise.
Overhyped Marketing
Solaxy promises listings on major centralized and decentralized exchanges, yet they have not announced a single confirmed listing. The project also relies on aggressive paid marketing, with countless sponsored articles, influencer promotions, and fake community engagement.
None of this represents genuine, organic interest – it’s manufactured FOMO designed to lure unsuspecting investors. We’ve broken down these tactics in this article.
Independent Sources Have Called It Out
If you search the internet, you will easily find that there are more investigations on the Solaxy presale:
These independent reports align perfectly with our research, reinforcing the issues surrounding this project.
Final Verdict
The fact that Solaxy markets itself as a “Solana layer-2” while being an Ethereum-based memecoin should be enough to raise serious doubts. However, when you combine this with its offshore registration, unsustainable staking rewards, misleading whitepaper, and manipulative marketing, it’s clear that this presale is riddled with red flags.
If you’re thinking about investing in Solaxy, you should seriously reconsider.
Sadly, many crypto presales are scams.
We have a section on our website focused on uncovering red flags in ongoing presales to help potential investors stay safe. If you are interested in investing in presales, you might find it worthwhile to read our other investigations, even when you’re not intending to invest in those particular coins – you’ll start to notice repeating patterns and learn the tricks that suspicious presales use.
You should also always search phrases like “is [presale coin] a scam” and check Reddit forums. If you find content warning about the presale – or no community whatsoever – you should seriously consider whether the presale is legit. When in doubt, you can also contact us – we’ll be happy to investigate the presales that you’re interested in!
