How the Solanax Ecosystem Sets Us Apart from Other DEX Protocols
Hello SOLDiers, we hope you’re doing well!
If you’ve been reading our blog and following our Twitter account, you might’ve noticed a recurring theme to what we’ve been writing.
We’ve stated repeatedly that we want to be the Uniswap of the Solana blockchain. This is not only a desire, but also a possibility — especially if we can deliver on the vision of what we want for our decentralized exchange.
Today, we invite you to join Solanax on a journey as we explore exactly what it is that sets us apart from all the other DEX protocols out there.
The UI
Let’s begin with what a user would encounter first — the User Interface (UI). In fact, you can test it for yourself at https://demo.solanax.org. Read this article first to see how to navigate the platform.
The platform looks very modern and the color scheme aligns with our logo. But more than just looks, it’s very simple and intuitive to use. Everything is laid out in the top bar and there are no hidden features or loops you have to jump through to be able to use it.
To sum it up, it’s user-friendly. There are no technical barriers to entry. Anyone can log on and quickly learn how to swap, farm, cash out and more.
Transaction Speed and Cost
Our transaction speed and throughput will be second-to-none. It would be correct to say that each transaction should be as fast as the Internet lets it be. This is because Solanax is built on the Solana blockchain, which is much faster than Ethereum.
After all, what matters is YOUR transaction in a sea of all others and the throughput or bandwidth capabilities of a protocol will determine how fast your particular transaction will be. Solana allows us to handle up to 60,000 transactions per second, while Ethereum now supports only between 15–45. That’s a huge difference!
Moreover, Solana transaction costs are minuscule and are averaging out at around $0.00025 per transaction. Ethereum transaction fees, also known as gas fees, are measured in tens of dollars.
And while you might think that high fees are good for stakers and farmers and you’d be correct, they’re not that beneficial for users. If the fees are too high, that will drive the users away; if the fees are lower, users are more likely to make transactions. That means low fees will attract users to Solanax.
In addition to general transaction fees, there are DEX swap fees, which equal around 0.3% on platforms like Uniswap. While that might seem lower compared to Solanax’s fees of 0.5%, which are split between a swap maker and taker into 0.2% and 0.3% respectively, don’t forget the gas fees.
That leads us to the fact that we offer high rewards in comparison to fees. Total fees are 0.5% and liquidity providers get 0.4% of that. Plus, remember that high speeds and low fees on Solanax should incentivize users to make more transactions — and that should translate into a greater ROI for Solanax stakers.
Cross-chain Capabilities
Finally, what we offer through our Wormhole protocol is a seamless connection with other blockchains. The Wormhole 2.0 is a cross-chain solution that was built to enable the transfer of digital assets between ERC-20 and SPL blockchains.
The cross-chain solution that we will implement will link our ecosystem to blockchains like Ethereum. This gives you a way to make swaps and trades without incurring costly Ethereum fees.
This cross-chain feature not only expands the possibilities and options of our DEX, but also greatly liberates our users who might feel stuck in their own ecosystems and are finding it difficult to transfer their assets without any loss.
Simply put, the Solanax DEX opens up the possibilities of many blockchains.
About Solanax
Solanax is a Solana-based automated market maker (AMM) exchange providing lightning-fast trades, pooled liquidity, and other income-generating features. Solana was chosen as the underlying blockchain to facilitate low-cost, high-speed transactions. It is a permissionless, high-performance blockchain based on the Proof of History consensus (PoH).
Given the advantages that Solana offers when compared to other blockchain ecosystems, it is a popular solution among investors, users, and developers. Ethereum’s Proof of Work Consensus is slow, hard to scale, and comes with high gas fees which were exacerbated by its account-based system. Where Ethereum has failed to live up to the community expe, Solana quickly proves to be a viable alternative.
Solanax will utilize the cross-bridge Wormhole to connect to projects and digital assets existing on the Ethereum blockchain, facilitating adoption and allowing the crypto community to seamlessly move tokenized assets from one blockchain to another, improving interoperability and liquidity setup.
It is faster and cheaper; Solanax offers on-chain liquidity; traders will have more control over their trading activities; an integration of Wormhole for fusion with tokenized assets on the Ethereum blockchain, and much more.
For more details on the project at the forefront of the DeFi evolution, visit:
Website | Twitter | Telegram | Whitepaper
