In our previous posts, we’ve gone into details on how Solanax is defining the Decentralized Finance (DeFi) sector, by leveraging what is shaping up to be one of the most promising blockchain ecosystems in the space, Solana, and by striving to be the fastest Decentralized Exchange (DEX) in the ecosystem.
The aforementioned promising smart contract platforms are solving some of the most prominent issues in the DeFi space, leveraging its novel Proof of History (PoH) consensus model to enable low-cost and high-speed transactions and make DeFi accessible to the common retail user, still ensuring a fully decentralized environment.
Thanks to the advancements achieved by Solana, high gas fees, lack of liquidity limit orders, and other common issues that have stood in the way of DeFi’s mass adoption, can now be easily circumvented, a factor that has captured the interest of retail and institutional investors alike.
These factors have created the perfect environment for projects like Solanax to emerge. While we’ll be delving further into the different nuances and unique features of Solanax, today, we want to talk about our native Token, $SOLD its use-cases. We’ll detail the specific tokenomics and allocations for the project in future posts, so stay tuned for those.
$SOLD: The fuel behind Solanax
Faster and cheaper: We use the Solana blockchain efficiency to achieve substantially faster transactions than Ethereum, with gas prices that are a fraction of the cost. Much like other Automated Market Maker (AMM) DEXs, we create liquidity provision pools that ensure traders can easily and smoothly swap their assets.
When trading on Solanax, you will be charged a 0.3% or 0.2% fee, according to your position as a market taker or maker respectively. Liquidity suppliers will be rewarded with 0.4% of the trading fees within these specific liquidity pools, while the remaining 0.15% will be reserved for staking pools, and distributed as rewards to individuals staking the $SOLD token.
As so, the $SOLD Token is not only the utility token in the platform, necessary for all transactions within the AMM platform, but is will also be used extensively within the platform, providing access to all of the features of the Solanax platform, which we will delve into detail further down the line.
Community members like yourself are required to hold a certain amount of $SOLD Tokens in their wallet. Solanax will continue to evolve, allowing everyone to profit from the protocol.
As so, and in order to summarise all of these use cases: $SOLD token holders will be able to stake them to receive an additional return from trading fees, the 0.4% trading features
A limited governance model is anticipated to be included in Solanax, allowing $SOLD stakeholders to engage in and vote on community ideas and modifications for the development of the platform.
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 | White paper
