The Solanax Ecosystem
Despite the fact that Solanax is still in its infancy, there is a defined plan and set of project objectives in place. There is more to the Solanax ecosystem than simply a decentralized exchange that is lightning quick and inexpensive.
One of the key features of a rapid trustful cross-chain DEX is its built-in order book, which allows traders to set stop-loss and profit-taking levels with ease. Other features include zero front-running, fearless trades, minimal slippage, support for market makers and trading bots with interoperability.
The provision of liquidity to low-volume assets in exchange for larger incentives incentivizes liquidity providers, who earn a part of the pool in proportion to the level of liquidity that they offer. The DEX fee distribution is 0.3 percent for the taker and 0.2 percent for the manufacturer, with 0.3 percent going to the taker.
Solanax will not only provide the quickest DeFi protocol offering AMM and DEX, but it will also construct a wormhole bridge to allow users to access the whole pool of crypto assets produced on the Ethereum blockchain. Because the Wormhole is not a blockchain network, it can safely rely on the consensus and finalization of the chains that it links to function properly and securely.
It is is a completely decentralized system. When a block is seen on the blockchain, all guardians do the identical calculation and sign a document known as a Validator Action Approval. The event is automatically verified by the Wormhole contracts on all chains if a two-thirds majority of all guardian nodes see and sign it using their individual keys. If this occurs, the mint/burn event is triggered.
The Vision Of The Solanax Project
Solanax’s goal of becoming one of Solana’s network-leading AMM and DEXX platforms is nothing short of lofty, to say the least.
Within the Solana ecosystem, SOLANAX is seeking to remove centralized middlemen in order to pave the road for complete decentralization, censorship resistance, and secure trade.
Users will be able to perform smart contract-based transactions immediately and at a fraction of the cost of the Ethereum network, compared to the Ethereum network.
Our ultimate objective is to develop an open-source liquidity and DeFi protocol that offers competitive interest rates in order to attract investors. We also want to develop a protocol that the Solana community can easily modify and reuse for future projects in the Solana ecosystem.
The Decentralized Exchange
We use human-centered design to create products that are lightning quick and cost almost nothing to produce. Everything is in one place on the DEX, which is convenient. In the Solana ecosystem, SOLANAX is a decentralized, non-custodial automated liquidity mechanism that facilitates transactions between parties.
In the absence of an order book, SOLANAX allows users to trade freely without fear of censorship or losing ownership of their assets. Solanax does this by eliminating all intermediaries, complexity, and time-consuming procedures from the equation, allowing them to trade freely without fear of censorship or losing ownership of their assets. Users have total control over their data and applications.
Because they get a part of the pool that is directly proportionate to the amount of liquidity they supply, liquidity providers have an incentive to give liquidity to low-volume assets in exchange for larger rewards.
Solanax charges 0.3 percent for the taker order and 0.2 percent for the maker order when you trade or swap on their platform. As a thank you to liquidity providers, 0.4 percent of the total amount is redeposited into the liquidity pool and serves as an incentive.
Individuals that stake their SOLD tokens will get a reward of 0.1 percent of the SOLD tokens, which will be remitted to the staking pool.
ERC-20 To SPL Bridge
In order to get access to the totality of crypto assets created on the Ethe reum network, Solanax will implement the fastest DeFi protocol, which will present AMM and DEX, as well as the fastest DeFi protocol presenting AMM and DEX utilizing the Wormhole bridge.
A wormhole is not the same as a blockchain network, and it is not required to be one. Instead, it may depend on the con sensus and finalization of the chains that it bridges to ensure that it is secure.
It is a leaderless system in which all guardians, upon viewing an on-chain event, complete the identical calculation and sign a document known as a Validators Action Approval (VAA). The event is automatically considered legitimate by all Wormhole contracts on all chains if a 2/3+ majority of all guardian nodes have witnessed and signed it using their individual keys. This results in a mint/burn event being triggered automatically.
What about the Tokenomics?
Solanax’s innovative investors will make heavy use of the SOLD Token on their platform. People will be encouraged to spend their SOLD Tokens on the platform, hence creating demand and driving up the price of the token. Users who want to take use of all of the capabilities of the Solanax platform must have SOLD Tokens in their wallet. Solanax will continue to improve, enabling everyone to benefit from the protocol’s advancement and development. However, early adopters will reap the most gains since they will be able to stake, offer liquidity, and farm immediately upon the launch of our platform, in addition to receiving incentives, from the very beginning.
The Sold Tokens
- The SOLD token will be able to be staked, which will allow holders to earn an extra return on their investment via trading fees.
- The opportunity to bet SOLD on greater yield rates if the market conditions warrant it.
- Solanax is expected to contain a limited governance architecture, which will enable SOLD stakeholders to participate in and vote on community ideas and adjustments, according to the company.