Solayer Labs, the developer of the Solana restaking protocol Solayer, has successfully secured $12 million in a seed funding round led by Polychain Capital. This significant investment underscores the growing interest in Solana-based infrastructure and the potential of restaking protocols.
Other notable investors in the funding round included Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Hayes’ family office Maelstrom. The round closed in May and brought Solayer’s valuation to $80 million.
Solayer: A Revolutionary Restaking Protocol
Solayer is a Solana restaking protocol modeled after EigenLayer, a pioneering Ethereum restaking protocol. Restaking allows users to earn additional rewards by locking up their staked assets again in different protocols, known as actively validated services (AVSs), to maximize their earnings.
Solayer’s unique approach focuses on native Solana on-chain dApps, referred to as endogenous AVSs. This allows the protocol to prioritize transaction inclusion and reserve block space based on the amount of stake delegated to these dApps.
Solayer’s Achievements and Future Plans
Since its launch, Solayer has quickly gained traction, attracting over 104,500 depositors and restaking over $186 million. This impressive growth has propelled Solayer to become the 13th largest protocol on the Solana network.
With the fresh funding in place, Solayer plans to expand its team and integrate new protocols. The company is also working on phase two of its platform, which will introduce additional features and functionalities.
Also Read: Solana’s (SOL) SVM – A Modular Game-Changer, Attracting $962M In ETF Investments
Solayer’s Token Launch
Solayer is also planning to launch its native token in the future. This token will play a crucial role in the protocol’s ecosystem and provide additional incentives for users and validators.
As the Solana ecosystem continues to grow and evolve, Solayer is well-positioned to become a leading player in the restaking space. With its innovative approach and strong financial backing, Solayer has the potential to unlock new opportunities for Solana users and validators. Sources and related content
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