Solayer, a promising new cryptocurrency protocol built on the Solana (SOL) blockchain, has unveiled its governance token, LAYER, alongside the creation of the Solayer Foundation. This announcement signals a significant step in the project’s evolution, providing the foundation for long-term growth and decentralized governance.
— Solayer (@solayer_labs) January 2, 2025
Solayer introduces a “restaking” protocol, inspired by Ethereum’s EigenLayer, designed to maximize staking profits for crypto holders. By locking staked assets into Actively Validated Services (AVSs), participants can earn additional rewards. Popular AVSs on the Solayer network include well-known projects like BONK, AltLayer, and HashKey. This mechanism not only boosts staking profitability but also enhances the broader Solana ecosystem by encouraging further integration with distributed systems.
LAYER will initially serve as the governance token for Solayer, giving holders the ability to influence the future direction of the protocol. As the ecosystem expands, LAYER’s role in governance will grow, allowing token holders to help shape protocol upgrades and ecosystem development. This governance structure highlights Solayer’s commitment to community involvement and decentralized decision-making.
The token distribution will occur in three phases, with the first phase featuring a “Season 1 claim” for eligible participants and protocol partners. Those interested in claiming their tokens will be notified through the Solayer dashboard and must accept the terms and conditions. This process aims to reward early supporters while promoting participation in the network’s growth.
Just four months after raising $12 million in seed funding, Solayer has already positioned itself as the 12th largest protocol on Solana, according to DeFiLlama. Backed by leading investors like Polychain Capital, Hack VC, and Race Capital, Solayer is rapidly gaining traction in the decentralized finance (DeFi) space.
The Solayer Foundation, a non-profit organization, will oversee the scaling of Solayer’s network and contribute to the project’s research and development efforts. Governed by independent directors, the foundation will allow LAYER token holders to influence decisions and help choose its leadership.
Also Read: Pro-XRP Lawyer Bill Morgan Predicts XRP & HBAR to Outperform Bitcoin, Ethereum, and Solana in 2025
With high-profile backers and an innovative protocol, Solayer is poised to make a significant impact on the crypto landscape, particularly in Solana’s growing DeFi ecosystem.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
