Solayer Secures $12 Million to Enhance Solana's Scalability
Solayer, a Solana-based restaking protocol, has successfully raised $12 million in a funding round led by Polychain Capital. This investment will be used to build out Solayer's network and improve the scalability and security of the Solana blockchain.
Restaking for a More Efficient Solana Ecosystem
Solayer aims to leverage restaking, a method where staked tokens are used to secure additional applications, to address challenges faced by the Solana network. By decentralizing bandwidth allocation, Solayer hopes to create a more resilient and censorship-resistant transaction process, ultimately reducing congestion and improving scalability.
Solayer's Unique Approach to Restaking
Solayer differentiates itself by prioritizing "endogenous actively validated services" (AVSs), which are native Solana on-chain decentralized applications. This focus contrasts with other restaking protocols that target "exogenous" AVSs like cross-chain bridges. Solayer aims to help these native applications secure block space and prioritize transaction inclusion based on delegated stake.
Early Traction and Ambitious Plans for the Future
Solayer has already launched on the Solana mainnet and restaked over $186 million from over 104,500 depositors. With the new funding, Solayer plans to expand its team, hire new staff, and release several new features in the coming months, including support for general asset restaking and "exogenous AVS" capabilities. The company is also working on a native token, though details about its launch haven't been revealed yet.