Solayer Labs launches Solana restaking protocol, backed by Binance Labs.
Investment aims to enhance Solana’s security, network performance, and ecosystem growth.
Solayer Labs has recently made headlines with the launch of its Solana restaking protocol on the mainnet, marking a significant milestone for the Solana ecosystem. This launch heralds the beginning of Solana’s restaking era, with initial Asset Verification Systems (AVSs) including Bonk, SonicSVM, and HashKey Cloud.
Moreover, in a recent financing round led by Binance Labs, Solayer Labs has secured substantial investment, although the financial details remain undisclosed. This funding round has attracted notable figures such as Anatoly Yakovenko, co-founder of Solana Labs, and Sandeep Nailwal, co-founder of Polygon.
The newly launched protocol has made a notable impact. According to Lookonchain, within just nine hours of its mainnet launch, 1,439 stakers delegated 14,570 staked SOL. It was worth approximately $2.13 million, to SonicSVM via Solayer Labs. Market watchers states that this early adoption underscores the protocol’s immediate appeal. And it’s potential to enhance the Solana ecosystem’s security and performance through restaking.
What Does Solayer Labs Aim for?
Solayer Labs aims to optimize network bandwidth and bolster blockchain security. They have already amassed over $150 million in Total Value Locked (TVL). It was from more than 70,000 unique deposit addresses since its Phase 1 launch. This has placed Solayer among the top 15 protocols within the Solana ecosystem.
The investment from Binance Labs is seen as a strategic move to support the development and expansion of Solayer’s protocol. By integrating additional protocols and addressing network congestion issues, it might play a crucial role in the evolution of decentralized finance (DeFi) on Solana.
Jason, co-founder of Solayer Labs, recently expressed enthusiasm about the future. He emphasized that this investment is a key step towards achieving their vision of a robust and dynamic Solana ecosystem. The Solana community sees Binance Labs’ backing as a testament to it’s potential. And a demonstration of its commitment to driving innovation within the blockchain space.
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