Picasso
On the Ethereum network, re-staking has become the most talked about topic at present.
While there has been relatively little discussion about restaking on other blockchains, the Solana ecosystem is certainly one of the hottest.
Just last week, Picasso launched the first re-staking project on Solana.
Users can now deposit SOL or SOL liquidity staking tokens into Picasso’s restaking vault. These re-staking assets will be used to stake validators in the upcoming Solana-IBC connection.
In short, through Picasso’s restaking, Solana will, for the first time, seamlessly interoperate with IBC-enabled chains in a minimal trust manner.
IBC-enabled chains include Cosmos Hub, Cosmos SDK chain, Polkadot, and Kusama parachains.
Users who re-stake SOL on Picasso can receive a 71% annualized yield (APY) reward through token issuance. Although the protocol's treasury cap is currently full, it will be increased soon.
Over the long term, restaking is expected to significantly increase demand for L1 tokens, so it would also be reassuring to see restaking expand on other chains besides Ethereum.
