According to The Block, Solana's re-staking protocol Solayer has established a foundation and launched the LAYER governance token.
“To support the next phase of our journey, we are excited to announce the establishment of the Solayer Foundation, an independent non-profit organization dedicated to advancing SVM scaling, the upcoming LAYER token, and the development of the first season of staking rewards,” Solayer Labs announced on the X platform on Thursday.
Solayer is a re-staking protocol based on Solana, inspired by Ethereum's EigenLayer protocol. Re-staking allows users to earn additional rewards by locking already staked assets (AVS, or Active Validation Service) in different protocols, maximizing their yield. According to DeFiLlama data, this re-staking protocol currently ranks 12th on the Solana chain.