Binance Labs has made a strategic investment in Solayer, a leading restaking network on Solana.
Solayer’s Vision and Mission
Solayer is dedicated to securing on-chain decentralized applications (dApps) with enhanced network bandwidth while simultaneously securing the Layer 1 (L1) blockchain. The primary goal is to provide dApps on Solana with increased chances of securing block space and prioritizing transaction inclusion.
Innovation and Impact
Built natively on Solana, Solayer utilizes proof-of-stake economic principles to extend the security of Solana's base layer to other decentralized systems and dApps. This allows users to participate in a decentralized validator network, contributing to the security and vibrancy of the Solana ecosystem. Users can stake assets to decentralize Solana, earn native yields through MEV-boost, and gain yields from delegated Actively Validated Services (AVS).
Rapid Growth and Milestones
In less than 60 days since its phase 1 launch, Solayer has quickly become the 13th largest protocol on Solana, according to DeFiLlama. The platform has accumulated over $150 million in Total Value Locked (TVL) and attracted more than 70,000 unique deposit addresses.
Future Plans with Binance Labs’ Investment
With the newly acquired funds from Binance Labs, Solayer aims to scale its team, onboard new protocols into the ecosystem, and establish itself as a fundamental component of the Solana blockchain. The team will also focus on researching solutions to address Solana’s network congestion issues using restaking infrastructure. Future plans include rolling out a full system where stakers can use SOL to secure Solana, and dApps can secure network bandwidth and transaction throughput. Solayer will also emphasize general asset restaking to secure exogenous AVS, systems external to Solana.
Statements from Leaders
“Binance Labs is committed to supporting early-stage projects that propel the growth of crypto ecosystems. Solayer has emerged as a dominant player in the Solana ecosystem, and we are excited to join them on their journey to make the ecosystem more vibrant,” said Yi He, Co-Founder of Binance and Head of Binance Labs.
"We are thrilled to have Binance Labs invest in Solayer. With the backing and strong support of Binance Labs, we are one step closer to realizing our vision of strengthening the Solana ecosystem and delivering greater value to dApps on Solana," said Jason, Co-Founder of Solayer Labs.
