SatLayer, a Bitcoin restaking protocol built on Babylon, has secured $8 million in an oversubscribed pre-seed round co-led by Hack VC and Castle Island Ventures. The round also saw participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings. Initially planning to raise $4 million, the round was structured as a simple agreement for future equity (SAFE) with token warrants.

SatLayer allows users to restake their Bitcoin on platforms like Solv Protocol and Lombard. The protocol currently offers rewards in the form of points and has yet to formalize plans for a token. This development coincides with the launch of Babylon's self-custodial mainnet, which has already locked 12,720 stakers performing over 20,610 staking delegations.