Quick take:

  • The Solayer protocol seeks to horizontally scale the Solana Virtual Machine (SVM) akin to what EigenLayer is to the Ethereum network.

  • Solayer Labs, also announced an upcoming season one claim, without providing specific dates.

  • The LAYER token will be distributed in three phases with season one available to all eligible participants and protocol partners.

Solayer Labs, the company developing Solayer, a crypto restaking protocol on Solana has announced the formation of Solayer Foundation, the non-profit organisation that is focused on accelerating the mission of scaling distributed systems, starting with Solayer.

“The Foundation’s role is to support advanced research and development for the Solayer Network. It is governed by independent directors, with direct influence from LAYER token holders, who also participate in setting up the foundation and appointing directors and officers,” Solayer wrote in a post on the X platform.

The protocol will be governed using the LAYER token, which will have more utility as the ecosystem grows.

Although there were no specific dates for the token distribution, Solayer Labs said it will be distributed in three phases, starting with a season 1 claim, which will be available to eligible participants and protocol partners. 

“Eligible participants will receive a prompt in the Solayer dashboard advising them of their eligibility and requiring them to accept the terms and conditions,” the company said.

The launch comes barely four months after Solayer raised $12 million in a seed round led by Polychain Capital and backed by the likes of Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE and Maelstrom.

Solayer is being built to replicate on Solana what crypto restaking protocol EigenLayer is to the Ethereum network.

Restaking protocols allow crypto holders to maximise their staking profits by locking their staked assets again in Actively Validated Services (AVSs). BONK, AltLayer, HashKey, and SonicSVM are some of the AVSs on Solayer.

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The post Solayer Labs Introduces Governance Token for Its Solana-Based Restaking Protocol appeared first on NFTgators .