Solayer is a restaking protocol built on Solana, designed to enhance the network's efficiency and security while providing opportunities for users to maximize their staked SOL (sSOL) rewards. As we know there're many technical jargons hard to understand, here's simple explanation of Solayer.
What is Solayer?
Solayer is a special tool on the Solana blockchain that helps users earn more rewards by restaking their SOL tokens. Restaking is like giving your tokens extra work to do, which helps Solana stay safe and fast.
Boost Security: By restaking, Solayer helps make Solana stronger and better protected. It’s like everyone pitching in to keep the system safe.
More Rewards: Restaking sSOL tokens gives users extra rewards on top of their original staking, like earning interest twice.
Help Solana Grow: Solayer supports new projects on Solana, letting them use the same security to grow quickly and safely.
How does it work?
1. Restaking: You stake your SOL tokens, which turn into special tokens called sSOL. These are used to help Solana run more smoothly.
2. Delegate to Validators: You can choose where to put your sSOL by sending it to trusted validators that help process transactions.
3. Earn More: The more you restake, the more rewards you earn. These tokens can also be used in future projects for even more benefits. You can use these token on external apps to earn more incentive.
4. Shared Security: Solayer allows different projects on Solana to share its strong security, making everything faster and more reliable.
> Currently Solayer helped Binance to launch their own restaked Solana Token - BNSOL. Learn More About BNSOL
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