Binance Labs, the venture capital and incubation arm of Binance, has announced a significant investment in Solayer, a leading restaking network on Solana. This strategic move aims to empower on-chain decentralized applications (dApps) with enhanced network bandwidth while simultaneously securing the Layer 1 (L1) network.
According to the firm’s report, Solayer is built natively on the Solana blockchain and utilizes the economic principles of proof-of-stake to extend Solana’s base layer security towards other decentralized systems and dApps. This innovative framework allows users to participate in a decentralized validator network, enhancing the security and robustness of the Solana ecosystem. Users can stake assets to decentralize Solana, earn native yields through MEV-boost, and yield from delegated Actively Validated Services (AVS).
Since launching Phase 1 just under 60 days ago, Solayer has quickly ascended to become the 13th largest protocol on Solana, according to DeFiLlama. The platform has already amassed over $150 million in Total Value Locked (TVL) and attracted more than 70,000 unique deposit addresses.
Future Plans with Binance Labs’ Funding
With the infusion of funds from Binance Labs, Solayer plans to scale its team, onboard new protocols into its ecosystem, and solidify its position as a core component of the Solana blockchain. The team is also focused on researching solutions to address Solana’s network congestion issues through 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. Additionally, Solayer will concentrate on general asset restaking to secure exogenous AVS, systems external to Solana.
Yi He, Co-Founder of Binance and Head of Binance Labs, stated,
“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.”
Jason, Co-Founder of Solayer Labs, expressed excitement about Binance Labs’ investment in Solayer. He noted that with the backing and strong support of Binance Labs, Solayer is one step closer to realizing its vision of strengthening the Solana ecosystem and delivering greater value to dApps on Solana.
