PANews reported on August 28 that according to The Block, Solana's re-staking protocol Solayer completed a $12 million seed round of financing, led by Polychain Capital. Other investors include Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE and Arthur Hayes' family office Maelstrom. Solayer co-founder Rachel Chu said the round ended in May and it valued Solayer at $80 million. Solayer plans to use the new funds to expand the team, integrate new protocols and prepare for the second phase of the platform. The project plans to recruit more employees in functions such as growth, institutional partners and engineering. Solayer also plans to launch its native token in the future, which Chu said is "under design." Earlier this month, Binance Labs said it had invested in Solayer. Chu said Binance's investment was part of the seed round. Last month, Solayer also announced a pre-seed financing round of undisclosed size, with angel investors including Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal. Solayer is a Solana-based re-staking protocol that allows users to lock their staked assets in different protocols to earn additional rewards.
