Venture Capital Firm Polychain Capital Heads $12 Million Early Financing for Solana's Staking Protocol, Solayer
Solayer, a new staking protocol built specifically for the Solana blockchain, has officially launched its mainnet. The service, which offers crypto restaking services similar to Ethereum-based protocol EigenLayer, aims to provide users with multi-layer security and yield while enhancing scalability and user utility across a broad range of decentralized applications.
Differences from Traditional Staking Protocols
Unlike many traditional staking protocols that primarily secure only one blockchain, Solayer allows users to restake their already staked SOL or liquid staking tokens (such as mSOL, JitoSOL) to secure not just the Solana blockchain but multiple decentralized applications and networks simultaneously. This expands the security layer beyond the base chain, providing a unique approach to staking.
Solayer prioritizes delivering enhanced network security and scalability, DeFi integration with liquid staking tokens, and high-throughput, low-latency transactions. The protocol also targets specific types of applications, including DeFi applications, cross-chain protocols and decentralized apps, real-time and high-demand apps like gaming and streaming, and payment infrastructure.
Key Features and Benefits
Solayer offers several key features and benefits that set it apart from traditional staking protocols:
- Restaking for Multi-Layer Security and Yield: Solayer's unique approach to restaking provides users with the opportunity to secure multiple applications simultaneously, enhancing the security layer beyond the base chain.
- Prioritized Services: Solayer focuses on delivering enhanced network security and scalability, DeFi integration with liquid staking tokens, and high-throughput, low-latency transactions.
- Targeted Types of Apps: Solayer aims to assist DeFi applications, cross-chain protocols and decentralized apps, real-time and high-demand apps, and payment infrastructure.
- Built Specifically for Solana: Solayer is purpose-built for Solana’s architecture and developer environment, ensuring tight integration with Solana’s speed and ecosystem characteristics.
- Token Governance and Sustainability: Solayer uses a governance token (LAYER) to empower community control and incorporates sustainable yield solutions backed by real-world investments.
Funding and Adoption
Solayer recently raised $12 million in a seed round, with the funding round led by Polychain Capital and participated by Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Haye's family office Maelstrom. The protocol has already attracted 104,583 depositors and has locked more than $187 million in restaked assets from these depositors, according to its website and DeFiLlama.
With the fresh capital, Solayer plans to expand its team and integrate new protocols ahead of launching phase two of its platform. The mainnet launch marked the start of Solayer's operations, and the service is expected to continue growing as more users discover the benefits of its multi-dimensional approach to staking.
[1] Solayer Whitepaper [2] Solayer Blog: DeFi Integration [3] Solayer Blog: Building on Solana [4] Solayer Blog: Payments Infrastructure [5] Solayer Blog: Cross-Chain Applications
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