Binance Labs has announced its investment in Solayer, a rapidly growing restaking network on Solana. The move aims to enhance the Solana ecosystem and improve network efficiency.
According to a recent press release, in less than two months since its phase 1 launch, Solayer has climbed to the 13th largest protocol on Solana, boasting over $150 million in Total Value Locked (TVL) and attracting more than 70,000 unique deposit addresses.
Solayer utilizes proof-of-stake principles to enhance the security of Solana’s foundational layer across various decentralized systems and dApps. This innovative strategy empowers users to engage in a decentralized validation network, bolstering the security and vibrancy of the Solana ecosystem.
By staking assets, users can earn native yields aided by MEV-boost, and they can also reap the benefits of delegated Actively Validated Services (AVS). With fresh financial backing, Solayer aims to grow its team, adopt new protocols, and solidify its role within the Solana blockchain.
Their efforts will also center on resolving network congestion on Solana through innovative restaking solutions. Moreover, they plan to introduce a comprehensive system allowing stakers to secure both Solana and dApps using SOL, along with exploring asset restaking for external systems.
Binance Labs’ vision for Solayer
Co-Founder of Binance and Head of Binance Labs, Yi He, expressed enthusiasm:
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.
This investment comes at a time when the Solana ecosystem is experiencing significant growth and development. Solana is acknowledged for its swift and cost-effective transactions, carving a niche in the world of DeFi. Nevertheless, the integration of Solayer’s restaking features holds promise in tackling scalability hurdles within the network.
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