Quick take:
- SatLayer allows users to restake their Bitcoin on platforms like Solv Protocol, Lombard, and Bedrock.
- The protocol has yet to formalise plans for a token as it currently offers users rewards in the form of points.
- It is the first Bitcoin staking service built on Babylon, a protocol that bridges BTC to yield-bearing proof-of-stake networks.
SatLayer, a Bitcoin restaking protocol built on Babylon has secured $8 million in an oversubscribed pre-seed round co-led by Hack VC and Castle Island Ventures. The fundraising also attracted participation from Franklin Templeton, OKX Ventures, Mirana Ventures, Amber Group, Big Brain Holdings, and CMS Holdings, among others, The Block reported.
SatLayer initially planned to raise $4 million according to co-founder Luke Xie. The round was structured as a simple agreement for future equity (SAFE) with token warrants.
Although multiple protocols are offering BTC restaking, SatLayer is the first protocol built on Babylon, Bitcoin’s bridging protocol to yield-bearing proof-of-stake networks.
The announcement coincides with Babylon’s launch of phase one of its self-custodial mainnet. The platform has already locked 12,720 stakers performing over 20,610 staking delegations according to its website.
SatLayer allows users to restake their Bitcoin and Bitcoin liquid-staking tokens from platforms like Solv Protocol and Lombard among others.
“Many in the space — especially those that have been around for a few years — have substantial bitcoin holdings sitting idle, which can be put to greater use,” Xie said.
SatLayer has yet to formalise plans for a token as it currently offers users rewards in the form of points. “We don’t have formalized plans for the token yet, and will announce at a later stage if/when details are available,” he added.
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