Quick take:
- Solayer offers crypto restaking services on Solana, akin to the Ethereum-based protocol EigenLayer.
- Restaking allows users to earn rewards by locking earnings from staked tokens in other protocols.
- Solayer claims to have locked more than $187 million in restaked assets from 104,546 depositors, according to its website.
Solana-based crypto restaking protocol Solayer has raised $12 million in a seed round led by Polychain Capital. The fundraising also attracted participation from Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE and Arthur Haye’s family office Maelstrom.
The funding round was structured as a simple agreement for future equity (SAFE) with token warrants and values the protocol at $80 million, according to The Block.
The company plans to use the fresh capital to expand its team and integrate new protocols ahead of launching phase two of its platform.
Solayer’s restaking service on Solana is slightly different from other staking protocols. Although it is essentially Solana’s version of the Ethereum-based EigenLayer, Solayer co-founder Rachel Chu told The Block that “Unlike EigenLayer and Jito (a Solana-based liquid staking protocol that recently entered the restaking space), which initially focus on exogenous AVSs (e.g., cross-chain bridges, oracles, shared sequencers and other non-mainnet systems), Solayer aims to start with native Solana on-chain dApps (referred to as endogenous AVSs) and assist them in reserving block space and prioritizing transaction inclusion based on the amount of stake delegated to them.”
Crypto restaking protocols allow investors to lock their earnings from staked tokens in other protocols, helping secure actively validated services (AVSs) on the network. In return, they receive more rewards, thus boosting their earnings.
Solayer launched its mainnet on August 15 with $160 million in total value locked. The protocol claims to have already attracted 104,583 depositors who have locked more than $187 million in restaked assets, a figure that is backed by data from DeFiLlama.
The platform’s inaugural endogenous actively validated services at the time of the mainnet launch included BONK, AltLayer, HashKey, and SonicSVM.
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