Binance’s venture capital and incubation arm – Binance Labs – announced investing in the Solana-based restaking network, Solayer.
Solayer intends to use Binance Labs’ new capital to build its team and onboard more protocols to its ecosystem. It also plans to solidify its place as an integral part of Solana.
The official press releaseThe team’s research will focus on ways of reducing congestion in Solana’s network through restaking infrastructure.
Solayer will launch a complete system in the near future, allowing stakeholders to utilize SOL for Solana security, and dApps to protect network bandwidth, transaction speed, etc. The platform also targets general asset re-sale to secure AVS external systems.
Yi He, Binance Labs Head and co-founder, commented on the investment.
“We are thrilled to have Binance Labs invest in Solayer. With the backing and strong support of Binance Labs, we are one step closer to realizing our vision of strengthening the Solana ecosystem and delivering greater value to dApps on Solana.”
Solayer is a native Solana application that improves the security and stability of Solana’s base layer. It also extends it to decentralized applications (dApps) as well as other systems. The decentralized network of validators allows users to participate in this approach, which boosts the security and vibrancy within the Solana eco-system.
The software also allows users to stake Earn native yields with MEV-boost and earn yields from Actively Validated Services delegated.
DeFiLlama reports that in just 60 days after launching the first phase, Solayer is now the 13th most popular protocol on Solana. As per DeFiLlama’s estimates, over 150 million dollars in TVL has been locked on the platform. It also attracted 70,000 deposit addresses. data Compilation by DeFiLlama
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Source: cryptopotato.com