Binance Labs Backs Solayer, Stepping Into Solana’s Restaking Arena

Solayer, an emerging Solana restaking protocol, has caught the eye of big-name investors. 

Eager to increase its exposure to Solana’s burgeoning DeFi ecosystem, Binance Labs has announced its investment in Solayer, envisioning a more secure and capital-efficient network.

Binance Labs X Solayer - What to Expect?

After securing support and funding from Binance Labs, Solayer plans to expand its role and position in the Solana ecosystem. With plans to grow its team and onboard new protocols into its growing ecosystem, Solayer aims to establish itself as a fundamental pillar of Solana DeFi.

Envisioning an improved Solana experience for everyone, Solayer has also committed to focus efforts on researching innovative ways to leverage restaking infrastructure to resolve network congestion issues.

“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” - Yi He, Binance Co-Founder and Head of Binance Labs.

Beyond its own research, Solayer is also providing comprehensive educational content through its learning center, Solayer 101.

"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" - Jason, Solayer Labs Co-Founder

Solayer’s extended product suite is expected to roll out in the near future, empowering users to optimize their staked assets throughout the ecosystem.

In announcing their investment in Solayer, Binance Labs joins other prominent investors including Solana co-founder Anatoly Yakovenko.

Solayer Enjoys Consistent Growth Since Launch

During its original invite-only soft launch in May, Solayer hit its conservative $20M deposit cap in just 45 minutes. Despite access being limited, the platform proved popular with depositors with demand for restaking services on Solana growing.

Since then, Solayer has enjoyed consistent growth. In the space of a few months, the restaking protocol has attracted over $160M in TVL (Total Value Locked), based on DeFiLlama data.

By staking SOL, and selected LSTs, in exchange for sSOL, stakers can enjoy up to 9% APY on their deposits. With over 82,000 depositors, the protocol has quickly risen through Solana’s DeFi ranks, becoming the third-largest application by TVL. 

Building off the excitement inspired by their collaboration with Binance Labs, Solayer has announced further partnerships with other Solana-based applications. 

Joining forces with Kamino Finance, Solayer is providing $10,000 worth of SOL to users who deposit sSOL or SOL into the incentivized liquidity vault.

Through restaking, Solayer is ushering in a new era of security and capital efficiency on Solana. Promising improved chances of securing block space and prioritized transaction inclusion, Solayer empowers dApps to enhance network bandwidth while further securing the Solana network.

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