Binance Labs, the venture capital and incubation arm of Binance, has invested in Solayer, a leading restaking network on Solana. Their aim is to empower on-chain decentralized applications (dApps) with improved network bandwidth while securing the L1 at the same time.
Built natively on Solana, Solayer leverages the economic principles of proof-of-stake to extend the security of Solana’s base layer towards other decentralized systems and dApps. This innovative approach enables users to participate in a decentralized validator network, contributing to the security and liveliness of the Solana ecosystem. Users can stake assets to decentralize Solana, earn native yields through MEV-boost, and yield from delegated Actively Validated Services (AVS).
In just under 60 days since launching phase 1, Solayer has risen to become the 13th largest protocol on Solana, according to DeFiLlama. The platform has amassed over $150 million in Total Value Locked (TVL) and attracted more than 70,000 unique deposit addresses.
With the newly secured funds from Binance Labs, Solayer plans to scale its team, onboard new protocols into the ecosystem, and establish itself as a core primitive of the Solana blockchain. Additionally, the team will focus on researching solutions to address Solanaās network congestion issues using restaking infrastructure. Solayer also has plans to roll out the full system soon, where stakers can use SOL to secure Solana and dApps can secure network bandwidth and transaction throughput. In addition to that, Solayer will focus on general asset restaking that secures exogenous AVS, systems that are external to Solana.
āBinance 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,ā said Yi He, Co-Founder of Binance and Head of Binance Labs.
“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,” said Jason, Co-Founder of Solayer Labs.
About Binance Labs
As the venture capital arm and incubator of Binance, Binance Labs is dedicated to empowering early-stage projects and driving the growth of innovative ecosystems. Since our founding in 2018, we have provided strategic support and funding to projects, regardless of market cycles.
Binance Labsā portfolio covers over 250 projects from over 25 countries across six continents. More than 65 of Binance Labsā portfolio companies are projects that have gone through our incubation programs.
About Solayer
Solayer is a leading restaking network on Solana. They aim to empower on-chain decentralized applications (dApps) with improved network bandwidth while securing the L1 at the same time. Their goal is to provide dApps on Solana with a greater likelihood of securing block space and prioritizing transaction inclusion.
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