Solayer, Solana Restaking Service Gets $12 Million in Funding

Bittime - Solana-based innovative protocol Solayer has just caught the attention of big investors. With a unique "restaking" concept, Solayer managed to secure funding of IDR 184.8 billion (equivalent to $12 million) in a seed funding round led by crypto investment giant, Polychain Capital.

This exciting funding round not only attracted Polychain Capital, but also attracted the interest of a number of other well-known investors. Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and even Arthur Hayes' family office known as Maelstrom, participated in this funding. 

The participation of investors of this caliber shows the high level of confidence in Solayer's potential in the future.

Solayer Funding Details

According to reports from The Block, this funding round uses a SAFE (Simple Agreement for Future Equity) structure with token warrants, which places the Solayer protocol valuation at a fantastic figure of IDR 1.23 trillion (equivalent to $80 million). 

This figure is certainly a strong indicator of the huge potential that investors see in Solayer restaking technology.

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But what exactly makes Solayer so interesting? Rachel Chu, co-founder of Solayer, explains that their protocol has a unique approach compared to competitors like EigenLayer on Ethereum or Jito on Solana. 

"Unlike EigenLayer and Jito which initially focused on exogenous AVS such as inter-chain bridges or oracles, Solayer aims to start with Solana-native decentralized applications (dApps)," Chu said.

Chu further explained that Solayer's focus is to assist these dApps in reserving block space and prioritizing transaction inclusion based on the amount of stake delegated to them. This approach is expected to provide more direct benefits to the Solana ecosystem.

The concept of restaking allows investors to re-lock their earnings from staked tokens into other protocols, helping to secure actively validated services (AVS) on the network. 

In return, investors receive more rewards, thereby increasing their overall income.

Solayer's Impressive Growth

Since its mainnet launch on August 15, Solayer has shown impressive growth. The protocol claims to have attracted more than 104,583 depositors who have locked up more than IDR 2.88 trillion (equivalent to $187 million) in restaged assets. 

This figure is even supported by data from DeFiLlama, a trusted platform for DeFi analysis.

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At the time of mainnet launch, Solayer introduced some of its first endogenous active validation services, including BONK, AltLayer, HashKey, and SonicSVM. The presence of these big names further strengthens Solayer's position as a serious player in the Solana ecosystem.

With fresh funding recently raised, Solayer plans to expand their team and integrate new protocols ahead of the launch of the second phase of its platform. 

This move is expected to further strengthen Solayer's position in the increasingly competitive DeFi landscape.

Conclusion

PThis development is clear evidence of the innovation that continues to occur in the crypto world. However, as with all investments in the crypto world, it is important for potential investors to conduct in-depth research and understand the risks that may arise before diving into new technology such as restaking.

With huge potential on offer and support from renowned investors, Solayer seems poised to bring a new revolution in the way people invest and participate in the Solana ecosystem. Let's wait and see how the development of this protocol will shape the future of DeFi on the Solana blockchain.

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