TL;DR
- Solayer reached a deposit limit of $20 million in 45 minutes during its initial launch, reflecting strong investor support.
- The protocol allows for restaking SOL and other liquid staking products, with assets locked until “epoch 3” to ensure a solid foundation.
- They aim to raise $8 million to develop their shared security infrastructure and scale the Solana blockchain.
The Solana restaking protocol, Solayer, has garnered everyone’s attention following the resounding success of its deposit launch. This event took place on Thursday afternoon and reached a $20 million limit in just 45 minutes, surpassing all expectations and reflecting strong investor support for this new project.
Solayer is an innovative restaking protocol on Solana, offering functionality similar to what EigenLayer has introduced on Ethereum. The initial deposit phase was exclusive and by invitation, allowing users to restake SOL directly on the protocol or through liquid staking products such as mSOL, bSOL, JITOSOL, and INF. This first stage, called “epoch 0,” will keep assets locked until “epoch 3,” ensuring a solid foundation for the protocol’s future operations.
Solayer’s ability to quickly reach its deposit limit not only reflects investor confidence but also the growing demand for restaking solutions on the Solana blockchain. Restaking allows staked tokens to secure additional applications, multiplying yield opportunities and strengthening network security. This technique, which extends the security of the blockchain’s base layer, offers a more efficient use of staked assets and promotes system resilience.
Since its inception at the end of 2023, Solayer has been in a constant state of evolution, outlining a roadmap detailing its future plans. The development team mentioned the intention to launch a liquid restaking token called sSOL in “epoch 6.” However, although the duration of each epoch has not yet been specified, the focus on protocol security and stability is evident.
Solayer Seeks Strong Investor Support
Solayer aims to raise $8 million and currently has a valuation of $80 million. The investment is being led by Polychain. This funding will enable the team to focus on its mission of building shared security infrastructure and scaling the Solana blockchain horizontally. The interest from high-profile investors underscores the potential and confidence in the protocol and restaking as a key tool for the growth and security of blockchain networks.
Their roadmap describes three main phases: restaking epochs, node operators, and shared validator networks. The first phase, known as “Genesis Private Epoch” or “epoch 0,” focused on establishing a balanced security foundation, allowing invited investors to restake within a limited period. With this gradual strategy, they ensure the system is released steadily, balanced, and well-tested, working closely with trusted investors and early supporters.
The withdrawal schedule stipulates that restaked assets will be locked until “epoch 3,” at which point all assets will be fully withdrawable before Phase 2 begins. The protocol is committed to ensuring transparency and security, essential aspects for gaining community trust.
