TL;DR
- Binance Labs has invested in Solayer, a restaking network on the Solana blockchain, with the goal of enhancing the security and functionality of dApps within the SOL ecosystem.
- Solayer aims to improve the security of the Solana blockchain. Users will be able to participate in the validator network, stake assets, and earn yields.
- With this investment, Solayer plans to expand its team and develop solutions for congestion issues on the Solana network.
Binance Labs has announced a strategic investment in Solayer, a restaking network on the Solana blockchain. The renowned exchange is highly interested in strengthening the security and functionality of decentralized applications (dApps) within the Solana ecosystem.
Solayer’s goal is to enhance the security of the Solana blockchain and its dApps by providing a higher likelihood of securing block space and prioritizing transaction inclusion. Solayer users will be able to participate in the validator network, contributing to the security and vitality of the ecosystem. Through this network, users can stake assets to decentralize Solana, earn native yields through MEV-boost, and generate income from delegated Actively Validated Services (AVS).
We’ve invested in @solayer_labs
Solayer is a leading restaking network on Solana.
Read more👇https://t.co/DpdglDqDkD
— Binance Labs Fund (@BinanceLabs) August 7, 2024
With financial backing from Binance Labs, Solayer plans to expand its team and establish itself as a key player in the SOL infrastructure. The investment will enable the network to investigate solutions for congestion problems on the Solana network and launch a comprehensive system that allows stakers to use SOL to secure the blockchain and enables dApps to guarantee bandwidth and transaction throughput. Additionally, Solayer will focus on restaking assets to protect exogenous AVS external to Solana.
Binance Labs Has Supported More Than 200 Projects
Currently, Solayer has accumulated over $150 million in total value locked (TVL) and has attracted more than 70,000 unique deposit addresses, reflecting its growing influence in the SOL ecosystem and the broader crypto community.
Yi He, co-founder of Binance and current head of Binance Labs, reaffirmed his organization’s commitment to supporting emerging projects that foster the growth of crypto ecosystems. He expressed enthusiasm for Solayer’s dominant role in the Solana ecosystem and the opportunity to collaborate in its mission to make the ecosystem more dynamic.
Since Yi He took on the role of head of Binance Labs a year ago, the organization has managed assets valued at $7.5 billion and supported more than 200 projects. His role includes guiding global strategy and supporting key initiatives and innovative projects in the cryptocurrency and blockchain fields.
