Binance Labs has announced its investment in Solayer, a rapidly growing restaking network built natively on the Solana blockchain.
In just under 60 days since launching its first phase, Solayer has quickly ascended to become the 13th largest protocol on Solana, according to data from DeFiLlama.
Binance Labs announced that it has invested in Solayer, a restaking network on Solana. In just under 60d since launching phase 1, Solayer has risen to become the 13th largest protocol on Solana, according to DeFiLlama. It has amassed over $150 million in TVL and attracted more…
— Wu Blockchain (@WuBlockchain) August 7, 2024
The network has already amassed over $150 million in Total Value Locked (TVL) and has attracted more than 70,000 unique deposit addresses.
6/ Since launching less than two months ago, Solayer has quickly grown to become one of the top protocols on Solana with more than $150MM TVL and over 70,000 unique deposit addresses.
— Solayer (@solayer_labs) August 7, 2024
Solayer is focused on building a robust restaking network that leverages Solana’s economic security and high-performance execution.
Positioned as a decentralized cloud infrastructure, Solayer aims to provide a higher degree of consensus and blockspace customization for application developers, tackling one of Solana’s biggest challenges: network congestion. By focusing on blockspace prioritization through restaking, Solayer seeks to establish itself as the standard for restaking on the Solana network.
3/ Solayer aims to establish the Solana restaking standard that focuses on the network's biggest problem: congestion. The infrastructure design focuses on blockspace prioritization through restaking.
— Solayer (@solayer_labs) August 7, 2024
Since its launch, Solayer’s rapid growth and significant milestones have made it one of the top protocols on Solana. The network’s innovative approach to blockspace management and consensus customization has drawn the attention of investors and developers alike, contributing to its swift rise in the DeFi space.
🔥Solayer@solayer_labs is heating up the scene as 𝘁𝗵𝗲 𝗡𝗢.𝟭 𝗶𝗻 24H 𝗛𝗼𝘁 𝗣𝗿𝗼𝗷𝗲𝗰𝘁 on RootData. Well done and keep on going! 🚀
🎉@BinanceLabs Announced Investment in @solayer_labs yesterday, the restaking network on #Solana.
— RootData | App Live Now (@RootDataLabs) August 8, 2024
The recent investment from Binance Labs is set to further accelerate Solayer’s development. The funding will enable the Solayer team to scale operations and continue expanding its ecosystem. With the support of Binance Labs, Solayer is poised to deepen its impact on the Solana network and the broader DeFi landscape.
As Solayer continues to grow, its focus on solving congestion issues and enhancing blockspace efficiency could make it a key player in the evolution of decentralized infrastructure on Solana, offering developers the tools they need to build more efficient and scalable applications.
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