Solana’s restaking protocol, Solayer, is taking a major step forward in its ecosystem development with the launch of the Solayer Foundation and the unveiling of its governance token, LAYER. Inspired by Ethereum’s EigenLayer, this announcement represents a pivotal moment for the protocol.
The newly established Solayer Foundation is an independent non-profit organization aimed at fostering innovations that enhance Solana Virtual Machine (SVM) scaling, governance token adoption, and user engagement through initiatives like the Season 1 claim.
Restaking allows users to earn additional rewards by locking their staked assets again across multiple protocols known as actively validated services (AVSs). Currently ranked as Solana’s 12th-largest protocol by DeFiLlama, Solayer aims to expand its role in the DeFi space.
The LAYER token, built on the SPL-2020 standard, will initially serve as a governance token, empowering the community to influence the protocol’s development and growth. Solayer Labs plans to release further details about the token’s utility later this year.
The LAYER token distribution will occur in three phases, starting with Season 1, during which eligible participants and partners can claim tokens. Solayer’s dashboard will notify users of their eligibility and require them to accept specific terms and conditions.
Backed by notable investors such as Polychain Capital, Binance Labs, and Solana co-founder Anatoly Yakovenko, Solayer Labs has already raised $12 million in seed funding. The introduction of the LAYER token and the Solayer Foundation is expected to further bolster its position within the Solana ecosystem.