The Solayer restaking protocol has received funding from Binance Labs, the venture arm of the well-known cryptocurrency exchange Binance. While the exact amount of the investment has not been disclosed, it is known that the raised funds will be directed towards expanding the team and implementing new solutions within the Solayer ecosystem.

Binance Labs announced the investment in Solayer through its official Twitter page, highlighting that this protocol is one of the leading restaking networks on the Solana platform.

How Solayer Works and Its Advantages
Solayer operates on the Proof-of-Stake (PoS) principle, aimed at enhancing the security of the Solana network while ensuring interaction with various decentralized applications (dApps). This allows users to become part of a decentralized network of validators, contributing to the security and support of the entire ecosystem. Participants can stake various assets, thus aiding in the decentralization of Solana while earning native yield through MEV-boost, which has become a key aspect of their strategy.

Since its launch, within just 60 days, the protocol has achieved impressive results: the total value locked (TVL) in Solayer has exceeded $150 million, according to DeFiLlama data. During this period, over 70,000 unique addresses have participated in the restaking process, indicating strong interest in the product. Due to such rapid growth, Solayer has secured the 13th position among other projects on the Solana platform.

Support from Binance Labs

With the newly raised capital, Solayer plans not only to increase its staff but also to implement new solutions to enhance the functionality of its ecosystem. The team will also focus on developing solutions to address the network congestion issues on Solana using its unique restaking infrastructure.

Co-founder of Solayer Labs, expressed his joy over the investment from Binance Labs:

History of Collaboration
This is not Binance Labs' first investment in a restaking protocol. In April 2024, they announced funding for BounceBit, another restaking protocol operating on the Bitcoin network. Such steps highlight Binance's growing interest in protocols working in the restaking sphere and their commitment to supporting innovation in the cryptocurrency ecosystem.

Thus, Binance Labs' investment in Solayer underscores the importance of restaking as a tool for enhancing the security and decentralization of blockchain networks, while also opening new opportunities for users and developers within the Solana ecosystem.