Solayer Restaking Protocol Gains Support from Non-Profit Foundation

Solana restaking protocol Solayer is gaining support from a non-profit foundation alongside the introduction of the LAYER governance token.

“To support the next phase of our journey, we are thrilled to announce the Solayer Foundation, an independent non-profit organization dedicated to advancing protocols that drive SVM scaling, the upcoming LAYER token, and Season 1 claim,” Solayer Labs posted to X on Thursday.

About Solayer

Solayer is a Solana restaking protocol modeled after the Ethereum restaking protocol, EigenLayer. Restaking allows users to earn additional rewards by locking up their staked assets again in different protocols, known as actively validated services (AVSs), to maximize their earnings. As of now, the restaking protocol is the 12th largest on Solana, according to DeFiLlama.

LAYER Token

LAYER is an SPL-2020 token that will primarily function as Solayer’s governance token and will be used to “accelerate ecosystem growth and protocol development,” as stated by Solayer Labs on Thursday. More details regarding LAYER’s utility are expected to be announced later this year.

Token Distribution Phases

Solayer Labs provided some insights into the allocation of LAYER tokens but did not specify a date for when token claiming will commence. According to their recent post, “Distribution of the LAYER token will take place over three phases. The first phase will conclude with the Solayer Season 1 for all eligible participants and protocol partners.” Eligible participants will receive a notification in the Solayer dashboard, informing them of their eligibility and requiring them to accept the terms and conditions.

Backing and Funding

Solayer Labs has attracted a notable list of backers, including Polychain Capital, Binance Labs, and Solana co-founder Anatoly Yakovenko. As of last August, the company had raised $12 million in seed funding.