Solayer, a startup constructing a product akin to EigenLayer on Solana, opened restaking deposits Thursday afternoon.
The invite-only deposit interval was capped at $20 million {dollars}. Customers might natively restake SOL on Solayer, or deposit the liquid staking merchandise mSOL, bSOL, JITOSOL, and INF. With the non-public entry launch, Solayer turns into a horse within the race to construct a restaking ecosystem on the Solana blockchain.
Few Solana restaking protocols have gone stay, apart from Picasso, which runs its personal model of Solana restaking.
Learn extra: Robinhood permits Solana staking for purchasers in Europe
Maybe in a testomony to the hype surrounding these protocols launching, Solayer hit its $20 million cap inside 45 minutes of opening withdrawals, a member of the Solayer core group confirmed to Blockworks. And it’s not simply degens putting bets on the brand new restaking protocol. Solayer is trying to elevate $8 million at an $80 million valuation led by Polychain, CoinDesk reported.
Nonetheless, little is understood concerning the firm. Solayer mentioned the protocol has “been within the works since [the] finish of 2023” in a weblog publish. It known as the primary deposit interval “epoch 0,” and restaked belongings might be locked within the protocol till “epoch 3.” A roadmap Solayer posted Wednesday mentioned {that a} liquid restaking token known as sSOL would launch in epoch 6.
A Solayer group member didn’t say how lengthy every epoch would final however confirmed sSOL being an LRT.
Learn extra: The dangers of restaking are extraordinarily overrated
Restaking refers to utilizing the staked tokens securing proof-of-stake blockchains to safe one other layer of functions — or primarily staking staked tokens a second time. This extends the safety of the blockchain’s base layer and places idle staked belongings to make use of, creating further yield alternatives. By distributing safety tasks throughout a number of layers, restaking enhances community resilience and maximizes the utility of staked tokens.
Solana is secured by a mix of proof-of-stake and proof-of-history, which means restaking may very well be utilized to the community.
The idea was pioneered on Ethereum by EigenLayer, which has raised over $150 million in enterprise funding and secured over $14 billion in complete worth locked (TVL), in accordance with DeFiLlama.
Learn extra: Funding Wrap: Buyers place extra EigenLayer bets
And now, the idea has made its option to Solana.
“Within the coming 12 months, we’re enthusiastic about and hope to guide the motion of ‘scaling out’ of the Solana base chain,” Solayer wrote in a weblog publish.
