Solayer, Solana's restaking protocol, recently secured $12 million in seed funding led by Polychain Capital, with participation from notable investors including Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Maelstrom (Arthur Hayes' family office). The project also received pre-seed investments from Solana co-founder Anatoly Yakovenko and Polygon co-founder Sandeep Nailwal, alongside backing from Binance Labs.
Key Innovations: Endogenous AVS on Solana
Solayer introduces endogenous AVS (Actively Validated Services), a novel approach tailored for Solana's ecosystem. Unlike Eigenlayer, Solayer focuses on native dApps within Solana, leveraging staked tokens to dynamically allocate network processing power. This mechanism prioritizes transactions for integrated dApps like Bonk, AltLayer, SonicSVM, and Hashkey, enhancing speed and reliability.
- TVL: Peaked at $190 million with 100,000 unique depositor addresses.
- Market Position: Ranks 5th in restaking protocols.
Challenges in the Restaking Sector
Despite early hype, the restaking sector has cooled:
- Eigenlayer’s TVL dropped to $11.7 billion** from its **$20 billion peak.
- Overall sector TVL: ~$14 billion (DefiLlama).
- Token performance: Down 20%+ monthly.
Solayer’s native token is under development, per co-founder Rachel Chu. With Solana’s activity slowing post-MEME coin frenzy, Solayer’s ability to mirror Eigenlayer’s success remains uncertain.
FAQ
Q: What makes Solayer different from Eigenlayer?
A: Solayer prioritizes Solana-native dApps via endogenous AVS, while Eigenlayer serves cross-chain services.
Q: How much funding has Solayer raised?
A: $12 million in seed funding, plus undisclosed pre-seed rounds.
Q: What’s Solayer’s current TVL?
A: $190 million at its peak, now ranking 5th in restaking protocols.
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