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Announcing Our $12M Round Led by Polychain and Hack VC

Announcing Our $12M Round Led by Polychain and Hack VC

Solayer Core

Aug 28, 2024

We’re excited to announce that Solayer has successfully raised $12M in our latest funding round, led by Polychain and Hack VC. This investment will fuel our mission to build the premier restaking network on Solana, enhancing scalability and security across the ecosystem.


Modular vs. Integrated Approach

In the Ethereum ecosystem, Eigenlayer pioneered a modular approach to restaking, focusing on the shared economic security model. Solayer, builds upon this concept, but with an integrated design tailored for Solana. By combining system-level integration with decentralized applications (dapps) via stake, we aim to significantly enhance both liveness and scalability on Solana.


Bridging the Scalability Chasm

The first phase of Solayer centers around Solana’s network bandwidth optimization. The biggest problem on Solana today is the transaction inclusion rate (i.e. censorship resistance, a form of liveness).


Solana is designed for speed and low costs. From 2023-2024, we witnessed +477% in new monthly active users, and transaction fees paid increased from $25M to $297M.


However, along with this explosive growth we’ve seen increased spam and congestion.


Solana proposed a stake-weighed QoS (quality-of-service), which is an implementation feature that allows leaders (block producers) to identify and prioritize transactions proxied through a staked validator as an additional sybil resistance mechanism.


Solayer restaking builds upon this to horizontally scale Solana.


With Solayer, users can stake SOL not only to decentralize Solana but also to secure network bandwidth for all decentralized systems. More stake dedicated to a dapp means higher throughput, creating localized "cloud" instances for applications without the fragmentation typically associated with appchains. This approach is particularly valuable for apps where users may not be willing to pay for additional services like stake-weighted QoS.


Instead of centralizing the power to include transactions with a single entity, Solayer decentralizes this power across applications through a marketplace model. This design allows for dynamic discovery of supply and demand.


Our Progress So Far

Since our launch in May 2024, Solayer has achieved remarkable milestones:

  • $190M in TVL

  • ~100k+ unique deposit addresses

  • Mainnet launch with four endo AVSs:

    • Restaking vault

    • Native staking / unstaking

    • MEV-boost

    • sSOL unfreeze to kickstart liquidity interface

    • Endo AVS mainnet


What's Next?

We are committed to releasing the full Solayer system over the coming months, which includes:

  • Endogenous AVS client

  • General asset restaking

  • Exogenous AVS


Our goal is to build infrastructure that enhances the overall security and efficiency of the Solana L1, maximizing value for every user, developer, and yes, even meme enjoyers.

Don’t blink—you might miss it.

Get Involved

Whether you’re a developer, restaker, or delegator, there’s a place for you in the Solayer community. Join us:


- Meet us IRL: Solayer Community

- Developers: Solayer Docs

- Restakers: Solayer App

- Delegators: Solayer Delegate

- Build with us: Solayer

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solayer

Solayer is the leading restaking network on Solana, designed to secure both blockspace and decentralized mechanisms through restaked security.

©2024 Solayer · All Rights Reserved

solayer

Solayer is the leading restaking network on Solana, designed to secure both blockspace and decentralized mechanisms through restaked security.

©2024 Solayer · All Rights Reserved

solayer

Solayer is the leading restaking network on Solana, designed to secure both blockspace and decentralized mechanisms through restaked security.

©2024 Solayer · All Rights Reserved