August 08, 2024
Binance Labs, the venture capital and incubation division of Binance, has made a substantial investment in Solayer, a prominent restaking network on Solana. This strategic investment aims to enhance on-chain decentralized applications (dApps) by improving network bandwidth and securing the Layer 1 (L1) network.
Project | Latest Raise Date | Stage | Lead Investor | Category |
|---|---|---|---|---|
Solayer | August 8, 2024 | Strategic Investment | Binance Labs | Staking, DeFi |
Solayer, built natively on the Solana blockchain, leverages proof-of-stake economic principles to extend Solana’s base layer security to other decentralized systems and dApps. This framework allows users to participate in a decentralized validator network, bolstering the security and robustness of the Solana ecosystem. Users can stake assets to decentralize Solana, earn native yields through MEV-boost, and gain returns from delegated Actively Validated Services (AVS).
With the funding from Binance Labs, Solayer plans to expand its team, integrate new protocols into its ecosystem, and strengthen its role as a key component of the Solana blockchain. The team will also focus on researching solutions to address Solana’s network congestion through restaking infrastructure. Future plans include developing a comprehensive system where stakers can use SOL to secure Solana, and dApps can secure network bandwidth and transaction throughput. Additionally, Solayer will work on general asset restaking to secure external AVS systems.
About Solayer
Solayer is a restaking network built on the Solana blockchain, designed to enhance the security and performance of decentralized applications (dApps). By leveraging the economic principles of staking, Solayer extends Solana's base layer security to other decentralized systems. It introduces a shared validator network that allows users to stake their assets, thereby decentralizing Solana and earning yields through MEV-boost and Actively Validated Services (AVS). Solayer aims to provide higher network bandwidth and transaction throughput for dApps, addressing network congestion issues and supporting the development of scalable mobile applications.
Website: https://solayer.org/
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About Investor
Investor: Binance Labs
Binance Labs is the venture capital and incubator arm of Binance, a leading cryptocurrency exchange. With a portfolio worth over $10 billion, Binance Labs is dedicated to identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities. It provides financing to industry projects that help grow the wider blockchain ecosystem.
Binance Labs is committed to supporting fast-executing, technical teams who positively impact the crypto space and build the decentralized web. Its portfolio covers 250 projects from over 25 countries across six continents and has a return-on-investment rate of over 14X2. Fifty of Binance Labs’ portfolio companies are projects that have gone through their incubation programs.
Location: Hong Kong, Hong Kong
Website: https://labs.binance.com/
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