TechFlow news — On August 7, according to The Block, Binance Labs, the venture capital and incubation arm of Binance, announced an investment in Solayer, a leading restaking platform in the Solana ecosystem. Solayer aims to support the growth of on-chain decentralized applications (dApps) by enhancing network bandwidth while securing the Layer 1 network. Users can participate in a decentralized validator network by staking assets, contributing to the security and decentralization of the Solana ecosystem, and simultaneously earn native yield through MEV-boost to achieve annual percentage yield (APY).
The funding will be used to expand the team, introduce new protocols, and advance Solayer as a core program within the Solana ecosystem, as well as research solutions leveraging restaking infrastructure to address network congestion. Solayer also plans to launch its second-phase product, enabling stakers to use SOL to secure network bandwidth and transaction throughput for both Solana and its dApps.
Binance co-founder Yi He stated: "Binance Labs is committed to supporting early-stage projects that drive growth across the crypto ecosystem. Solayer has already emerged as a standout within the Solana ecosystem, and we're excited to collaborate with them." Jason, co-founder of Solayer Labs, added: "With the support of Binance Labs, we are one step closer to realizing our vision of strengthening the Solana ecosystem." Since opening its first phase, Solayer has rapidly grown into the 13th largest protocol on Solana, with total value locked (TVL) exceeding $150 million and attracting over 70,000 unique deposit addresses participating in staking.
