What is Solayer (LAYER)?

sSOL is the token that represents staked SOL within the Solayer protocol. Users can stake their SOL tokens through Solayer to mint sSOL.

• Restaking: Users can restake their sSOL to secure other networks.
• Delegation: sSOL can be delegated to validators or Automated Validator Sets (AVS).
• Liquidity Provision: In the future, sSOL will be usable for providing liquidity in DeFi applications.
• Reward Claiming: sSOL enables users to claim staking rewards.

Core Features and Functions

• Restaking Mechanism: Users can maximize the efficiency and earning potential of their assets by restaking SOL tokens.
• Shared Validator Network: Offers a secure and efficient validator network for verification processes.
• Reward Distribution: Participants in the restaking process earn rewards, encouraging active engagement.
• User-Friendly Interface: Provides an intuitive interface for managing restaking activities seamlessly.

Why Built on Solana?

Solayer was founded by Rachel Chu and Jason Li on Solana due to its high transaction speed and low costs. Solana’s robust ecosystem and active community offer a strong foundation for Solayer’s growth, ensuring users a smooth and efficient restaking experience.

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Solayer’s Architecture

Restaking Pool Manager

• Asset Flow Management: Converts SOL or Liquid Staking Tokens (LSTs) into Solayer-specific tokens (e.g., sSOL).
• Token Minting: Provides Solayer tokens for users to participate in liquidity reward programs.

Shared Validator Network (SVN)

• Cross-Chain Compatibility: Enables security sharing across different chains.
• Optimized Resource Distribution: Allocates network resources effectively based on staking volume.

Solayer Restaking Mechanism

Solayer allows users to restake their native SOL tokens through the following steps:

1. SOL tokens are converted into an intermediate form called sSOL-raw.
2. sSOL-raw is then converted into sSOL, which is returned to the user.
3. All transactions are performed in a single operation.

Supported LSTs include:

• Marinade-SOL (mSOL)
• JITO-SOL (JITO-SOL)
• Blaze-SOL (bSOL)
• Infinity-SOL (INF)

Investors

Solayer’s seed round attracted top-tier investors such as Polychain Capital and Hack VC, who led the funding. Other key contributors include Binance Labs, Bitscale Capital, Big Brain Holdings, and Borderless Capital. These investors collectively enabled Solayer to raise $12 million in funding, achieving a valuation of $80 million, reinforcing confidence in the project’s innovative technology and multichain-focused vision.

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The New York-based VC firm announced on February 20 that decentralized finance (DeFi), real world assets (RWA) tokenization, and blockchain infrastructure solutions would be the priority sectors of its crypto-focused investments. Hack VC aims to support innovative and successful projects in these areas by focusing on early-stage crypto and AI startups.

We wrote all about our new $150M Venture Fund (which brings our AUM to ~$420M) in our latest blog. Check it out for more on our vision for the fund, deep conviction in web3, and excitement to support our founders. Read more: https://t.co/zTPDe2mE4V

— Hack VC (@hack_vc) February 20, 2024

Hack VC will focus its future investments on projects that make crypto more user-friendly and “capital efficient,” as well as projects aimed at reducing smart contract and protocol attacks. The firm will particularly focus on this area, as these projects remind it of the viruses that bothered internet users in the 1990s.

Web3, it said, needs a structural change in terms of scalability, security, and usability, and emphasized that this change needs to happen before it’s ready for prime time. The firm also plans to invest heavily in the “Web3 x AI” field.

Despite the downturns in the crypto market, the firm continues to maintain its deep belief in crypto and plans to continue supporting early-stage crypto startups in the future, as it has in the past. The firm’s future investments will vary, starting with smaller projects with single founders to larger projects the firm believes in.

Since entering the Web3 field in 2014, Hack VC has made more than 100 investments. It has seeded dozens of unicorns (startups valued at over $1 billion). The firm’s total assets under management are said to be around $425 million, with venture financing for Web3 firms on the rise.

The post Capital Raised by Hack VC for Web3 appeared first on Coin Engineer.