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.

You Might Be Interested In: Elon Musk Shared, That Memecoin Flew: Up 500%!

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.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post What is Solayer (LAYER)? appeared first on Coin Engineer.