Solayer Foundation was launched to support the Solana restaking protocol, Solayer. The LAYER governance token was also introduced to drive platform development.
This Solana restaking protocol is receiving support from a non-profit organization along with the launch of the LAYER governance token.
"To support the next stage, we are excited to announce the establishment of the Solayer Foundation, an independent non-profit organization to drive the expansion of the SVM protocols, the upcoming LAYER token Season 1 distribution campaign," according to the X post of the project.
Solayer is a restaking protocol on Solana, inspired by Ethereum's EigenLayer. Restaking allows users to earn additional rewards by locking up their already staked assets into different protocols, called Active Validation Services (AVS), to maximize returns. According to DeFiLlama, Solayer is currently the 12th largest restaking protocol on Solana.
LAYER is an SPL-2020 token, initially functioning as the Solayer governance token and used to "drive the development of the ecosystem and protocol." Details on the utility of LAYER will be announced later this year.
The project has also provided some information about the LAYER token distribution but has not yet given a specific date for the start of token reception.
"The LAYER token distribution will take place in three phases. The first phase will conclude with Solayer's Season 1 for all eligible partners and participants."
Solayer Labs has attracted major investors such as Polychain Capital, Binance Labs, and Solana co-founder Anatoly Yakovenko. Last August, the company raised $12 million in a seed funding round.
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The article Solana restaking protocol, Solayer, launches governance token first appeared on CoinMoi.
