Binance Labs invests in Solana re-staking protocol Solayer

BlockBeats news, on August 7, according to official news, Binance Labs, the venture capital and incubation department of Binance, announced an investment in Solana's ecological re-staking protocol Solayer.

It is reported that Solayer is a re-staking network on Solana. It aims to enhance on-chain decentralized applications (dApps) by improving network bandwidth while ensuring the security of L1.

Less than 60 days after the first phase was opened, Solayer has quickly grown into the 13th largest protocol on Solana. At present, Solayer's total locked value (TVL) has exceeded 150 million US dollars, and it has attracted more than 70,000 unique deposit addresses to participate in staking. With the new funds from this round of financing, Solayer plans to expand the team, introduce new protocols, and establish itself as Solana's core program. In addition, the team will also focus on studying solutions to Solana's network congestion problem using re-staking infrastructure. Solayer also plans to launch a second phase product where stakers can use SOL to secure Solana and dApps while guaranteeing network bandwidth and transaction throughput.

Binance co-founder and head of Binance Labs He Yi said: "Binance Labs is committed to supporting early projects that drive the growth of the crypto ecosystem. Solayer has already made its mark in the Solana ecosystem, and we are excited to work with them to make the ecosystem more active."