Solana's Solayer Hits $20M Deposit Cap in 45 Minutes
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
Source: Coinmarketcap
Updated: May 17 2024- Solayer Launches Restaking Deposits on Solana: Solayer, a startup similar to EigenLayer on Solana, initiated restaking deposits limited to $20 million, allowing users to restake SOL directly or deposit liquid staking products like mSOL, bSOL, JITOSOL, and INF.
- Solayer Hits $20M Deposit Cap: The startup reached its $20 million cap within 45 minutes of opening deposits, aiming to raise $8 million at an $80 million valuation led by Polychain.
- Little Known About Solayer: Despite the buzz, there is limited information about Solayer, with the protocol being in development since late 2023. A liquid restaking token, sSOL, is set to launch in epoch 6.
- Restaking Enhances Blockchain Security: Restaking involves using staked tokens to secure additional layers of applications, boosting network resilience and maximizing the utility of staked tokens.
- EigenLayer's Influence: The concept of restaking was first introduced on Ethereum by EigenLayer, which has raised significant venture funding and achieved substantial total value locked (TVL).
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
