Solayer, a forward-thinking startup operating on the Solana blockchain, has achieved a major milestone with the introduction of deposits for its groundbreaking restoking protocol, inspired by Ethereum’s highly successful EigenLayer. This launch, which commenced on Thursday afternoon, represents a significant step towards enhancing the security and functionality of the Solana blockchain.
During the initial invite-only phase, Solayer permitted deposits up to a total of $20 million. Attendees of the event had the option to deposit Solana’s native SOL directly or select from various derivative products resulting from staking, such as mSOL, bSOL, JITOSOL, and INF. The rapid filling of the deposit limit, accomplished in just 45 minutes, underscored the immense interest and demand for the new protocol.
“It’s not only the risk-takers that are placing their bets on the new restoking protocol,” explained a member of the Solayer team, while also emphasizing their plans to raise $8 million in a funding round that would value the company at $80 million. This round is spearheaded by the influential Polychain.
Although still somewhat shrouded in mystery, Solayer revealed that they have been diligently working on the protocol since the end of 2023, as outlined in a recent blog post. The post designates the start of the deposit period as “Epoch 0” and predicts that the staked assets will remain locked until “Epoch 3”. The protocol’s development roadmap includes the introduction of a liquid restoking token called sSOL during “Epoch 6”, which will serve as a vital tool in the restoking mechanism.
The concept of restoking, first pioneered on Ethereum by EigenLayer, involves utilizing already staked tokens to provide additional security for other layers of applications, ultimately increasing security and maximizing the utility of the tokens. This approach not only enhances the network’s resilience but also opens up additional revenue opportunities for token holders.
With the implementation of this new protocol, Solana, which combines proof-of-stake and proof-of-history mechanisms, is in an even stronger position to leverage the benefits of restoking, solidifying its position as one of the leading trading platforms in the blockchain industry.
As Solayer continues to forge ahead, the company remains optimistic about its ability to spearhead expansion and innovation on the Solana blockchain, promising a year of significant advancements in restoking technology.
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