- Solayer Labs’ Solana-based restaking protocol recently raised an impressive $20 million within just 45 minutes during its soft launch, reaching its cap swiftly.
- The protocol, which focuses on secure staking and scalability, attracted notable industry players and supports a variety of digital assets, marking a significant achievement in the DeFi space.
Solayer Labs’ Solana-based restaking protocol soft-launched and successfully raised $20M in just 45 minutes, reports Blockworks.
Solayer Labs has made waves in the cryptocurrency market with its soft launch of a Solana-based restaking protocol, which raised an impressive $20 million in just 45 minutes. This achievement marks a significant milestone for the startup, showcasing strong investor confidence in its innovative approach to decentralized finance.
The protocol’s soft launch was conducted on an invite-only basis, limiting deposits to a select pool of investors. These deposits allowed users to restake their SOL tokens within the protocol, leveraging products like Blaze-SOL, JITOSOL, INF, and Marinade-SOL, which are designed to enhance the staking experience on the Solana blockchain.
According to Blockworks, a member of the Solayer team confirmed that the soft launch hit its $20 million cap within the first 45 minutes, underscoring the high demand and interest from the market. This rapid success is attributed to the protocol’s unique features and the growing popularity of Solana’s ecosystem.
Rachel Chu, a team member from Solayer Labs, noted in a report by Coindesk that the firm had garnered support from prominent industry players, including Yakovenko, who has a background as a core developer at Sushiswap. This endorsement further boosts Solayer’s credibility within the blockchain community.
The restaking platform has been in development for some time, focusing on creating a secure infrastructure for shared staking and horizontal scalability. The team has outlined a comprehensive roadmap that includes three key stages: restaking epochs, node operators, and shared validator networks. These stages aim to streamline the onboarding process for investors and ensure a robust security foundation.
Expansion and Future Plans
The Genesis Private Epoch, the initial phase of the protocol, focuses on establishing a balanced security framework. This phase, starting with Epoch-0, enables invite-only investors to participate in restaking activities within a limited timeframe. The native restaking pool offers various yield stacks, including Solayer rewards, SVN yields, and MEV-boosted staking yields.
While the protocol natively supports over 20 digital assets, the Genesis Private Epoch launched with four major Solana Liquid Staking Tokens (LSTs). This strategic approach allows the team to thoroughly test the system while collaborating closely with trusted investors and early supporters.
Solayer Labs has communicated clear guidelines regarding withdrawals: restaked assets will remain locked until Epoch 3, with full withdrawal available before the commencement of Stage 2. This cautious approach ensures the security and stability of the protocol while providing flexibility for users.
1/ Stage 1, Genesis Epoch 0
— Solayer (@solayer_labs) May 16, 2024
a private, time-limited, cap-limited epoch pic.twitter.com/k5adZjLZKu
Solayer Labs’ achievement of raising $20 million in just 45 minutes underscores the growing demand for innovative blockchain solutions, particularly within the Solana ecosystem. With a robust roadmap and strong industry support, the future looks promising for Solayer’s restaking protocol as it continues to innovate and expand its offerings in decentralized finance.
