Venture Capital Firm Polychain Capital Heads $12 Million Initial Funding for Solana Redemption Protocol, Solayer
Solana-Based Crypto Restaking Protocol Solayer Raises $12 Million
Solana-based crypto restaking platform Solayer has successfully secured $12 million in a seed funding round. The fundraising was led by Polychain Capital and participated by Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Arthur Haye's family office Maelstrom.
Solayer's restaking service on Solana is slightly different from other staking protocols. Unlike EigenLayer and Jito, Solayer aims to start with native Solana on-chain dApps (referred to as endogenous AVSs) and assist them in reserving block space and prioritizing transaction inclusion based on the amount of stake delegated to them.
Solayer has attracted 104,583 depositors, with more than $187 million in restaked assets locked, according to its website. The data regarding the locked assets is backed by DeFiLlama.
Solayer's mainnet was launched on August 15, and at the time, it had $160 million in total value locked. The initial endogenous actively validated services on Solayer's mainnet were BONK, AltLayer, HashKey, and SonicSVM.
Solayer plans to use the fresh capital to expand its team and integrate new protocols ahead of launching phase two of its platform. The platform aims to offer users the ability to earn rewards by locking earnings from staked tokens in other protocols.
While Solayer offers crypto restaking services on Solana, similar to the Ethereum-based protocol EigenLayer, it is tailored for Solana's ecosystem, focusing on speed and flexibility. EigenLayer, on the other hand, is designed for Ethereum, emphasizing security enhancements and application development.
Here's a comparison of the two platforms:
Differences Between Solayer and EigenLayer
| Feature | Solayer on Solana | EigenLayer on Ethereum | |-----------------------|----------------------------------------------|-----------------------------------------------| | Ecosystem | Purpose-built for Solana, leveraging its speed and flexibility[1]. | Designed for Ethereum, enhancing its security and enabling new applications[2]. | | Restaking Approach | Allows users to restake SOL or liquid staking tokens, supporting other Solana applications[1]. | Focuses on boosting Ethereum's security by collecting and enhancing restaking capabilities[2]. | | Cross-Platform Use | Users receive sSOL, a liquid token usable across DeFi platforms[1]. | EigenLayer's impact is more focused on Ethereum-based applications and security enhancements[2]. | | Audits and Security | Contracts are open-source, with audits by OtterSec and decentralized multisig approvals[1]. | While specific security measures for EigenLayer are not detailed in the search results, its focus is on strengthening Ethereum's security framework[2]. |
In summary, while both platforms offer restaking services, Solayer is tailored for Solana's ecosystem, focusing on speed and flexibility, whereas EigenLayer is designed for Ethereum, emphasizing security enhancements and application development.
[1] Solayer's official website [2] The Block
- The fundraising for Solayer, a crypto restaking platform on the Solana network, was participated by several renowned financial entities, indicating its potential for growth in the finance and technology sectors.
- With a different approach to staking protocols compared to competitors like EigenLayer, Solayer aims to offer users a unique opportunity for investing in the Solana ecosystem, focusing on speed and flexibility.
