- In forty-five minutes, the deposits reached a $20 million ceiling.
Solayer, a Solana-based firm creating a platform similar to EigenLayer, began accepting deposits on Thursday afternoon.
A $20 million dollar cap was placed on the invite-only deposit period. Users have the option to deposit the liquid staking products mSOL, bSOL, JITOSOL, and INF, or they can restake SOL natively on Solayer. Solayer enters the contest to create a restaking environment on the Solana blockchain with the launch of private access.
Only Picasso, which uses its own variant of Solana restaking, has implemented Solana restaking protocols.
A member of the Solayer core team confirmed to Blockworks that the platform reached its $20 million cap within 45 minutes of accepting withdrawals, which may be an indication of the excitement around the debut of these protocols.
Not just degens are betting on the new restaking technique, though. Solayer is seeking to raise $8 million at a valuation of $80 million, with Polychain leading the effort.
Nevertheless, not much is known about the business. In a blog post, Solayer stated that the protocol has “been in the works since the end of 2023.”
Restaked assets will be trapped in the protocol until “epoch 3,” and the first deposit period is referred to as “epoch 0.” According to a roadmap published by Solayer on Wednesday, sSOL, a liquid restaking coin, would debut in epoch 6.
A member of the Solayer team acknowledged that sSOL is an LRT, although they did not specify the duration of each epoch.
Restaking, or effectively staking staked tokens a second time, is the process of employing the tokens protecting proof-of-stake blockchains to secure another layer of applications.
This increases yield potential by utilizing idle staked assets and strengthening the security of the blockchain’s foundation layer. Restaking boosts the utility of staked tokens and improves network resilience by dividing security responsibilities across many tiers.
Because Solana is protected by both proof-of-stake and proof-of-history, the network may be subject to restaking.
EigenLayer, which has received over $150 million in venture capital and secured over $14 billion in total value locked (TVL), is credited with pioneering the concept on Ethereum, according to DeFiLlama.
And now Solana has been introduced to the idea.
As stated in a blog post, Solayer said, “We are excited about and hope to lead the movement of’scaling out’ of the Solana base chain in the coming year.”
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
