Binance Labs has announced that it has invested in Solayer, a restaking network on Solana that aims to protect and increase the security of the base blockchain dApps.
Summary
Binance Labs and its investment in the restaking network on Solana
Binance Labs, the venture capital and incubation arm of Binance, has announced its investment in Solayer, the restaking network on Solana.
“We have invested in @solayer_labs. Solayer is a leading restaking network on Solana. To learn more”
Solayer aims to protect and extend security to on-chain decentralized applications (dApp) and the base blockchain of Solana. In practice, its goal is to provide dApps on Solana with a higher probability of securing block space and prioritizing transaction inclusion.
With Solayer, users can participate in the network of validators, contributing to the security and vibrancy of the Solana ecosystem.
Specifically, users can stake assets to decentralize Solana, earn native yields through the MEV-boost and obtain yields from delegated Actively Validated Services (AVS).
Binance Labs and the restaking network on Solana: how will the investment be used?
Thanks to the new investment from Binance Labs, Solayer intends to expand its team and establish itself as the primitive core of the Solana blockchain.
Specifically, the team will focus on researching solutions to solve the congestion problems of the Solana network using the restaking infrastructure.
Another objective of Solayer, then, is the launch of the complete system, in which stakers can use SOL to secure Solana and dApps can guarantee the network bandwidth and transaction throughput.
Not only that, Solayer will focus on the general restaking of assets that protect exogenous AVS, systems external to Solana.
According to data from DeFiLlama, Solayer has accumulated over 150 million dollars in total value locked (TVL) and has attracted more than 70,000 unique deposit addresses.
On this subject, Yi He, co-founder of Binance and head of Binance Labs, stated:
“Binance Labs is committed to supporting early-stage projects that promote the growth of cryptocurrency ecosystems. Solayer has emerged as a dominant player in the Solana ecosystem and we are excited to join them on their journey to make the ecosystem more vibrant”
Yi He: one year as head of Binance Labs
It has already been a year since Yi He, co-founder of Binance, was appointed as the new head of venture capital (VC) for the Binance Labs incubator.
At that moment, the largest crypto VC in the world had assets under management (AUM) of 7.5 billion dollars, composed of over 200 projects.
His task is to guide the global strategy of the daily operations of Binance Labs, but also support infrastructure projects, as well as improve the utilities of innovative projects in the crypto and blockchain field.
Among other things, Yi He also takes care of supporting and guiding the key initiatives and units of the organization. This includes customer support, institutional activities, marketing, Binance P2P, and Earn.
