Binance Labs Invests in Solana-Based Solayer to Enhance Network Security and Mitigate Congestion
The post Binance Labs Invests in Solana-Based Solayer to Enhance Network Security and Mitigate Congestion appeared on BitcoinEthereumNews.com.
Binance Labs has made a strategic investment in Solayer, a restaking network built on Solana. Solayer intends to use the funding to expand its team, integrate more protocols, and strengthen its role within the Solana blockchain. In their official press release, Binance Labs and Solayer have indicated an objective to alleviate Solana’s network congestion through enhanced restaking methods. Discover how Binance Labs is fueling innovation in the Solana ecosystem with its latest investment in Solayer, aiming to enhance network efficiency and security. Binance Labs Invests in Solayer Binance Labs, the venture capital and incubation wing of Binance, has recently invested in Solayer, a Solana-based restaking network. Solayer plans to utilize this capital infusion to bolster its team, onboard additional protocols, and solidify its pivotal role within the Solana ecosystem. Mitigating Network Congestion on Solana An integral part of the strategy involves deploying resources towards mitigating Solana’s network congestion via restaking infrastructure. Solayer’s ambition is to roll out a comprehensive system that allows SOL stakers to enhance the security of the Solana network, while decentralized applications (dApps) can optimize network bandwidth and transaction throughput. Focus on Asset Restaking and External Systems Beyond securing Solana, Solayer aims to facilitate general asset restaking to safeguard external Actively Validated Services (AVS) systems. This approach is unique in its ability to decentralize asset security and generate native yields, thereby providing additional value to both stakers and the broader Solana ecosystem. Significant Milestones Achieved by Solayer Since its inception less than two months ago, Solayer has made significant strides. Data from DeFiLlama reveals that Solayer has rapidly ascended to become the 13th largest protocol on the Solana network. It has accumulated over $150 million in total value locked (TVL) and attracted more than 70,000 unique deposit addresses. Endorsement from Binance Labs Yi He, Co-founder of Binance…
Filed under: News - @ August 11, 2024 6:16 pm