The post Sonic SVM partners Solayer, Adrastea to expand Solana restaking appeared on BitcoinEthereumNews.com.

Sonic, a layer-2 blockchain for gaming on Solana, has announced partnerships with Solayer and Adrastea Finance aimed at expanding the Solana restaking ecosystem. The Sonic SVM team revealed it was joining forces with the Solana (SOL)-based protocols on Oct. 31. Sonic’s announcement also included the news that the platform has surpassed $50 million in SOL tokens delegated on Solayer. With this milestone, Sonic is now the largest actively validated service on Solayer, a protocol with over $302 million in total value locked. Sonic is also partnering with the liquid restaking layer Adrastea Finance to bolster the overall Solana restaking market. This comes as Solana continues to see greater adoption in its decentralized finance ecosystem, with staking and restaking benefiting from multiple key developments in recent months. This includes liquid staking protocol Jito’s partnership with restaking layer Fragmetric to launch the liquid restaking token fragSOL on Solana in August. Renzo, a restaking protocol for liquid restaking tokens, also debuted Solana’s first LRT on Jito earlier that month. Sonic will mark its $50 million delegated SOL milestone with a rewards program involving Adrastea. The initiative aims to further incentivize SOL delegators on the Solayer platform. Solayer users who delegate SOL or eligible liquid staking tokens with Sonic’s AVS will earn bonus rewards. Delegating Sonic through the Adrastea Finance protocol will also see users receive lrtsSOL, an LRT token pegged 1:1 to SOL. Holders can leverage this token to access other opportunities across the DeFi ecosystem. According to DeFiLlama data, a total of 192 protocols currently offer liquid staking solutions, with the total value locked in various assets amounting to over $45 billion. Meanwhile, the restaking and liquid restaking ecosystem accounts for more than $15 billion and $10 billion, respectively. Source: https://crypto.news/sonic-svm-partners-solayer-adrastea-to-expand-solana-restaking/

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Filed under: News - @ November 1, 2024 9:15 pm