The team behind Solayer is announcing their $12 million round that has been led by Polychain and Hack VC.
The team is pleased to confirm in a blog post that Solayer has successfully “raised $12M in their latest funding round, led by Polychain and Hack VC.”
The proceeds from this latest investment round will aim to “fuel their mission to build the premier restaking network on Solana, enhancing scalability and security across the ecosystem.”
In the Ethereum ecosystem, Eigenlayer enabled “a modular approach to restaking, focusing on the shared economic security model.”
Solayer, builds upon this concept, but “with an integrated design tailored for Solana.”
By combining system-level integration with decentralized applications (dapps) “via stake, they aim to significantly enhance both liveness and scalability on Solana.”
The first phase of Solayer centers “around Solana’s network bandwidth optimization.”
The biggest problem on Solana today is “the transaction inclusion rate (i.e. censorship resistance, a form of liveness).”
Solana is designed for speed and low costs. From 2023-2024, they reportedly “witnessed +477% in new monthly active users, and transaction fees paid increased from $25M to $297M.”
However, along with this explosive growth they’ve seen “increased spam and congestion.”
Solana proposed a stake-weighed QoS (quality-of-service), which is “an implementation feature that allows leaders (block producers) to identify and prioritize transactions proxied through a staked validator as an additional sybil resistance mechanism.”
Solayer restaking builds upon this to horizontally scale Solana.
With Solayer, users can stake SOL not only to “decentralize Solana but also to secure network bandwidth for all decentralized systems.”
More stake dedicated to a dapp means higher throughput, creating localized “cloud” instances for applications without the fragmentation “typically associated with appchains.”
This approach is particularly valuable for apps “where users may not be willing to pay for additional services like stake-weighted QoS.”
Instead of centralizing the power to include transactions with a single entity, Solayer decentralizes this power across applications “through a marketplace model. This design allows for dynamic discovery of supply and demand.”
Since our launch in May 2024, Solayer has achieved key milestones:
- $190M in TVL
- ~100k+ unique deposit addresses
- Mainnet launch with four endo AVSs:
- Restaking vault
- Native staking / unstaking
- MEV-boost
- sSOL unfreeze to kickstart liquidity interface
- Endo AVS mainnet
The team is committed to releasing the full Solayer system over the coming months, which includes:
- Endogenous AVS client
- General asset restaking
- Exogenous AVS
Their goal is to build infrastructure that “enhances the overall security and efficiency of the Solana L1, maximizing value for every user, developer, and yes, even meme enjoyers.”
