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- After recently announcing support for Particle Network, Binance Labs invested in Solayer, one of the fastest-growing Solana-based projects.
- According to reports, Solayer intends to use the secured funds to scale its team, onboard new protocols, and seal its reputation.
The Venture Capital and Incubation arm of Binance, Binance Labs, has announced its investment of an undisclosed amount into a leading restaking network based on Solana (SOL), Solayer. According to the blog post, the decision is to improve its network bandwidth and secure the L1 to empower on-chain Decentralized Applications (DApps).
Commenting on this significant gesture, Co-founder of Solayer Labs Jason expressed his excitement and hinted that the company is just a step away from realizing its visions.
We are thrilled to have Binance Labs invest in Solayer. With the backing and strong support of Binance Labs, we are one step closer to realizing our vision of strengthening the Solana ecosystem and delivering greater value to dApps on Solana.
For now, closed sources disclose that the newly secured fund will be channeled into different areas of the firm to onboard new protocols into the ecosystem, scale its team, and cement its reputation as an integral component of the Solana blockchain. Part of the fund will also go into researching solutions to offset the existing issue of network congestion via restaking infrastructure.
One of its immediate plans is to roll out the full system as soon as possible to enable stakers to secure Solana using SOL, while DApps also secure network bandwidth and transaction throughput. Finally, it would seek to materialize its vision of general asset restaking, which provides rare security for exogenous AVS or systems outside the circumference of the Solana ecosystem.
Binance Labs Founder’s Comments
According to Yi He, Binance’s founder and Head of Binance Labs, Binance Labs was designed to provide immense support for upcoming projects. With that, Solayer appears to be a dominant force with huge potential.
Binance Labs is committed to supporting early-stage projects that propel the growth of crypto 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.
As one of the most vibrant early-stage projects on Solana, Solayer leverages the proof-of-stake principles to provide and extend the security of Solana’s base layer towards other dApps. In the long run, this improves user participation in a decentralized validator network. With this, users could stake assets to decentralize Solana and earn native yield through MEV-boost and that from delegated Actively Validated Services (AVS).
Solayer’s emergence to fame and the evidence of its potential could be witnessed in its rise to becoming the 13th largest protocol on Solana despite being just under 60 days since the launch of its phase 1. As of now, the project has accumulated about $150 million in Total Value Locked (TVL), attracting more than 70,000 unique deposit addresses.
🚀 Binance Labs invests in Solayer, a rising star in the Solana ecosystem! In under 60 days, Solayer is now the 13th largest protocol on Solana, with over $150M TVL and 70K+ unique deposit addresses. 🌟📈 #Solayer #Solana #DeFi #CryptoNewshttps://t.co/91KjkLM2ZZ pic.twitter.com/WK8uLlCbB7— Collin Brown (@CollinBrownXRP) August 7, 2024
Binance Labs’ effort in supporting early-stage projects is underscored by its recent investments, with its portfolio covering over 250 projects. With this, more than 65 of the portfolio companies are going through its incubation program. In one of our reports on its ongoing initiatives, layer 1 blockchain Particle Network recently emerged as a beneficiary of the Binance Labs’ investment program.
At press time, SOL was trading at $154 after surging by 0.13% in the last 24 hours.
