Binance Labs Backs Solayer to Enhance Solana Network and Ecosystem

Binance Dapp Solana

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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August 7, 2024

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Solayer announced that it has secured an investment from Binance Labs on Wednesday. This funding will bolster the company’s efforts to improve the security and functionality of dApps on the Solana blockchain.

1/ 🎉 Proud to announce our latest investment from @BinanceLabs!

Becoming the leading restaking network on Solana requires the support of strong industry partners, and today’s announcement is validation of the progress and vision we have. pic.twitter.com/RsTI7w0pQH

— Solayer (@solayer_labs) August 7, 2024

Binance Labs Invests in Solayer

The funds from Binance Labs will enable Solayer to scale its operations and integrate new protocols into the Solana ecosystem. This expansion seeks to improve network bandwidth and overall performance for dApps.

The investment will also support Solayer’s efforts to ensure smoother transactions and better user experiences. This backing will allow Solayer to establish itself as a core component of Solana’s blockchain infrastructure.

“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,” said Binance co-founder Yi He.

Solana’s 13th Largest Protocol in 60 Days

Solayer’s restaking infrastructure leverages the economic principles of proof-of-stake to secure the Solana blockchain and its systems. This approach would allow users to participate in a decentralized validator network, contributing to the network’s security and stability.

Based on statistics published by DeFiLlama, Solayer has rapidly become one of the largest protocol on Solana within just 60 days of launching phase 1. The platform has accumulated over $150 million in Total Value Locked (TVL) and attracted more than 70,000 unique deposit addresses.

“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,” said Solayer Labs co-founder Jason.