Binance’s venture capital and incubation arm – Binance Labs – announced investing in the Solana-based restaking network, Solayer.

Solayer plans to deploy the new capital infusion from Binance Labs to grow its team, onboard additional protocols into its ecosystem, and solidify its role as a crucial part of the Solana blockchain.

According to the official press release, the team will also prioritize researching ways to mitigate Solana’s network congestion through the use of restaking infrastructure.

Solayer is preparing to launch a full system soon, which will enable stakers to use SOL to secure Solana, while dApps will be able to secure network bandwidth and transaction throughput. Additionally, the platform will target general asset restaking to secure external AVS systems.

Commenting on the investment, co-founder of Binance and Head of Binance Labs, Yi He, said,

“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.”

Built natively on Solana, Solayer to improve the security of Solana’s base layer, extending it to other decentralized systems and dApps. This approach allows users to engage in a decentralized validator network, boosting the security and vibrancy of the Solana ecosystem.

It also enables users to stake assets to decentralize Solana, earn native yields through MEV-boost, and yield from delegated Actively Validated Services (AVS).

In just under 60 days since launching phase 1, Solayer has risen to become the 13th largest protocol on Solana, according to DeFiLlama. The platform has amassed over $150 million in total value locked (TVL) and attracted more than 70,000 unique deposit addresses, as per data compiled by DeFiLlama.

The post Binance Labs Boosts Solana Restaking Ecosystem with Solayer Investment appeared first on CryptoPotato.