Solana Restaking Protocol Solayer Reportedly Raised $20M in 45 Minutes

Solayer Labs’s startup has soft-launched deposits into its Solana-based restaking protocol. The launch was highly successful, as the protocol raised $20 M in 45 minutes, maxing its limit according to Blockworks reports. 

The Solana-based restaking protocol soft-launched deposits that were restricted to an invite-only pool. The deposits allowed users to restake SOL on the protocol. Invite-only investors could deposit liquid staking products like Blaze-SOL, JITOSOL, INF, and Marinade-SOL.

1/ Stage 1, Genesis Epoch 0

a private, time-limited, cap-limited epoch pic.twitter.com/k5adZjLZKu

— Solayer (@solayer_labs) May 16, 2024

According to Blockworks, a Solayer team member confirmed that the protocol’s exclusive soft launch only took 45 minutes to hit the cap of $20 million.

In a related report by Coindesk, the little-known Solana-based restaking protocol team member Rachel Chu said the firm was not far from raising $10 from well-known industry players, including Yakovenko. Yakovenko has previously been on the Sushiswap core developer team.

Solayer Labs releases Roadmap

The restaking platform has reportedly been in development for quite some time now. It mainly focused on shared security infrastructure via restaking and horizontal scalability.

Also Read: Solana Surges High as Robinhood Launches Sol Staking in Europe

The released Roadmap outlines three key stages: restaking epochs, node operators, and shared validator networks.

The team plans to release in the three mentioned phases to ease the onboarding process for investors.

Solayer launches Stage 1 Genesis Private Epoch

Stage 1 Genesis Private Epoch focuses primarily on a balanced security foundation. The phase is kicked off with the Genesis Epoch, also known as Epoch-0. The Epoch-0 phase allows invite-only investors to restake within the allocated limited time.

The native restaking pool provides users with various yield stacks, including Solayer rewards, SVN yields, and MEV-boosted staking yields.

Also Read: Restaking Protocol EigenLayer Overtakes AAVE in TVL Rankings

The restaking protocol natively supports over 20 digital assets; however, the Stage 1 Genesis Private Epoch only launched with four major Solana Liquid Staking Tokens (LSTs).

Solayer issues withdrawal schedule

The Solana-based restaking protocol team aimed to ensure that the Stage 1 system is released steadily, balanced, and thoroughly battle-tested. For that reason, the invite-only epoch approach allows the team to collaborate with trusted investors and early supporters.

Solayer Labs communicated about withdrawals. Restaked assets will be locked until Epoch 3. All assets will be fully withdrawable before Stage 2 kicks off.

 

---

Cryptopolitan reporting by Collins J. Okoth.