Solayer, a new cryptocurrency protocol built on Solana (SOL), has announced the launch of its governance token, LAYER, and the creation of the Solayer Foundation.
The foundation, which is a non-profit organization, aims to help scale distributed systems, starting with the Solayer project.
Solayer is a “restaking” protocol, similar to Ethereum’s EigenLayer, allowing crypto holders to earn more rewards by locking their staked assets into various services called Actively Validated Services (AVSs). This helps maximize staking profits. Popular AVSs on Solayer include BONK, AltLayer, and HashKey.
LAYER will initially be used as a governance token for Solayer, giving holders a say in the protocol’s future. It will also help accelerate ecosystem growth and protocol development. While specific details about LAYER’s use will come later in the year, its role in governance will grow as the ecosystem expands.
Solayer Labs, the company behind Solayer, shared that the token distribution will happen in three phases. The first phase will include a “Season 1 claim” for eligible participants and protocol partners. These participants will be notified through the Solayer dashboard about their eligibility and must accept terms and conditions to claim their tokens.
This announcement comes just four months after Solayer raised $12 million in seed funding. The investment was led by Polychain Capital and backed by big names like Hack VC, Race Capital, and others. The Solayer protocol is currently the 12th largest on Solana according to DeFiLlama and continues to gain support from both developers and users.
The Solayer Foundation will be crucial in research and development to help scale the Solayer network. It is governed by independent directors, but LAYER token holders will have the power to influence decisions and help choose who runs the foundation. With major backers like Polychain Capital, Binance Labs, and Solana co-founder Anatoly Yakovenko, Solayer is looking to grow quickly and make a big impact in the crypto world.
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