KeyTakeaways:
- Solayer launches LAYER token and establishes a non-profit foundation for protocol growth.
- LAYER governance token will play a key role in Solayer’s future ecosystem development.
- Solayer ranks 12th largest on Solana, backed by Polychain Capital, Binance Labs, and others.
The Solayer restaking protocol is making headlines with the launch of its governance token, LAYER, and the formation of the Solayer Foundation.
The announcement by Solayer Labs via X marks an important move in the protocol’s growth and broader ambitions for the Solana ecosystem.
Solayer Labs has revealed the creation of the Solayer Foundation, an independent non-profit organization designed to advance the protocol’s mission.
The foundation will focus on initiatives that promote Solana Virtual Machine (SVM) scaling and support the continued development of Solayer’s ecosystem. The foundation’s formation comes alongside the announcement of the LAYER governance token, which is expected to play a key role in driving the protocol’s future direction.
The introduction of the Solayer Foundation is set to support Solayer’s long-term goals and ensure that governance decisions surrounding the protocol are decentralized and community-driven.
The foundation’s mission will center on enhancing the scalability of the Solana network while fostering an environment conducive to the growth of the Solayer ecosystem.
LAYER Token and Its Role in the Ecosystem
LAYER is an SPL-2020 token primarily serving as Solayer’s governance token. It is designed to accelerate protocol development and stimulate ecosystem growth.
The token is set to play an integral role in Solayer’s governance, allowing token holders to participate in decision-making processes as the protocol evolves. While full details about the token’s utility are still to be revealed, it is expected to impact Solayer’s operations and growth.
The LAYER token’s distribution will occur in three phases. The first phase will culminate with the Solayer Season 1 event, during which eligible participants and protocol partners will receive tokens.
Participants will be notified via the Solayer dashboard and must accept the terms and conditions to claim their tokens. This distribution model aims to ensure the community and partners are actively engaged in the protocol’s future development.
Solayer’s Growth and Backing
Currently, Solayer has gained traction in the Solana network, currently ranking as the 12th largest restaking protocol on Solana, according to DeFiLlama.
The protocol’s growth has been fueled by the support of notable backers, including Polychain Capital, Binance Labs, and Solana co-founder Anatoly Yakovenko. Last August, Solayer Labs raised $12 million in seed funding, which has likely played a key role in enabling the protocol’s expansion and future ambitions.
