Solayer Announces Foundation Launch, LAYER Governance Token, and Upcoming Airdrop

Solayer, a restaking platform built on the Solana blockchain, has officially announced the establishment of its new foundation, a governance token named LAYER, and plans for an upcoming airdrop.

Restaking platform Solayer, built on the Solana blockchain, has announced the establishment of its foundation, the launch of its governance token LAYER, and an upcoming airdrop. Here's a summary of the key points.

Solayer Foundation and LAYER Token

The new foundation, Solayer Foundation, will operate as an independent non-profit organization. Its main goal is to support advanced research and development (R&D) for Solayer and other protocols focused on scaling distributed systems.

Governance of the foundation will be largely determined by holders of the LAYER token, who will have the power to appoint directors and participate in crucial decisions about the platform's future direction.

The LAYER token will initially be used for governance by stakeholders, with more functionalities to be added later. The details of these additional functions are yet to be announced.

The token will be distributed to eligible participants and partners through the "Solayer Season One" airdrop, but the specific date for the airdrop has not yet been announced.

Rapid Growth and Airdrop Details

Launched in May 2024, Solayer has quickly become the seventh-largest restaking platform in terms of total value locked (TVL), with over $350 million in staked assets and more than 190,000 unique depositors, according to DeFiLlama. The platform also offers a high annual percentage yield (APY) of over 12% for its native staking options.

The upcoming "Season One" airdrop from Solayer is designed to reward members of the community, including those who have staked sSOL, endo, and exo AVS tokens, participated in sUSD (Solayer's yield-bearing stablecoin), and whitelisted ecosystem partners. The airdrop will use a stake and time-weighted system to ensure fair distribution among early supporters and active users.

Following the announcement, Solayer's liquid restaking token, Solayer Staked SOL, saw a 5% increase in value, according to the latest figures from Coingecko. This uptick is likely due to the positive market response to the new developments and the anticipated growth of the Solayer ecosystem.

As Solayer continues to expand its services, the community and potential investors are awaiting further updates, particularly on the specific additional functionalities of the LAYER token and the precise timeline for the airdrop.