Solayer Labs Announces the Formation of Solayer Foundation, a Non-Profit Organisation Focused on Scaling Distributed Systems

Solayer Labs, the company developing Solayer, a crypto restaking protocol on Solana has announced the formation of Solayer Foundation

Solayer Labs, the company behind Solana-based crypto restaking protocol Solayer, has announced the formation of the Solayer Foundation, a non-profit organization dedicated to scaling distributed systems.

The foundation will support advanced research and development for the Solayer Network, according to a post on the X platform by Solayer. It will be governed by independent directors who are influenced by LAYER token holders. The token holders will also participate in setting up the foundation and appointing directors and officers.

The protocol will be governed by the LAYER token, which will gain more utility as the ecosystem expands.

While specific dates for the token distribution were not disclosed, Solayer Labs stated that it will occur in three phases, beginning with a season 1 claim for eligible participants and protocol partners.

"Eligible participants will receive a prompt in the Solayer dashboard advising them of their eligibility and requiring them to accept the terms and conditions," the company said.

The launch comes four months after Solayer raised $12 million in a seed round led by Polychain Capital and supported by Big Brain Holdings, Hack VC, Nomad Capital, Race Capital, ABCDE, and Maelstrom.

Solayer aims to achieve on Solana what crypto restaking protocol EigenLayer is doing for the Ethereum network. Restaking protocols enable crypto holders to maximize their staking profits by locking their staked assets again in Actively Validated Services (AVSs). Some of the AVSs on Solayer include BONK, AltLayer, HashKey, and SonicSVM.