Solayer Labs Announces the Launch of the Solayer Foundation to Scale Solana Ecosystem

Solayer Labs, a leader in crypto restaking protocols on Solana, has announced the launch of the Solayer Foundation, a non-profit organization

Solayer Labs, a leading crypto restaking protocols on Solana, announced on Friday the launch of the Solayer Foundation, a non-profit organization dedicated to scaling distributed systems.

The Foundation will primarily focus on advancing protocols that enhance the Solana Virtual Machine (SVM), with the introduction of its governance token ‘LAYER’ to spearhead these efforts.

According to the announcement, the Foundation will be responsible for overseeing the research, development, and governance of the network. Independent directors, along with LAYER token holders, will play a pivotal role in steering the Foundation’s activities.

The LAYER token, an SPL-200 standard token, will initially serve as a governance tool for the restaking platform, ensuring the growth of the Solana ecosystem.

Since its inception in 2024, Solayer Labs has relentlessly pursued its mission to scale the SVM. In May, the company introduced a Solana restaking standard. Here are some highlights from its six-month journey:

Solayer Labs also unveiled sUSD, a yield-bearing stablecoin backed by T-bills that complements Solayer's Savings Account. This development has propelled Solayer to the forefront of real-world asset (RWA) protocols on Solana.

The LAYER token will be distributed in three phases, starting with Season 1, which aims to reward early adopters and protocol partners. Eligible participants, including sSOL and sUSD users, will be notified via the Solayer dashboard. The distribution mechanism takes into account factors such as staking volume, time-weighted presence, and referrals.

Solayer has forged alliances with Sonic, RateX, Raydium, and HashKey, among others, in its endeavor to build a community-driven governance model centered on scaling Solana-based applications.