The foundation, which is a non-profit organization, aims to help scale distributed systems, starting with the Solayer project.
Cryptocurrency protocol Solayer, built on Solana (SOL), has announced the launch of its governance token, LAYER, and the creation of the Solayer Foundation.
The foundation, a non-profit organization, will help scale distributed systems, starting with the Solayer project.
Solayer is a “restaking” protocol, similar to EigenLayer on Ethereum, which allows crypto holders to earn more rewards by locking their staked assets in various services, called Actively Validated Services (AVSs). This helps maximize staking profits. Some 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 and helping accelerate ecosystem growth and protocol development. Specific details on LAYER’s use will be announced later this year, but its role in governance will expand as the ecosystem grows.
Solayer Labs, the company behind Solayer, said 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 the terms and conditions to claim their tokens.
The announcement comes four months after Solayer raised $12 million in seed funding, led by Polychain Capital and supported by Hack VC, Race Capital, and several 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 instrumental in research and development to help scale the Solayer network. It is governed by independent directors, but LAYER token holders will be able 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 poised for rapid growth and a significant impact on the crypto landscape.
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