As an innovative project in the Web3 infrastructure track, Solayer focuses on hardware acceleration technology as its core driving force, continuously breaking through in the re-staking ecosystem and institutional collaboration fields. This article conducts an in-depth analysis based on the latest data and industry dynamics from dimensions such as technological iteration, ecological growth drivers, and risk factors, providing reference perspectives for investment research decisions.

I. InfiniSVM technology iteration: Performance optimization and scenario adaptation upgrade.

Technological evolution supports commercial landing.

Solayer's hardware acceleration technology has entered a phase of iterative deepening:

Ninth-generation chip testing performance: The latest FPGA chip combined with self-developed high-speed cache algorithms achieved a peak throughput of 1.2 million TPS in third-party tests, with transaction latency reduced to 0.008 seconds, improving performance by 20% compared to the previous generation; in a scenario with 100,000 concurrent users making payments, the system resource utilization rate is controlled below 65%, further enhancing stability.

Cross-chain compatibility breakthrough: New support for cross-chain protocols of Ethereum Layer2 (Arbitrum, Optimism) has been added. Through hardware-level cross-chain verification modules, the cross-chain transaction confirmation time has been compressed from 5 minutes to 30 seconds, improving cross-chain asset efficiency by 90%.

Energy consumption optimization results: A new type of low-power chip design reduces energy consumption per computing power by 35% compared to traditional solutions, meeting institutional compliance requirements for green computing amid increasingly stringent carbon neutrality regulations.

Progress of technological commercialization: A cloud infrastructure partnership has been established with Microsoft Azure, integrating InfiniSVM technology into enterprise-level blockchain services, with the first phase covering 10 cross-border payment institutions, gradually forming scale in technology licensing revenue.

II. Ecological growth drivers: Multi-dimensional data perspective and structural analysis.

Ecological expansion shows multiple driving forces.

Solayer's re-staking ecosystem has formed a differentiated growth path:

TVL structure optimization: The total locked value (TVL) has surpassed $720 million, with the proportion of cross-chain assets rising to 45% (new ETH and APT cross-chain staking), enhancing anti-risk capabilities compared to the single SOL staking model; sUSD stablecoin TVL reaches $320 million, accounting for 44%, becoming an ecological stabilizer.

User stratification characteristics: The total number of ecological users exceeds 350,000, with institutional users accounting for 8% (managing assets worth $1.2 billion). Among individual users, professional investors (monthly transactions ≥ 100) account for 23%, indicating that the ecological user structure leans towards high-net-worth groups.

Transaction activity indicators: Daily average transaction count remains stable at over 800,000, with DeFi mining accounting for 52%, payment scenarios for 31%, and cross-chain transfers for 17%. Scenario diversification reduces dependence on a single business.

Growth quality assessment: The ecological retention rate (30-day active / new) reaches 41%, higher than the industry average of 32%; the average asset size per user is $12,000, significantly higher than the average level of public chains, indicating substantial potential for ecological user value exploration.

III. Token economics dynamics: Model optimization and market sentiment analysis.

Token value anchoring mechanism is continuously improving.

-43 Token economics shows new changes:

Deflationary mechanism effectiveness: The platform's revenue buyback and burn ratio remains at 55%. In the past 3 months, a total of $7.8 million in $L-105 has been burned, with a 4.2% decrease in circulating supply; the long-term locked position ratio has risen to 65%, further alleviating selling pressure risk.

Institutional holding changes: Singapore's GIC increased its holding of $LAYER by $15 million, with the total institutional holding ratio rising to 75%; among the top 20 holding addresses, non-profit foundations and market makers account for 60%, making the holding structure more stable.

Market sentiment indicators: The token turnover rate (24h trading volume / circulating market value) remains stable in the 3.5%-5% range, lower than the average of 8% among similar projects, indicating strong chip lock-in; the funding rate has long maintained a positive value, with bullish and bearish sentiments leaning towards neutrality.

Valuation comparison analysis: The current PS (Price-to-Sales ratio) is approximately 7.2 times, lower than the average of 9.5 times in the infrastructure track; if calculated based on a TVL/FDV ratio of 0.12, it is positioned below average in the industry, with relatively controllable valuation bubble risks.

IV. Application scenario expansion: Collaborative development between B-end and C-end.

Scene landing has entered a deep cultivation stage.

Emerald Card and institutional solutions form a complementary relationship:

Emerald Card operational data: The number of partner merchants has exceeded 12,000, with new luxury retail and cross-border education scenarios. Monthly transaction volume reaches $380 million; the user repurchase rate (monthly transactions ≥ 4) is 58%, gradually fostering high-frequency consumption habits.

Progress of enterprise-level solutions: The crypto payment API developed for Southeast Asian cross-border e-commerce platforms has been connected for testing, supporting multi-currency real-time settlement, with an expected annual transaction volume of $2 billion; the supply chain finance system in collaboration with logistics giants has completed its pilot and is scheduled for full launch in Q4.

User incentive effectiveness: After adjusting the tiered reward system, the reward cost as a percentage of transaction volume decreased from 3.2% to 2.8%, while the user retention rate remains at 72%, improving the cost-effectiveness of the incentive mechanism.

Building scene barriers: Through a combination of 'hardware acceleration + compliance qualifications + ecological collaboration', differentiated competitiveness has been formed in the cross-border payment and supply chain finance fields. Technical cooperation intentions have been reached with 5 Fortune 500 companies.

V. Risk factors and competitive landscape.

Objective assessment of potential challenges.

Solayer needs to pay attention to multiple risks during its development:

Technical landing risk: The mass production yield of hardware chips currently stands at 82%. If it falls below 80%, costs will rise; the AI computing power scheduling system still has a 0.3% probability of transaction delay under extreme market conditions, and technological stability needs continuous verification.

Market competition pressure: Ethereum Layer2 (such as Arbitrum One) has increased TPS to over 20,000 through software optimization, diverting mid-to-high-frequency scenarios; new public chains like Aptos and Sui are also laying out hardware acceleration solutions, posing challenges to the technological moat.

Regulatory policy risks: The EU MiCA regulations impose stricter requirements on stablecoin reserves, and sUSD needs to continuously optimize its reserve structure to meet compliance; the SEC's regulatory stance on re-staking business remains unclear, posing risks for business model adjustments.

Maintaining competitive advantages: The current number of patents (38) in the field of hardware acceleration and the depth of institutional cooperation are still leading the industry. The ecological TVL scale ranks among the top three in Solana's ecological infrastructure, demonstrating significant first-mover advantages.

Summary: Long-term value drivers and key indicators.

Solayer has built a phased competitive advantage through hardware acceleration technology. The ecological scale and institutional collaboration progress verify the feasibility of the business model. Its long-term value depends on three core capabilities: the continuity of technological iteration, the monetization efficiency of ecological scenarios, and the pace of global compliance. Future tracking should focus on chip mass production costs, institutional payment conversion rates, and cross-chain asset scale, as these factors will determine its final market positioning in the Web3 infrastructure track.