Solayer is a re-staking protocol built on the Solana ecosystem, allowing users to earn rewards by staking SOL and LRT. With Solayer (LAYER) becoming the eighth member of Binance HODLer and the launch of the LAYER token airdrop, the project has garnered widespread attention.
Solayer is a re-staking protocol based on the Solana ecosystem that allows users to earn additional yields by locking their staked SOL and LRT. At the same time, Solayer re-stakes the staked assets on Solana validators or AVS.
In fact, Solayer's approach is somewhat similar to the re-staking protocol EigenLayer on Ethereum.
Like EigenLayer, the Solayer platform quickly gained support after its mainnet launch. According to DefiLlama data, at the time of writing, Solayer is currently the 13th largest protocol on Solana, with a TVL exceeding $196 million.
However, Solayer can also distinguish itself from other re-staking platforms like EigenLayer and Jito. These platforms initially focused on exogenous active validation services (AVS) such as cross-chain bridges, oracles, and other non-mainnet systems, while Solayer started with decentralized applications (DApps) on the native Solana chain.
Since its launch, the native re-staking of SOL has been a prioritized task, but Solayer also plans to introduce a unified liquidity layer for all representatives through sSOL, a liquidity token that has a range of use cases such as collateral and spot trading.
Solayer has also introduced a new method to increase the liquidity of stablecoins within the Solana network. The Solana ecosystem is the first to offer a reward-bearing liquid staked dollar (sUSD) supported by U.S. Treasury Bills (T-Bills), which will be used in the future to secure Solara's exogenous AVS or exoAVS network. Through this approach, Solayer enhances network security while improving the reliability of stablecoins and expanding the liquidity of the cryptocurrency market.
Main uses of the LAYER coin:
Governance: LAYER coin holders can participate in the governance of protocol upgrades and important measures within the ecosystem.
Incentives and rewards: These tokens are used to incentivize users to participate in proof-of-stake activities and earn rewards for validating the protocol.
Gas fees: In the future, LAYER can serve as the gas token for transactions on the Solayer network.