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Solayer secures $12 million to boost Solana’s restaking capabilities

Solayer secures $12 million to boost Solana’s restaking capabilities

GrafaGrafa2024/08/29 08:05
By:Isaac Francis

Solayer, a blockchain project focused on enhancing the Solana network (CRYPTO:SOL), has successfully raised $12 million in a funding round led by Polychain Capital.

The funding will be used to advance Solayer’s integrated restaking network on the Solana blockchain, addressing key challenges related to scalability and transaction inclusion.

Additional investors in the round included Hack VC, ABCDE, and Binance Labs, highlighting broad interest in the project’s potential to improve Solana’s network performance.

Solayer aims to decentralise Solana’s bandwidth allocation through its innovative restaking approach, which is designed to horizontally scale the network.

The project’s primary goal is to create a more resilient and censorship-resistant transaction process, especially as Solana has seen significant growth in user activity and transaction volume.

Solayer’s integrated design offers a contrast to the modular paradigms typically employed by other blockchain networks, focusing on a cohesive system that enhances both scalability and network liveness.

By optimising network bandwidth, Solayer hopes to mitigate issues like network congestion and rising transaction fees, which have become more prominent with the increased use of Solana.

The company has already launched several key features, including a restaking vault and MEV-boost (Maximal Extractable Value), to improve the network’s efficiency and resilience.

Plans are underway to roll out additional components in the coming months, further enhancing Solana’s ability to handle its growing user base and transaction demands.

Solayer’s initiative is seen as a critical development for Solana, as it seeks to maintain its competitive edge in the rapidly evolving blockchain space.

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