Binance Labs Invests in Solayer, a Solana (SOL) Staking Protocol That Gathered $150M in TVL in 60 Days

The venture capitalist branch of the world's largest crypto exchange platform by volume is announcing a new investment into a Solana (SOL) staking protocol.

Crypto exchange platform Binance is now venturing into the world of Solana (SOL) with a new investment.

Binance Labs, the venture arm of Binance, has announced a recent investment in Solayer, a Solana-based staking protocol. The specific amount being invested was not disclosed.

Solayer, which is a staking network that is powered by Solana, has managed to amass over $150 million in Total Value Locked (TVL) and attracted over 70,000 unique addresses within 60 days of its launch.

According to Binance, Solayer aims to enhance the bandwidth of on-chain decentralized applications (DApps) and contribute to the security of the blockchain.

“Built natively on Solana, Solayer leverages the economic principles of proof-of-stake to extend the security of Solana’s base layer towards other decentralized systems and dApps…

With the newly secured funds from Binance Labs, Solayer plans to scale its team, onboard new protocols into the ecosystem, and establish itself as a core primitive of the Solana blockchain. Additionally, the team will focus on researching solutions to address Solana’s network congestion issues using restaking infrastructure.”

Binance co-founder and head of Binance Labs, Yi He, commented on the investment, stating:

“Binance Labs is committed to supporting early-stage projects that propel the growth of crypto ecosystems. Solayer has emerged as a dominant player in the Solana ecosystem, and we are excited to join them on their journey to make the ecosystem more vibrant.”

At the time of writing, Solana is trading at $147, showcasing a 1.8% increase over the last 24 hours.

Last week, Binance Labs also announced an investment in Particle Network, a modular Cosmos (ATOM)-based layer-1 blockchain, which aims to tackle user and liquidity fragmentation.

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